If a creditor has a purchase money security interest under section 336.9-103, and renegotiates the debt under the Farmer-Lender Mediation Act to reduce the principal balance or the interest rate or to extend the repayment period, the creditor retains the purchase money security interest for the renegotiated debt.
History: 1986 c 398 art 1 s 18; 1987 c 292 s 32,37; 1989 c 350 art 16 s 8; 1990 c 525 s 1; 1991 c 208 s 2; 1Sp1993 c 2 art 6 s 2; 1995 c 212 art 2 s 11; 1997 c 183 art 3 s 29; 1998 c 395 s 7; 1998 c 402 s 6; 1999 c 214 art 2 s 19; 2001 c 195 art 1 s 23; art 2 s 38; 1Sp2001 c 1 art 2 s 25; 1Sp2001 c 2 s 150
NOTE: See section 583.215 for expiration of this section.
Structure Minnesota Statutes
Chapters 570 - 583 — Postjudgment Remedies; Alternative Dispute Resolution; Bonds
Chapter 583 — Farmer-lender Mediation
Section 583.21 — Legislative Findings.
Section 583.23 — Farm Mediation.
Section 583.24 — Applicability.
Section 583.25 — Voluntary Mediation Proceedings.
Section 583.26 — Mandatory Mediation Proceedings.
Section 583.27 — Good Faith Required, Court Supervised Mediation.
Section 583.28 — Creditor Not Attending Mediation Meeting.
Section 583.284 — Retention Of Purchase Money Security Interest.
Section 583.285 — Mediation Rules.
Section 583.29 — Private Data.
Section 583.30 — Forms And Compensation.
Section 583.305 — Prohibited Waivers.