2025 Session Last amended: 1909 session

§ 541.03 — Foreclosure of Real Estate Mortgage

Plain-Language Summary

A mortgage foreclosure on real estate in Minnesota, whether by action or by advertisement, must be commenced within 15 years from the maturity date of the debt. This deadline is not extended by the debtor leaving the state, by partial payments, or by any disability, but it can be extended by a written extension recorded with the county recorder.

541.03 FORECLOSURE OF REAL ESTATE MORTGAGE.

Subdivision 1.Limitation.

No action or proceeding to foreclose a real estate mortgage, whether by action or advertisement or otherwise, shall be maintained unless commenced within 15 years from the maturity of the whole of the debt secured by the mortgage, and this limitation shall not be extended by the nonresidence of any plaintiff or defendant or any party interested in the land upon which the mortgage is a lien in any action commenced to foreclose such mortgage, nor by reason of any payment made after such maturity, nor by reason of any extension of the time of payment of the mortgage or the debt or obligation thereby secured or any portion thereof, unless such extension shall be in writing and shall have been recorded in the same office in which the original mortgage is recorded, within the limitation period herein provided, or prior to the expiration of any previously recorded extension of such mortgage or debt, nor by reason of any disability of any party interested in the mortgage. §

Subd. 2.When time begins to run; commencement of proceedings.

The time within which any such action or proceeding may be commenced shall begin to run from the date of such mortgage, unless the time of the maturity of the debt or obligation secured by such mortgage shall be clearly stated in such mortgage. Any action or proceeding to foreclose a real estate mortgage, whether by action, by advertisement, or otherwise, commenced within the period of limitation herein provided, may be prosecuted to completion notwithstanding the expiration of the period of limitation, and proceedings to foreclose a real estate mortgage by advertisement shall be deemed commenced on the date of the first publication of the notice of sale.

History:

(9188, 9189) 1909 c 181 s 1,2

History: History: (9188, 9189) 1909 c 181 s 1,2

Practical Notes

When this applies: When a lender or mortgage holder wants to foreclose on real property in Minnesota. Who this affects: Mortgage lenders, homeowners, and property owners with mortgaged real estate. Key points: The 15-year clock starts from the maturity date of the debt secured by the mortgage. If the maturity date is not clearly stated in the mortgage, the clock starts from the date of the mortgage itself. A written extension of the payment terms can extend the deadline, but only if recorded in the same office as the original mortgage before the prior deadline expires. Once foreclosure proceedings are properly started within the deadline, they can be completed even if the 15-year period expires during the process.

Source: Minnesota Office of the Revisor of Statutes