The mortgagee, or any one claiming under the mortgagee, may fairly and in good faith bid off the premises at such sale; and in such case the statement of such fact in the report of sale shall have the same effect as a receipt for money paid upon a sale for cash.
Minn. Stat. § 581.05
PURCHASE BY MORTGAGEE.
Applied in 1 court decision — leading case Obermoller v. Federal Land Bank of Saint Paul (1987)
Most recently applied in Obermoller v. Federal Land Bank of Saint Paul (July 1987)
(9638) RL s 4490; 1986 c 444
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.