Minnesota Statutes 325N.10 – Definitions
Subdivision 1.Scope.
For the purposes of sections 325N.10 to 325N.18, the terms defined in this section have the meanings given them.
Subd. 2.Owner.
Terms Used In Minnesota Statutes 325N.10
- Fraud: Intentional deception resulting in injury to another.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
Terms Used In Minnesota Statutes 325N.10
- Fraud: Intentional deception resulting in injury to another.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
“Owner” has the meaning given in section 325N.01, paragraph (g).
Subd. 3.Property reconveyance.
“Property reconveyance” has the meaning given in section 325N.01, paragraph (c).
Subd. 4.Equity purchaser.
“Equity purchaser” means a person that has acted as the acquirer in a property reconveyance. Equity purchaser also includes a person that has acted in joint venture or joint enterprise with one or more acquirers in a property reconveyance. An equity purchaser does not include: (i) a natural person who shows that the natural person is not in the business of equity purchasing and has a prior personal relationship with the homeowner of the covered residence, unless a showing of fraud under section 325F.69, subdivision 1, has been made, or (ii) a federal or state chartered bank, savings bank, thrift, or credit union.
Subd. 5.Resale.
“Resale” means a bona fide market sale of the property subject to the property reconveyance by the equity purchaser to an unaffiliated third party.
Subd. 6.Resale price.
“Resale price” means the gross sale price of the property on resale.
Subd. 7.Covered residence.
“Covered residence” has the meaning given in section 325N.01, paragraph (f).