MN HF2828

Amends Minnesota Statutes section 287.03 to require that any instrument relating to real estate intended to secure debt must express both the fact that it is intended to secure debt and the initial known amount of the debt.

Limits enforcement of debt security instruments to the initial known amount expressed in the instrument, with exceptions allowed under section 287.05.

Distinguishes between instruments securing an entire debt amount versus only a portion of the debt, each subject to their respective expressed amounts.

Effective July 1, 2010, and applies to instruments executed or recorded before, on, or after that date.

Does not affect legal actions commenced before the effective date if a notice of lis pendens was recorded with the county recorder or registrar of titles before July 1, 2010.