MN SF2231

Amends Minnesota Statutes section 287.03 to require that instruments securing real estate debt must express both the intent to secure debt and the initial known amount of that debt.

Limits enforcement of security instruments to the debt amount initially expressed in the instrument, or only the portion of debt secured if the instrument covers partial debt.

Allows exceptions as provided in section 287.05 for enforcement of security instruments.

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

Provides that the amendment does not affect actions, cases, or proceedings commenced before July 1, 2010, if a notice of lis pendens was recorded with the county recorder or registrar of titles before the effective date.