MN SF3391

Establishes a one-year statute of limitations for actions to enforce promissory notes secured by junior mortgages on one to four family residential properties after foreclosure of the first mortgage.

Applies only to real property where the owner occupies one unit as their principal place of residence.

Requires actions to be commenced within one year after expiration of the redemption period from the first mortgage foreclosure.

Effective June 1, 2010, applying to all actions regardless of when the redemption period expires.

Provides a transition provision allowing actions commenced before June 1, 2011, or within six years after redemption period expiration (whichever is earlier) for redemption periods that expired before June 1, 2010.