2005 Minnesota Statutes - 117.087 — Prepayment penalties; damages.

     117.087 Prepayment penalties; damages. 


    When property is taken pursuant to this chapter and it is 
 security for a loan or advance of credit with a provision 
 requiring or permitting the imposition of a penalty if the loan 
 or advance of credit is prepaid, the cost of the penalty is an 
 item of damages which shall be separately stated. 


    When property is purchased by a body having the right of 
 eminent domain the buyer shall inquire whether it is security 
 for a loan or advance of credit with a provision requiring or 
 permitting the imposition of a penalty if the loan or advance of 
 credit is prepaid and, if so, the penalty shall be an item 
 considered by the parties in the negotiation of the price. 


    HIST: 1978 c 623 s 1