TRANSFER STATEMENT FOR CONTRACT FOR DEED.

507.236 TRANSFER STATEMENT FOR CONTRACT FOR DEED. § Subdivision 1.Definition. In this section, "transfer statement for a contract for deed" means a document that: (1) is a transfer statement made in compliance with section 336.9-619(a); and (2) transfers a seller's interest in an executory contract for the sale of real estate or of an interest in real estate that entitles the purchaser to possession of the real estate. § Subd. 2.Recording of statement. A transferee under a transfer statement for a contract for deed is entitled to have the statement recorded as provided in section 336.9-619(b). Recording must be with the county recorder or registrar of titles in the county where the affected real estate is located. § Subd. 3.Effects of recording. Subject to compliance with any applicable provisions of section 508.491 or 508A.491, recording a transfer statement for a contract for deed has the following effects: (1) it transfers from the contract seller named as debtor in the statement to the transferee all title and interest of the contract seller in the real estate described in the statement; (2) it has the same effect as an assignment and a deed from the contract seller to the transferee; and (3) it is a conveyance within the meaning of section 507.34. History: 2001 c 195 art 1 s 19