WHETHER RECORDED RECITAL OF UNRECORDED MORTGAGE IS NOTICE.

507.332 WHETHER RECORDED RECITAL OF UNRECORDED MORTGAGE IS NOTICE. § Subdivision 1.No notice. A recital of the existence of an unrecorded mortgage in an instrument: (1) that affects title to real property and (2) is recorded with the county recorder of the county where the real property is located, is not actual or constructive notice to a subsequent purchaser or encumbrancer once five years have passed since the date of the instrument containing the recital, unless the conditions in subdivision 2 are met. § Subd. 2.Notice. If, in the circumstances described in subdivision 1, an action to foreclose the unrecorded mortgage was commenced and a notice of pendency or notice of lis pendens was recorded during the five-year period, then, the recital is actual or constructive notice of the unrecorded mortgage to a subsequent purchaser or encumbrancer of the real property. § Subd. 3.Foreclosure period unaffected. This section does not limit or extend the period, set out in section 541.03, to bring an action to foreclose a mortgage. § Subd. 4.If lis pendens before March 1995. This section does not affect a proceeding to foreclose a mortgage pending on August 1, 1994, or to be commenced in a court of this state if, before March 1, 1995, a notice of lis pendens has been recorded in the office of the county recorder or filed in the office of the registrar of titles. History: 1943 c 180; 1947 c 626 s 1; 1976 c 181 s 2; 1994 c 388 art 1 s 5