Mortgage Registry Tax Limiting the Amount of Pricipal Debt Secured
Minnesota Statute 287.05, subdivision 1(a) provides for the use of a “Limiting Clause” in cases when the mortgagee (lender) intends to secure only a portion of the debt amount recited or referred to in the mortgage.
The following language, or its equivalent, must be included on the first page of the mortgage:
“Notwithstanding anything to the contrary herein, enforcement of this mortgage in Minnesota is limited to a debt amount of $__________under Chapter 287 of Minnesota Statutes.”
Mortgage Registry Tax is based on the amount stated in the limiting clause.