Navigate Up
Sign In
Last Updated: 4/6/2018

Limiting the amount of Principle Debt Secured

Contact Us

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.”

MRT is based on the amount stated in the limiting clause.