Minnesota § 117.087 - PREPAYMENT PENALTIES; DAMAGES
Full text of Minnesota Minnesota Statutes § 117.087 — PREPAYMENT PENALTIES; DAMAGES, with citation guidance and answers to common questions.
§ 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 power 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.
History:
1978 c 623 s 1; 2006 c 214 s 20
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 117.087
What does Minnesota Statutes § 117.087 cover?
Section 117.087 ("PREPAYMENT PENALTIES; DAMAGES") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 117.087?
A common citation format is "Minnesota Statutes § 117.087" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 117.087 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.