Minnesota § 550.42 - WAIVER OF AGRICULTURAL DEBTOR'S RIGHTS
Full text of Minnesota Minnesota Statutes § 550.42 — WAIVER OF AGRICULTURAL DEBTOR'S RIGHTS, with citation guidance and answers to common questions.
§ 550.42. WAIVER OF AGRICULTURAL DEBTOR'S RIGHTS
Subdivision 1.Waiver is void.
(a) A waiver of statutory rights of a debtor in a contract, loan agreement, or security agreement as a condition for a loan of money for agricultural production is void unless the waiver is expressly authorized by law.
(b) A waiver of mediation rights under chapter 583, the right to an offer under section 500.245, subdivision 1, or the debtor's statutory rights under chapter 580, 581, or 582 for a mortgage on agricultural property, is void unless the waiver is expressly authorized by law.
Subd. 2.Penalty.
A person, corporation, financial institution, or other legal entity is liable to a debtor for up to $2,500 plus attorney fees if the person or entity:
(1) requires a waiver subject to subdivision 1 in a contract, loan agreement, or security agreement, and does not acknowledge that the waiver subject to subdivision 1 is void; or
(2) attempts to enforce a waiver that is void under subdivision 1.
History:
1987 c 396 art 3 s 1; 1997 c 126 s 6
Official Publication of the State of Minnesota
Revisor of Statutes
Source: official Minnesota text · Last verified 2026-08-27
Frequently Asked Questions About Minnesota § 550.42
What does Minnesota Statutes § 550.42 cover?
Section 550.42 ("WAIVER OF AGRICULTURAL DEBTOR'S RIGHTS") 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 § 550.42?
A common citation format is "Minnesota Statutes § 550.42" (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 § 550.42 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.