Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-05-06
CHAPTER 10S-S. F. No. 282
A BILL

FOR AN ACT relating to powers
and procedure in connection with
the administration of trusts arts
ing from the bidding in by a
trustee of property on foreclosure
of a mortgage or trust deed or
upon acquisition of the legal title
thereto by trustee from a
mortgagOr by deed and transfer.
Be it enacted by the Legislature of
the State of Minnesota:
Section l. Whenever a mortgage
made or assigned to trustee or
trust deed on any real property or
any real and personal property
located in this State has been
heretofore or shall hereafter be
foreclosed and bid in on such fore
closure by trustee for the holders
OF the bonds or notes secured by
such mortgage or trust deed, or
for the holders of certificates or
other evidences of equitable inter-
est, in such mortgage or trust deed,
or whenever mortgagor after the
mortgage has been executed and
delivered, but not before nor as
part Of the mortgage transaction,
conveys directly to the mortgage
trustee, thereby eliminating his
title, the said trustee may at any
time petition the district court of
the county in which such property
or any portion thereof is situated
Tor instructions in the admins
tration of the trust. Upon the filing
OF such petition the court shall
make an order fixing a time and
place for hearing thereof, unless
hearing has been waived in writing
by the beneficiaries of such trust.
Notice Of such hearing shall be
given by publishing a copy of such
order one time in a legal news
paper of such county at least
twenty days before the date of
SUCH nearing, and by mailing a
copy thereof to each known party
in interest then in being whose adj
dress is known, at his last known
address, at least ten days before
the date of such hearing or in such
other manner as the court shall
order, and if such court shall deem
further notice necessary it shall
be given in such manner as NAV
pc Speclfled in such order. Upon
such hearing the court shall make
such order as it deems appropriate,
including an order to sell, mort
gage, or lease such property or any
part thereof in such manner and
upon such terms as the court NAV
prescribe. In case of a sale, the
court In its discretion may author
lze the trustee to sell at private
sale or may direct the sheriff of
said county to offer such property
for sale at public auction and sell
the same to the highest bidder
therefor for cash. Any sale of such
property made at public auction
shall be reported to the court for
confirmation and confirmed by the
court before the same shall become
effective and valid. Notice of hear
ing on such confirmation shall be
given to all parties in interest who
nave appeared in said proceedings.
upon such confirmation, the sher-
III shall make, execute and deliver,
subject to such terms and condi-
lions as the court in its order of
confirmation may impose, a good
and sufficient instrument or instru-
ments of conveyance, assignments
and transfer. No confirmation of
private sale, mortgage or lease
shall be required. The order of
confirmation in the case of a sale
at public auction, and the order
authorizing a private sale, mort
gage or lease, shall be final and
conclusive as to all matters thereby
determined, and shall be binding
in rem upon the trust estate and
upon the interests of all bene-
ficiaries, vested or contingent, eX-
cept that appeal to the Supreme
Court may be taken from such
order by any party in interest
within thirty days from the entry
thereof, by filing notice of appeal
with the clerk of district court
who shall mail a copy of such
notice to each adverse party who
has appeared of record.
Section 2. Nothing In this act