Minnesota Statutes

Minn. Stat. § 581.06 (2026)

Surplus

✓ current as of May 2026

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When the sale is for cash, if, after satisfying the mortgage debt, with costs and expenses, there is a surplus, it shall be brought into court for the benefit of the mortgagor or the person entitled thereto, subject to the order of the court. If such surplus remains in court for three months without being applied for, the judge may direct it to be put out at interest, subject to the order of the court, for the benefit of the persons entitled thereto, to be paid to them upon order of the court.

Notes of Decisions

Cited in 4 cases, 1988–2010 · leading case: First Minnesota Bank v. Overby Dev., Inc., 783 N.W.2d 405 (Minn. Ct. App. 2010).

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First Minnesota Bank v. Overby Dev., Inc., 783 N.W.2d 405 (Minn. Ct. App. 2010). · cites it 46× “Appellant-mortgagee argues that (1) the district court misread this court’s prior opinion and misidentified the law to be applied on remand; (2) under Minn.Stat. § 581.06, respondents-mortgagors are not entitled to any surplus so long as any part of the debt under the loan…”

First Trust Co., Inc. v. Leibman, 445 N.W.2d 547 (Minn. 1989). · cites it 4× “Neither does it seem necessary to look for a construction of the statute which "would operate against a forfeiture." Foreclosure of a mortgage does not involve a forfeiture as does termination of a contract for deed pursuant to Minn.”

Joing v. O & P P'ship, 82 B.R. 495 (D. Minnesota 1988). · cites it 2× “2d at 326; see Minn.Stat. § 581.06 (1986). The facts of this case clearly illustrate the failure of the bankruptcy court’s favored methodology to protect the debtor’s statutory interest in having the surplus resulting from the sale of the property applied in his favor.”

Resolution Trust Corp. v. Ford Mall Assocs. Ltd. P'ship, 819 F. Supp. 845 (D. Minnesota 1993). · cites it 2× “Thereafter he shall pay the overplus, if any, to the persons entitled thereto pursuant to Minn.Stat. § 581.06 and that he execute to the purchaser at said sale a certificate of sale thereof according to law.”

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