Minnesota Statutes Business, Social, and Charitable Organizations (Ch. 300-323A) § 308C.615. Foreclosure of liens or to acquire occupancy rights following membership termination in a senior housing cooperative

(a) A senior housing cooperative's lien shall be foreclosed by a private sale negotiated by the cooperative, or by an acceptance by the cooperative of the subject membership interest in full satisfaction of the secured indebtedness pursuant to the following:

(a) THE PERSON AUTHORIZED BY (fill in the name of cooperative or secured party) AND DESCRIBED IN THIS NOTICE TO RECEIVE PAYMENTS RECEIVES FROM YOU:

(b) YOU SECURE FROM A DISTRICT COURT AN ORDER THAT THE FORECLOSURE OF YOUR RIGHTS TO YOUR MEMBERSHIP INTEREST AND YOUR RIGHT TO OCCUPY THE DWELLING UNIT APPURTENANT THERETO BE SUSPENDED UNTIL YOUR CLAIMS OR DEFENSES ARE FINALLY DISPOSED OF BY TRIAL, HEARING, OR SETTLEMENT. YOUR ACTION MUST SPECIFICALLY STATE THOSE FACTS AND GROUNDS THAT DEMONSTRATE YOUR CLAIMS OR DEFENSES. IF YOU DO NOT TAKE ACTION AS PRESCRIBED IN PARAGRAPH (A) OF THIS NOTICE WITHIN THE TIME PERIOD SPECIFIED IN THIS NOTICE, YOUR OWNERSHIP RIGHTS IN YOUR MEMBERSHIP INTEREST AND YOUR RIGHT TO OCCUPY THE DWELLING UNIT APPURTENANT THERETO WILL TERMINATE AT THE END OF THE PERIOD, YOU WILL LOSE ALL THE MONEY YOU HAVE PAID FOR YOUR MEMBERSHIP INTEREST, YOU WILL LOSE YOUR RIGHT TO POSSESSION AND OCCUPANCY OF YOUR DWELLING UNIT, YOU MAY LOSE YOUR RIGHT TO ASSERT ANY CLAIMS OR DEFENSES THAT YOU MIGHT HAVE, AND YOU WILL BE EVICTED. IF YOU HAVE ANY QUESTIONS ABOUT THIS NOTICE, CONTACT AN ATTORNEY IMMEDIATELY.”

(b) If the member or occupant fails to redeem before the expiration of 90 days following delivery of the notice to the member, the cooperative may bring an action for eviction against the member and any persons occupying the dwelling unit, and in that casesection 504B.291shall not apply.

(c) A cooperative may assign its lien rights in the same manner as any other secured party.