n 1927, John D. D. John 1927, n established Rockefeller Land River the Snake covertly to Company Minn. Stat. § 513.48(a). Stat. Minn. buy up 35,000 acres of land of 35,000 acres up buy I in Wyoming surrounding surrounding Wyoming in what is now known as known now is what Grand Teton National Park. Park. National Teton Grand Rockefeller used the Snake River used theRockefeller Snake Land Company as a front to hide to a front as LandCompany his identity from the land records. He He records. the land from identity his didn’t want to arouse attention and drive land drive and attention arouse to want didn’t prices up before he pieced together all of the land he the land all of together pieced he before up prices sought to donate for National Park designation. Similarly, Similarly, designation. Park National for donate to sought developers today often use acquisition entities or straw buyers to buyers straw or entities use acquisition often today developers tie up real estate when piecing a development together to avoid a spike in a spike avoid to together a development when piecing estate real tie up Minn. Stat. § 548.09. Stat. Minn. land prices on key parcels. Often, these acquisition entities assign the purchase assign the entities these Often, acquisition parcels. key on prices land agreement to a freshly minted single asset entity that will and close the that transaction asset entity single minted a freshly to agreement

take title to the land. Although these transactions are not of record, the assignees ought to ought the assignees record, of not are these transactions Although the land. taketo title , 385 N.W.2d 11, 13 (Minn. App. 1986). 1986). App. 11, 13 (Minn. , 385 N.W.2d aff'd sub nom. S. R. A., Inc. v. State State 442, 450 (1945) aff'd v. S. R. A., Inc. nom. sub 493, 507, 18 N.W.2d , 219 Minn. It is well established in Minnesota that when a contract for the sale of land is signed signed is the land sale of for when a contract that in Minnesota established well is It in agreement purchase binding is a as as occurs soon there conversion the Significantly, assignee the assetto entity, single the agreement purchase the assigns vendee the After standard not is it creditor, the judgment for better and the assignee for worse matters make To be wary of the assignor’s balance sheet. balance be wary the assignor’s of the bare with in the vendee vests title equitable paid, is price the purchase part of and pending the vendee in trust security for as held and in the vendor legal remaining title S. R. A., of Petition agreement. the purchase of elements the remaining of performance Inc. the of part payment 851 (1946). Upon 749, 90 L. Ed. 558, 66 S. Ct. , 327 U.S. Minn. of property a real from convert equitably to said is interest the vendor’s price, purchase Madison of Bank State Peoples v. See Frederick interest. a personal property to interest Lake the vendee’s against a claim have creditors occurs, the vendee’s the conversion Once place. the court with docketed judgment because a standard estate real in the underlying interest on least at title, equitable the purchaser’s lien on a valid judgment creates administrator See property. abstract the judgment legal) to subject and takes (both title equitable and the purchase completes and closing before problem the out figure assignee and the assignor lien. If judgment creditor’s Uniform Minnesota’s of provisions trip the theymay the transaction, reconfigure to attempt else also anyone but estate real the underlying only not poison and Act Transfer Fraudulent a seller would lien. Typically the judgment avoid to in the scheme participates who actively because the seller is buyer insolvent an by liability transfer be exposednot fraudulent to See estate. in the real interest its for value market receiving presumably unwary Thus, agreement. a purchase of the assignor history of thejudgment search to practice closing If the creditor. judgment to gift the a huge deliver unknowingly underwriterstitle may is knowledge then the agent’s assignment, and agreement the purchase of aware is agent title assignor’s the factthe that despite property of the the sale financing lender any to imputed the of notice constructive comes interest the assignor’s of knowledge With record. of never is defense. mortgagee or purchase fide the bona lien, removing judgment creditor’s judgment an accepting before condition financial wellto learn advisedassignor’s their are parties Thus, agreement. a purchase of assignment

REAL ESTATE LAW REAL ESTATE LAW

www.morrisonsund.com. call (952) 975-0050 or visit needs. For more information, needs. For more others with their litigation developers, contractors and title insurers, property owners, property title insurers, where he represents lenders, he represents where litigation at Morrison Sund PLLC estate and construction Ryan Dreyer practices real Ryan practices real Dreyer

Agreements Agreements Dreyer Ryan By

of Purchase of Purchase

Assignment Assignment

& the & the

Conversion Conversion

Equitable Equitable

Beware – – Beware Assignees Assignees