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Area of Law: | Bankruptcy & Creditors Rights |
Keywords: | Affirmative defense; Credit agreement |
Jurisdiction: | Minnesota |
Cited Cases: | None |
Cited Statutes: | Minn. Stat. § 513.33, subd. 2. |
Date: | 06/01/2013 |
“A debtor may not maintain an action on a credit agreement unless the agreement is in writing, expresses consideration, sets forth the relevant terms and conditions, and is signed by the creditor and the debtor.” Minn. Stat. § 513.33, subd. 2. This prohibition applies to a defendant’s affirmative defenses, as well as to a debtor-plaintiff’s cause of action. BankCherokee v. Insignia Development, LLC, 779 N.W.2d 896, 902 (Minn. Ct. App. 2010). Moreover, a “credit agreement” subject to the statute may include, alleged modifications to a written guaranty:
A “credit agreement,” as that phrase is used in section 513.33, refers not only to an agreement to lend money but also to an agreement to “forbear repayment of money, goods, or things in action, to otherwise extend credit, or to make any other financial accommodation.” Id., subd. 1(1).
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