The self-storage industry has experienced remarkable growth over the past two decades. Once viewed as a relatively straightforward real estate investment, self-storage facilities have evolved into sophisticated businesses that regularly confront complex legal, operational, contractual, and regulatory issues.
Minnesota Liens on Personal Property in Self-Storage Act and the Significant 2021 Amendment
The Minnesota Liens on Personal Property in Self-Service Storage Act (the “Self-Storage Act”) located at Sections 514.970 to 514.979, provides self-storage owners with a very powerful and non-judicial (meaning, outside of the courts) foreclosure process to address situations in which self-storage tenants fail to pay rent.