Imperial Developers, Inc. v. Calhoun Development, LLC

OPINION

ANDERSON, G. BARRY, Justice.

This appeal involves a foreclosure priority dispute between a mortgagee and two mechanic’s lien holders in the context of Torrens property. The arguments of the parties center on when a mortgage is “of record” under Minn.Stat. § 514.05 (2008), an issue of first impression in Minnesota. That statute requires a mortgage to have been “of record” at the time a mechanic’s lien attaches in order to have superior priority to the lien. Respondent lien-holders contend that “of record” means that a mortgage against Torrens property has been both filed and memorialized…