Subd. 1. Definition.

In this section, "transfer statement for a contract for deed" means a document that:

1. (1) is a transfer statement made in compliance with section 336.9-619(a); and
2. (2) transfers a seller's interest in an executory contract for the sale of real estate or of an interest in real estate that entitles the purchaser to possession of the real estate.

Subd. 2. Recording of statement.

A transferee under a transfer statement for a contract for deed is entitled to have the statement recorded as provided in section 336.9-619(b). Recording must be with the county recorder or registrar of titles in the county where the affected real estate is located.

Subd. 3. Effects of recording.

Subject to compliance with any applicable provisions of section 508.491 or 508A.491, recording a transfer statement for a contract for deed has the following effects:

1. (1) it transfers from the contract seller named as debtor in the statement to the transferee all title and interest of the contract seller in the real estate described in the statement;
2. (2) it has the same effect as an assignment and a deed from the contract seller to the transferee; and
3. (3) it is a conveyance within the meaning of section 507.34.