Lawsuit Loans in Minnesota
Uplift Legal Funding provides non-recourse lawsuit loans in Minnesota. Minnesota has a population of 5,489,594, making it the 2largest state in the United States. It ranks 26th for per-capita fatal injuries (D.C. included).
Legal funding regulation is on a state-by-state basis. Based on industry data, Uplift developed a scale to measure a state’s ‘legal funding ease’ quotient. On a scale of 0 to 10, Minnesota scores a 3.3, meaning it is relatively tough for injured plaintiffs to access legal funding in Minnesota. To learn more about injury statistics and legal funding in your state, read this brief guide to Minnesota lawsuit loans
Minnesota Personal Injury Statistics
Minnesota has a yearly injury death rate of 57.0 per 100,000. This places Minnesota much lower than the national average of 60.1, by about -5.0%.
Minnesota residents drive an estimated total of 57 billion miles yearly, which means that the average resident drives about of 10,455 miles per year. To compare, that’s 8.6% higher than the national average of 9,630 miles per year.Aside from miles driven, local seatbelt use and drunk driving habits play a large part in the car accident death rate.
In Minnesota, residents are pretty good when it comes to buckling up, reporting a usage rate of 94.0%. The drinking rate in Minnesota, measured as the percent of people who reported drinking too much before driving in the prior month, is 29.9% higher than the national average of 1.8% at 2.4%.
Partly because of these factors, Minnesota’s car accident fatality rate is 7.5. This compares favorably to the US national average of 10.9, and costs the state $521 million yearly.
Minnesota Lawsuit Funding Cheat Sheet
According to Ch. 541, Sec 541.05, 541.07; the statute of limitations for personal injury cases in Minnesota is 6 years. This means that you may lose the right to sue if you do not file your legal claim within that time-frame.
Different states follow slightly differing comparative negligence statutes. In Minnesota, the guideline is modified comparative fault with a 51% threshold. This means that defendant’s liability is reduced in-line with share of fault. If plaintiff is greater than 50% responsible, and there are multiple defendants, each less than 50% liable, plaintiff is barred from recovery – M.S.A. § 604.01(1). Often, for legal funding requests early-on in a case, companies providing lawsuit loans in Minnesota must assume state minimum policy limits of:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $25,000 property damage liability per accident
Regulation of Lawsuit Loans in Minnesota
The Supreme Court of Minnesota ruled that litigation funding constitutes champerty. Champerty is an illegal agreement in which a person with no previous interest in a lawsuit finances it to share in its recovery. This makes most lawsuit funding companies very conservative with funding in the state.