Young T Tauri stars (TTS) are surrounded by an accretion disk, which over time disperses due to photoevaporation, accretion, and possibly planet formation. The accretion shock on the central star produces an UV/optical veiling continuum, line emission, and X-ray signatures. As the accretion rate decreases, the impact on the central star must change. In this article we study MN Lup, a young star where no indications of a disk are seen in IR observations. We present XMM-Newton and VLT /UVES observations, some of them taken simultaneously. The X-ray data show that MN Lup is an active star with L X /L bol close to the saturation limit. However, we find high densities (n e > 3 × 10 10 cm −3 ) in the X-ray grating spectrum. This can be well fitted using an accretion shock model with an accretion rate of 2 × 10 −11 M ⊙ yr −1 . Despite the simple Hα line profile which has a broad component, but no absorption signatures as typically seen on accreting TTS, we find rotational modulation in Ca II K and in photospheric absorption lines. In the Hα line we see a prominence in absorption about 2R * above the stellar surface -the first of its kind on a TTS. MN Lup is also the only TTS where accretion is seen, but no dust disk is detected that could fuel it. We suggest that MN Lup presents a unique and short-lived state in the disk evolution. It may have lost its dust disk only recently and is now accreting the remaining gas at a very low rate.