NRS
40.455 Deficiency judgment: Award to judgment creditor or beneficiary
of deed of trust; exceptions.
1. Except as otherwise provided in
subsection 3, upon application of the judgment creditor or the beneficiary of
the deed of trust within 6 months after the date of the foreclosure sale and
after the required hearing, the court shall award a deficiency judgment to the
judgment creditor or the beneficiary of the deed of trust if it appears from
the sheriff’s return or the recital of consideration in the trustee’s deed that
there is a deficiency of the proceeds of the sale and a balance remaining due
to the judgment creditor or the beneficiary of the deed of trust, respectively.
2. If the indebtedness is secured by more
than one parcel of real property, more than one interest in the real property
or more than one mortgage or deed of trust, the 6-month period begins to run
after the date of the foreclosure sale of the last parcel or other interest in
the real property securing the indebtedness, but in no event may the
application be filed more than 2 years after the initial foreclosure sale.
3. If the judgment creditor or the
beneficiary of the deed of trust is a financial institution, the court may not
award a deficiency judgment to the judgment creditor or the beneficiary of the
deed of trust, even if there is a deficiency of the proceeds of the sale and a
balance remaining due the judgment creditor or beneficiary of the deed of trust,
if:
(a) The real property is a single-family dwelling
and the debtor or grantor was the owner of the real property at the time of the
foreclosure sale;
(b) The debtor or grantor used the amount for
which the real property was secured by the mortgage or deed of trust to
purchase the real property;
(c) The debtor or grantor continuously occupied
the real property as the debtor’s or grantor’s principal residence after
securing the mortgage or deed of trust; and
(d) The debtor or grantor did not refinance the
mortgage or deed of trust after securing it.
4. For purposes of an action against a
guarantor, surety or other obligor of an indebtedness or obligation secured by
a mortgage or lien upon real property pursuant to NRS 40.495, the term “application”
includes, without limitation, a complaint or other pleading to collect the
indebtedness or obligation which is filed before the date and time of the
foreclosure sale unless a judgment has been entered in such action as provided
in paragraph (b) of subsection 4 of NRS
40.495.
5. As used in this section, “financial
institution” has the meaning ascribed to it in NRS 363A.050.
(Added to NRS by 1969,
573; A 1979,
450; 1985,
371; 1987,
1345; 2009,
1330; 2015,
3340)
Notes of Decisions
Walters v. Eighth Jud. Dist. Court Ex Rel. Cnty. of Clark, 263 P.3d 231 (Nev. 2011).
· cites it 11× “The district court denied the motion, finding that CBN’s breach of guaranty counterclaim served as an “application” for relief as contemplated under NRS 40.455 because CBN framed the deficiency issue in moving for summary judgment against Walters on its breach of guaranty…”
In Re Perry, 425 B.R. 323 (Bankr. S.D. Tex. 2010).
· cites it 11× “28], UDF is barred from seeking a deficiency action on this Note in connection with the foreclosure sale of the Hidden Lakes Property by Nev.Rev.Stat. § 40.455. Nev.Rev.Stat. § 40.”
Branch Banking & Trust Co. v. D.M.S.I., LLC, 871 F.3d 751 (9th Cir. 2017).
“457 (1) (“Before awarding a deficiency judgment under NRS 40.455, the court shall hold a hearing and shall take evidence presented by either party concerning the fair market value of the property sold as of the date of foreclosure sale.”
Nevada State Bank v. Jamison Fam. P'ship, 801 P.2d 1377 (Nev. 1990).
· cites it 4× “See NRS 40.455. On March 5, 1989, the Bank responded to the second complaint with another answer and the counterclaims it had erroneously filed against the dismissed complaint.”
Bldg. Energetix Corp. v. EHE, LP, 294 P.3d 1228 (Nev. 2013).
· cites it 5× “On April 8, 2009, EHE brought this action under NRS 40.455 against BE and Hill (hereafter, collectively, BE) for the deficiency.”
Dale Dowers v. Nationstar Mortg., LLC, 852 F.3d 964 (9th Cir. 2017).
“See Nev. Rev. Stat. § 40.455 (3). 3 . Plaintiffs also contend that construing the term "debt collector” in this manner amounts to granting security interest enforcers "blanket immunity.”
First Interstate Bank of Nevada v. Shields, 730 P.2d 429 (Nev. 1986).
· cites it 2× “Moreover, FIB did not comply with the provisions of NRS 40.455 which require a creditor to apply for a deficiency judgment within three months of the date of the sale of the realty.”
Mfrs. & Traders Trust Co. v. Eighth Jud. Dist. Court of the State of Nevada, 583 P.2d 444 (Nev. 1978).
· cites it 3× “These provisions require a creditor seeking a deficiency judgment following a trustee’s sale to apply for such judgment within three months from the date of sale (NRS 40.455), and limit the amount of such judgment to the difference between the fair market value of the property…”
Badger Vs. Dist. Ct. (omni Fam. Ltd. P'ship.), 2016 NV 39 (Nev. 2016).
· cites it 129× “3d at 1268 (holding that a "timely application for a deficiency judgment must be made under NRS 40.455" in order to seek a deficiency judgment), 2 see also Walters, 127 Nev.”
Unruh v. Streight, 615 P.2d 247 (Nev. 1980).
· cites it 3× “The district court found that the fair market value of the property on the day of the foreclosure sale was $30,000 and, pursuant to NRS 40.455, 1 awarded the Streights a deficiency judgment of $70,000 plus interest and costs.”
Soro v. Eighth Jud. Dist. Court of Nev., 411 P.3d 358 (Nev. 2017).
· cites it 7× “While Key Bank dealt with the extraterritorial application of another state's antideficiency statute to a Nevada deficiency action involving Nevada real property, Branch Banking and Mardian dealt with the application of Nevada's antideficiency statute, NRS 40.455, to Nevada…”
— Nev. Rev. Stat. § 40.455(1) — 35 cases
Walters v. Eighth Jud. Dist. Court Ex Rel. Cnty. of Clark, 263 P.3d 231 (Nev. 2011).
“The district court denied the motion, finding that CBN’s breach of guaranty counterclaim served as an “application” for relief as contemplated under NRS 40.455 because CBN framed the deficiency issue in moving for summary judgment against Walters on its breach of guaranty…”
Badger Vs. Dist. Ct. (omni Fam. Ltd. P'ship.), 2016 NV 39 (Nev. 2016).
“3d at 1268 (holding that a "timely application for a deficiency judgment must be made under NRS 40.455" in order to seek a deficiency judgment), 2 see also Walters, 127 Nev.”
Soro v. Eighth Jud. Dist. Court of Nev., 411 P.3d 358 (Nev. 2017).
“While Key Bank dealt with the extraterritorial application of another state's antideficiency statute to a Nevada deficiency action involving Nevada real property, Branch Banking and Mardian dealt with the application of Nevada's antideficiency statute, NRS 40.455, to Nevada…”
— Nev. Rev. Stat. § 40.455(4) — 2 cases
— Nev. Rev. Stat. § 40.455(l) — 1 case
Walters v. Eighth Jud. Dist. Court Ex Rel. Cnty. of Clark, 263 P.3d 231 (Nev. 2011).
“The district court denied the motion, finding that CBN’s breach of guaranty counterclaim served as an “application” for relief as contemplated under NRS 40.455 because CBN framed the deficiency issue in moving for summary judgment against Walters on its breach of guaranty…”
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