Nev. Rev. Stat. » NRS: CHAPTER 40 - ACTIONS AND PROCEEDINGS IN PARTICULAR CASES CONCERNING PROPERTY

Nev. Rev. Stat. § 40.457

Hearing before award of deficiency judgment; appraisal of property sold

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NRS 40.457  Hearing before award of deficiency judgment; appraisal of property sold.

      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. Notice of such hearing shall be served upon all defendants who have appeared in the action and against whom a deficiency judgment is sought, or upon their attorneys of record, at least 15 days before the date set for hearing.

      2.  Upon application of any party made at least 10 days before the date set for the hearing the court shall, or upon its own motion the court may, appoint an appraiser to appraise the property sold as of the date of foreclosure sale. Such appraiser shall file with the clerk the appraisal, which is admissible in evidence. The appraiser shall take an oath that the appraiser has truly, honestly and impartially appraised the property to the best of the appraiser’s knowledge and ability. Any appraiser so appointed may be called and examined as a witness by any party or by the court. The court shall fix a reasonable compensation for the appraiser, but the appraiser’s fee shall not exceed similar fees for similar services in the county where the encumbered land is situated.

      (Added to NRS by 1969, 573; A 2015, 3341)

     

Notes of Decisions
Cited in 33 cases (3 in the last 5 years), 1971–2022 · leading case: Branch Banking and Trust Co. v. D.M.S.I., LLC
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Branch Banking and Trust Co. v. D.M.S.I., LLC (2017) ca9 “Nev. Rev. Stat. § 40.457 (1) (“Before awarding a deficiency judgment under NRS 40.”
Manufacturers & Traders Trust Co. v. Eighth Judicial District Court of the State of Nevada (1978) nev · cites it 7× “080, respectively, and after the hearing conducted under NRS 40.457, the court may award a deficiency judgment to the judgment creditor or trustee if it appears from the sheriff’s return or the recital of consideration in the trustee’s deed that there is a deficiency of sale…”
Unruh v. Streight (1980) nev · cites it 7× “2 *686 NRS 40.457 requires the district court to hold a hearing before awarding a deficiency judgment.”
Nancy and Stjepan Sostaric v. Sally Marshall (2014) wva · cites it 2× “§ 76-1013 ; Nev. Rev. Stat. § 40.457 ; Okla. Stat. Ann.”
Thomas v. Valley Bank of Nev. (1981) nev · cites it 4× “080, respectively, and after the hearing conducted under NRS 40.457, the court may 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…”
Tahoe Highlander v. Westside Federal Savings & Loan Ass'n (1979) nev · cites it 4× “1 The district court scheduled a hearing on the matter, as required by NRS 40.457. 2 Prior to the hearing, each side employed a real estate appraiser to value the apartment complex as of the date of the foreclosure sale.”
Adams v. FedAlaska Federal Credit Union (1988) alaska · cites it 4× “Unlike Alaska, however, Nevada expressly allows junior lienholders to receive deficiency judgments when purchasing their security.”
Fayette County National Bank v. Lilly (1997) wva “2d 925 (1986); Nev.Rev.Stat. § 40.457 (1995), See Tahoe Highlander v.”
In Re Perry (2010) txsb · cites it 3× “Nev.Rev.Stat. § 40.457 requires that: “[bjefore awarding a deficiency judgment under Nev.”
Branch Banking & Trust Co. v. Pahrump 194, LLC (2014) nvd · cites it 4× “NRS 40.457(1). Following the hearing, the court must award a judgment for the lowest amount amongst the following calculations: (a) the amount by which the amount of indebtedness which was secured exceeds the fair market value of the property sold at the time of the sale, with…”
Carrillo v. Valley Bank of Nevada (1987) nev · cites it 2× “The district court agreed and entered summary judgment in favor of Valley Bank and against Carrillo in the amount of $283,688.”
New England Savings Bank v. Lopez (1993) conn “§ 76-1013 ; Nev. Rev. Stat. § 40.457 ; N.J. Stat. Ann.”
Show all 33 citing cases →
— Nev. Rev. Stat. § 40.457(1) — 15 cases
Manufacturers & Traders Trust Co. v. Eighth Judicial District Court of the State of Nevada (1978) nev “080, respectively, and after the hearing conducted under NRS 40.457, the court may award a deficiency judgment to the judgment creditor or trustee if it appears from the sheriff’s return or the recital of consideration in the trustee’s deed that there is a deficiency of sale…”
Branch Banking & Trust Co. v. Pahrump 194, LLC (2014) nvd “NRS 40.457(1). Following the hearing, the court must award a judgment for the lowest amount amongst the following calculations: (a) the amount by which the amount of indebtedness which was secured exceeds the fair market value of the property sold at the time of the sale, with…”
Thomas v. Valley Bank of Nev. (1981) nev “080, respectively, and after the hearing conducted under NRS 40.457, the court may 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…”
In Re Perry (2010) txsb “Nev.Rev.Stat. § 40.457 requires that: “[bjefore awarding a deficiency judgment under Nev.”
Unruh v. Streight (1980) nev “2 *686 NRS 40.457 requires the district court to hold a hearing before awarding a deficiency judgment.”
— Nev. Rev. Stat. § 40.457(2) — 3 cases
Unruh v. Streight (1980) nev “2 *686 NRS 40.457 requires the district court to hold a hearing before awarding a deficiency judgment.”
Holloway v. Barrett (1971) nev
Branch Banking & Trust Co. v. Pahrump 194, LLC (2014) nvd “NRS 40.457(1). Following the hearing, the court must award a judgment for the lowest amount amongst the following calculations: (a) the amount by which the amount of indebtedness which was secured exceeds the fair market value of the property sold at the time of the sale, with…”
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