§ 58-5204 — Buyer's rights; notice of default and intent to forfeit; remedies at law or equity

(a) A buyer's rights under a contract for deed shall not be forfeited or canceled except as provided in this section, notwithstanding any provision in the contract providing for forfeiture of buyer's rights. Nothing in this section shall be construed to limit the power of the district court to require proceedings in equitable foreclosure.
(b) The buyer's rights under a contract for deed shall not be forfeited until the buyer has been notified of the intent to forfeit as provided in subsection (c) and has been given a right to cure the default, and such buyer has failed to do so within the time period allowed. A timely tender of cure shall reinstate the contract for deed.
(c) A notice of default and intent to forfeit shall:
(1) Reasonably identify the contract and describe the property covered by it;
(2) specify the terms and conditions of the contract with which the buyer has not complied; and
(3) notify the buyer that the contract will be forfeited unless the buyer performs the terms and conditions within the following periods of time:
(A) If the buyer has paid less than 50% of the purchase price, 30 days from completed service of notice; or
(B) if the buyer has paid 50% or more of the purchase price, 90 days from completed service of notice.
(d) A notice of default and intent to forfeit shall be served on the buyer in person, or by leaving a copy at the buyer's usual place of residence with someone of suitable age and discretion who resides at such place of residence, or by certified mail or priority mail, return receipt requested, addressed to the buyer at the buyer's usual place of residence.
(e) Nothing in this section shall be construed to preclude the buyer or the seller from pursuing any other remedy at law or equity.

Legislative History

L. 2024, ch. 63, § 13; July 1.