§ 76-1009 — Sale of trust property; public auction; bids; postponement of sale; notice

Nebraska § 76-1009

• Jurisdiction: Nebraska
• Ch. 76: Real Property

Text

On the date and at the time
and place designated in the notice of sale, the trustee shall sell the property
at public auction to the highest bidder. The attorney for the trustee may
conduct the sale. Any person, including the beneficiary, may bid at the sale.
Every bid shall be deemed an irrevocable offer. If the purchaser refuses to
pay the amount bid by him or her for the property struck off to him or her
at the sale, the trustee may again sell the property at any time to the highest
bidder, except that notice of the sale shall be given again in the same manner
as the original notice of sale was required to be given. The party refusing
to pay shall be liable for any loss occasioned thereby, and the trustee may
also, in his or her discretion, thereafter reject any other bid of such person.
The person conducting the sale may, for any cause he or she
deems expedient, postpone the sale of all or any portion of the property from
time to time until it is completed, and in every such case, notice
of postponement shall be given by public declaration thereof by such person
at the time and place last appointed for the sale. The public declaration of the notice of postponement shall
include the new date, time, and place of sale. No other notice
of the postponed sale need be given unless the sale is postponed for longer
than forty-five days beyond the day designated in the notice of sale, in which event notice thereof
shall be given in the same manner as the original notice of sale is required
to be given.

Legislative History

Source: Laws 1965, c. 451, § 9, p. 1428; Laws 2004, LB 999, § 45; Laws 2010, LB732, § 4. Annotations: Portions of this section are sound rules not only for auctions of trust property, but also for judicial sales. Commercial Fed. Sav. & Loan v. ABA Corp., 230 Neb. 317, 431 N.W.2d 613 (1988).