Nebraska § 76-1015 Sale of trust property; limitation of action

Nebraska Statutes

§ 76-1015 — Sale of trust property; limitation of action

Nebraska § 76-1015

Ch. 76Real Property

This text of Nebraska § 76-1015 (Sale of trust property; limitation of action) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Neb. Rev. Stat. § 76-1015 (2026).

Text

The trustee's sale of property under a trust deed shall be made within the period prescribed in section  25-205  for the commencement of an action on the obligation secured by the trust deed unless the beneficiary elects to foreclose a trust deed in the manner provided for by law for the foreclosure of mortgages on real estate as provided in section  76-1005 , in which case the statute of limitations for the commencement of such action shall be the same as the statute of limitations for mortgages pursuant to section  25-202 .

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The trustee's sale of property under a trust deed shall be made within the period prescribed in section 25-205 for the commencement of an action on the obligation secured by the trust deed unless the beneficiary elects to foreclose a trust deed in the manner provided for by law for the foreclosure of mortgages on real estate as provided in section 76-1005 , in which case the statute of limitations for the commencement of such action shall be the same as the statute of limitations for mortgages pursuant to section 25-202 .

Legislative History

Source: Laws 1965, c. 451, § 15, p. 1432; Laws 1997, LB 284, § 2. Annotations: The 10-year statute of limitations governing foreclosure of mortgages or deeds of trust as mortgages, rather than the 5-year statute of limitations governing trust deed foreclosure in which a trustee exercises power of sale upon default, applied to a claim brought by a holder of a promissory note secured by a deed of trust on property seeking foreclosure of the deed of trust, because the claim was not for trustee foreclosure. Bel Fury Invest. Group v. Palisades Collection, 19 Neb. App. 883, 814 N.W.2d 394 (2012).