§ 76-1912 — Mortgage foreclosure; two sales; procedure

Nebraska § 76-1912

• Jurisdiction: Nebraska
• Ch. 76: Real Property

Text

(1) In an action for the foreclosure of a mortgage upon agricultural land which was recorded prior to November 21, 1986, or a mortgage recorded on or after November 21, 1986, in which the right to designate a homestead has been waived or disclaimed pursuant to section 76-1904 , if any part of the homestead of the mortgagor is included in a decree directing a sale of the mortgaged premises, upon request of the mortgagor, the mortgaged premises shall be offered in separate sales. The first sale shall be en masse and, immediately thereafter, at the same location, the premises shall again be sold. At the second sale, the mortgaged premises shall be sold in two separate parcels with the homestead designated in the mortgagor's request being the last parcel to be sold. The sheriff or other person authorized by the court to sell the mortgaged premises shall make return of both sales. The court shall confirm, subject to the provisions of section 25-1531 , the sale upon which the greater amount is realized, except that if in the second sale by parcels the mortgagor bids for his or her designated homestead, and if, by virtue of the price bid by the mortgagor for such homestead, the aggregate amount realized in the second sale equals or exceeds the amount realized from the first sale en masse or the amount of the decree, whichever is less, then the court shall confirm the sale by parcels and the mortgagor shall be the purchaser of his or her designated homestead.
(2) The mortgagor's request shall be signed and acknowledged by the mortgagor and filed with the clerk of the court within twenty days after entry of the decree of foreclosure.
(3) The mortgagor's request shall include his or her designation of homestead.

Legislative History

Source: Laws 1986, Third Spec. Sess., LB 3, § 12; Laws 1999, LB 43, § 28.