Nevada § 40.4638 Circumstances under which action to enforce obligation is prohibited

Nevada Statutes

§ 40.4638 — Circumstances under which action to enforce obligation is prohibited

Nevada·Title 3 REMEDIES; SPECIAL ACTIONS AND PROCEEDINGS·Ch. 40 Actions· Actions by Holders of Junior Real Mortgages After Foreclosure Sales

1. A person to whom an obligation secured by a junior mortgage or lien on real property is owed may not bring any action to enforce that obligation after a foreclosure sale of the real property which secured that obligation or a sale in lieu of a foreclosure sale if:

(a)The person is a financial institution;

(b)The real property which secured the obligation is a single-family dwelling and the debtor or grantor was the owner of the real property at the time of the foreclosure sale or sale in lieu of a foreclosure sale;

(c)The debtor or grantor used the amount of the obligation to purchase the real property;

(d)The debtor or grantor continuously occupied the real property as the debtor’s or grantor’s principal residence after securing the obligation; and

(e)The debtor or grantor did not

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1. A person to whom an obligation secured by a junior mortgage or lien on real property is owed may not bring any action to enforce that obligation after a foreclosure sale of the real property which secured that obligation or a sale in lieu of a foreclosure sale if:
(a) The person is a financial institution;
(b) The real property which secured the obligation is a single-family dwelling and the debtor or grantor was the owner of the real property at the time of the foreclosure sale or sale in lieu of a foreclosure sale;
(c) The debtor or grantor used the amount of the obligation to purchase the real property;
(d) The debtor or grantor continuously occupied the real property as the debtor’s or grantor’s principal residence after securing the obligation; and
(e) The debtor or grantor did not refinance the obligation after securing it.
2. As used in this section, “financial institution” has the meaning ascribed to it in NRS 363A.050 .

Nevada § 40.4638 (Circumstances under which action to enforce obligation is prohibited) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.