76-1001. Terms, defined. As used in sections 76-1001 to 76-1018, unless the context otherwise requires: (1) Beneficiary shall mean the person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or his successor in interest; (2) Trustor shall mean the person conveying real property by […]
76-1002. Transfers in trust; real property; purpose. (1) Transfers in trust of real property may be made to secure (a) existing debts or obligations, (b) debts or obligations created simultaneously with the execution of the trust deed, (c) future advances necessary to protect the security, even though such future advances cause the total indebtedness to […]
76-1003. Trustee; qualification. (1) The trustee of a trust deed shall be: (a) A member of the Nebraska State Bar Association or a licensed real estate broker of Nebraska; (b) Any bank, building and loan association, savings and loan association, or credit union authorized to do business in Nebraska under the laws of Nebraska or […]
76-1004. Successor trustee; appointment by beneficiary; effect; substitution of trustee; recording; form. (1) The beneficiary may appoint a successor trustee at any time by filing for record in the office of the register of deeds of each county in which the trust property or some part thereof is situated a substitution of trustee. From the […]
76-1005. Power of sale conferred on trustee. A power of sale may be conferred upon the trustee which the trustee may exercise and under which the trust property may be sold in the manner provided in the Nebraska Trust Deeds Act after a breach of an obligation for which the trust property is conveyed as […]
76-1006. Sale of trust property; notice of default; trustee or attorney for trustee; designate person to receive notices; when. (1) The power of sale conferred in the Nebraska Trust Deeds Act upon the trustee shall not be exercised until: (a) The trustee or the attorney for the trustee shall first file for record in the […]
76-1007. Sale of trust property; notice; contents; time; place of sale. (1) The trustee or the attorney for the trustee shall give written notice of the time and place of sale particularly describing the property to be sold by publication of such notice, at least five times, once a week for five consecutive weeks, the […]
76-1008. Notice of default and sale; request for copies; mailing of notice; publication of notice of default; when. (1) Any person desiring a copy of any notice of default and of any notice of sale under any trust deed may, at any time subsequent to the filing for record of the trust deed and prior […]
76-1009. Sale of trust property; public auction; bids; postponement of sale; notice. 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 […]
76-101. Terms, defined. As used in sections 76-101 to 76-123 and unless a different meaning appears from the context: (a) The term property means one or more interests either legal or equitable, possessory or nonpossessory, present or future, in land, or in things other than land, including choses in action, but excluding powers of appointment, […]
76-1010. Sale of trust property; bid; payment; delivery of deed; recitals; effect; rights of trustor; terminated, when. (1) The purchaser at the sale shall forthwith pay the price bid, and upon receipt of payment, the trustee shall execute and deliver his or her deed to such purchaser. The trustee’s deed may contain recitals of compliance […]
76-1011. Sale of trust property; proceeds of sale; disposition. (1) The trustee shall apply the proceeds of the trustee’s sale in the following order of priority: (a) First, the proceeds shall be applied to the costs and expenses of exercising the power of sale and of the sale, including the payment of the trustee’s fees […]
76-1011.01. Sale of trust property; proceeds of sale; disposition; objecting party; attorney’s fees and costs. If a court enters a judgment in favor of the holder of a trust deed, mortgage, or other lien in any interpleader action, action for declaratory judgment, or any other similar action resulting from an objection to or the uncertainty […]
76-1012. Trust deed; default; reinstatement; recorded notice of default; cancellation; costs and expenses. (1) Whenever all or a portion of the principal sum of any obligation secured by a trust deed has, prior to the maturity date fixed in such obligation, become due or been declared due by reason of a breach or default in […]
76-1013. Sale of trust property; deficiency; action; judgment; amount. At any time within three months after any sale of property under a trust deed, as hereinabove provided, an action may be commenced to recover the balance due upon the obligation for which the trust deed was given as security, and in such action the complaint […]
76-1014.01. Trust deed; reconveyance; beneficiary’s obligation and liability. Section 76-2803 shall govern the beneficiary’s obligation to record or cause to be recorded a deed of reconveyance and the liability of the beneficiary for failure to timely record or cause to be recorded a deed of reconveyance. Source Laws 1994, LB 1275, § 9; Laws 1995, […]
76-1015. Sale of trust property; limitation of action. 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 […]
76-1016. Trust deed; transfer of debt secured by; effect. The transfer of any debt secured by a trust deed shall operate as a transfer of the security therefor. Source Laws 1965, c. 451, § 16, p. 1432.
76-1017. Trust deed; instruments entitled to be recorded; assignment of beneficial interest. Any trust deed, substitution of trustee, assignment of a beneficial interest under a trust deed, notice of default, trustee’s deed, reconveyance of the trust property and any instrument by which any trust deed is subordinated or waived as to priority, when acknowledged as […]
76-1018. Act, how cited. Sections 76-1001 to 76-1018 shall be known and may be cited as Nebraska Trust Deeds Act. Source Laws 1965, c. 451, § 17, p. 1433; Laws 1994, LB 1275, § 8; Laws 2021, LB503, § 3. Annotations A guaranty that was not secured by a trust deed was not subject to […]
