USA Statutes : nevada
Title : Title 09 - SECURITY INSTRUMENTS OF PUBLIC UTILITIES; MORTGAGES; DEEDS OF TRUST; OTHER LIENS
Chapter : CHAPTER 107 - DEEDS OF TRUST
As used in this chapter:
1. “Facsimile machine” means a device which receives and copies a
reproduction or facsimile of a document or photograph which is
transmitted electronically or telephonically by telecommunications lines.
2. “Title insurer” has the meaning ascribed to it in NRS 692A.070
.
(Added to NRS by 1995, 1518)
Transfers in trust of any estate in real property may be
made after March 29, 1927, to secure the performance of an obligation or
the payment of any debt.
[Part 1:173:1927; A 1949, 70; 1943 NCL § 7710]
A deed of trust may encumber
an estate for years however created, including a lease of a dwelling unit
of a cooperative housing corporation, unless prohibited by the instrument
creating the estate, and foreclosure may be had by the exercise of a
power of sale in accordance with the provisions of this chapter.
(Added to NRS by 1967, 954; A 1979, 708; 1989, 506)
Except as otherwise provided in NRS 104.9335 , a deed of trust given to secure a loan made
to purchase the real property on which the deed of trust is given has
priority over all other liens created against the purchaser before he
acquires title to the real property.
(Added to NRS by 1995, 1522; A 1999, 387 )
1. The shares which accompany a lease of a dwelling unit in a
cooperative housing corporation are appurtenant to the lease. Any
security interest in or lien on the lease encumbers the shares whether or
not the instrument creating the interest or lien expressly includes the
shares.
2. No security interest in or lien on shares of a cooperative
housing corporation is effective unless the instrument which purports to
create the interest or lien encumbers the lease to which the shares
pertain.
(Added to NRS by 1979, 708)
ADOPTION OF COVENANTS
Every deed of
trust made after March 29, 1927, may adopt by reference all or any of the
following covenants, agreements, obligations, rights and remedies:
1. Covenant No. 1. That grantor agrees to pay and discharge at
maturity all taxes and assessments and all other charges and encumbrances
which now are or shall hereafter be, or appear to be, a lien upon the
trust premises, or any part thereof; and that he will pay all interest or
installments due on any prior encumbrance, and that in default thereof,
beneficiary may, without demand or notice, pay the same, and beneficiary
shall be sole judge of the legality or validity of such taxes,
assessments, charges or encumbrances, and the amount necessary to be paid
in satisfaction or discharge thereof.
2. Covenant No. 2. That the grantor will at all times keep the
buildings and improvements which are now or shall hereafter be erected
upon the premises insured against loss or damage by fire, to the amount
of at least $........, by some insurance company or companies approved by
beneficiary, the policies for which insurance shall be made payable, in
case of loss, to beneficiary, and shall be delivered to and held by the
beneficiary as further security; and that in default thereof, beneficiary
may procure such insurance, not exceeding the amount aforesaid, to be
effected either upon the interest of trustee or upon the interest of
grantor, or his assigns, and in their names, loss, if any, being made
payable to beneficiary, and may pay and expend for premiums for such
insurance such sums of money as the beneficiary may deem necessary.
3. Covenant No. 3. That if, during the existence of the trust,
there be commenced or pending any suit or action affecting the conveyed
premises, or any part thereof, or the title thereto, or if any adverse
claim for or against the premises, or any part thereof, be made or
asserted, the trustee or beneficiary may appear or intervene in the suit
or action and retain counsel therein and defend same, or otherwise take
such action therein as they may be advised, and may settle or compromise
same or the adverse claim; and in that behalf and for any of the purposes
may pay and expend such sums of money as the trustee or beneficiary may
deem to be necessary.
4. Covenant No. 4. That the grantor will pay to trustee and to
beneficiary respectively, on demand, the amounts of all sums of money
which they shall respectively pay or expend pursuant to the provisions of
the implied covenants of this section, or any of them, together with
interest upon each of the amounts, until paid, from the time of payment
thereof, at the rate of ................ percent per annum.
5. Covenant No. 5. That in case grantor shall well and truly
perform the obligation or pay or cause to be paid at maturity the debt or
promissory note, and all moneys agreed to be paid by him, and interest
thereon for the security of which the transfer is made, and also the
reasonable expenses of the trust in this section specified, then the
trustee, its successors or assigns, shall reconvey to the grantor all the
estate in the premises conveyed to the trustee by the grantor. Any part
of the trust property may be reconveyed at the request of the beneficiary.
6. Covenant No. 6. That if default be made in the performance of
the obligation, or in the payment of the debt, or interest thereon, or
any part thereof, or in the payment of any of the other moneys agreed to
be paid, or of any interest thereon, or if any of the conditions or
covenants in this section adopted by reference be violated, and if the
notice of breach and election to sell, required by this chapter, be first
recorded, then trustee, its successors or assigns, on demand by
beneficiary, or assigns, shall sell the above-granted premises, or such
part thereof as in its discretion it shall find necessary to sell, in
order to accomplish the objects of these trusts, in the manner following,
namely:
The trustees shall first give notice of the time and place of such
sale, in the manner provided in NRS 107.080 and may postpone such sale not more than three
times by proclamation made to the persons assembled at the time and place
previously appointed and advertised for such sale, and on the day of sale
so advertised, or to which such sale may have been postponed, the trustee
may sell the property so advertised, or any portion thereof, at public
auction, at the time and place specified in the notice, at a public
location in the county in which the property, or any part thereof, to be
sold, is situated, to the highest cash bidder. The beneficiary, obligee,
creditor, or the holder or holders of the promissory note or notes
secured thereby may bid and purchase at such sale. The beneficiary may,
after recording the notice of breach and election, waive or withdraw the
same or any proceedings thereunder, and shall thereupon be restored to
his former position and have and enjoy the same rights as though such
notice had not been recorded.
7. Covenant No. 7. That the trustee, upon such sale, shall make
(without warranty), execute and, after due payment made, deliver to
purchaser or purchasers, his or their heirs or assigns, a deed or deeds
of the premises so sold which shall convey to the purchaser all the title
of the grantor in the trust premises, and shall apply the proceeds of the
sale thereof in payment, firstly, of the expenses of such sale, together
with the reasonable expenses of the trust, including counsel fees, in an
amount equal to ................ percent of the amount secured thereby
and remaining unpaid, which shall become due upon any default made by
grantor in any of the payments aforesaid; and also such sums, if any, as
trustee or beneficiary shall have paid, for procuring a search of the
title to the premises, or any part thereof, subsequent to the execution
of the deed of trust; and in payment, secondly, of the obligation or
debts secured, and interest thereon then remaining unpaid, and the amount
of all other moneys with interest thereon herein agreed or provided to be
paid by grantor; and the balance or surplus of such proceeds of sale it
shall pay to grantor, his heirs, executors, administrators or assigns.
8. Covenant No. 8. That in the event of a sale of the premises
conveyed or transferred in trust, or any part thereof, and the execution
of a deed or deeds therefor under such trust, the recital therein of
default, and of recording notice of breach and election of sale, and of
the elapsing of the 3-month period, and of the giving of notice of sale,
and of a demand by beneficiary, his heirs or assigns, that such sale
should be made, shall be conclusive proof of such default, recording,
election, elapsing of time, and of the due giving of such notice, and
that the sale was regularly and validly made on due and proper demand by
beneficiary, his heirs and assigns; and any such deed or deeds with such
recitals therein shall be effectual and conclusive against grantor, his
heirs and assigns, and all other persons; and the receipt for the
purchase money recited or contained in any deed executed to the purchaser
as aforesaid shall be sufficient discharge to such purchaser from all
obligation to see to the proper application of the purchase money,
according to the trusts aforesaid.
9. Covenant No. 9. That the beneficiary or his assigns may, from
time to time, appoint another trustee, or trustees, to execute the trust
created by the deed of trust or other conveyance in trust. A copy of a
resolution of the board of directors of beneficiary (if beneficiary be a
corporation), certified by the secretary thereof, under its corporate
seal, or an instrument executed and acknowledged by the beneficiary (if
the beneficiary be a natural person), shall be conclusive proof of the
proper appointment of such substituted trustee. Upon the recording of
such certified copy or executed and acknowledged instrument, the new
trustee or trustees shall be vested with all the title, interest, powers,
duties and trusts in the premises vested in or conferred upon the
original trustee. If there be more than one trustee, either may act alone
and execute the trusts upon the request of the beneficiary, and all his
acts thereunder shall be deemed to be the acts of all trustees, and the
recital in any conveyance executed by such sole trustee of such request
shall be conclusive evidence thereof, and of the authority of such sole
trustee to act.
[2:173:1927; NCL § 7711]—(NRS A 1967, 143; 2005, 1621 )
1. In order to adopt by reference any of the covenants,
agreements, obligations, rights and remedies in NRS 107.030 , it shall only be necessary to state in the
deed of trust the following: “The following covenants, Nos.
................, ................ and ................ (inserting the
respective numbers) of NRS 107.030 are
hereby adopted and made a part of this deed of trust.”
2. A deed of trust or other conveyance in trust, in order to fix
the amount of insurance to be carried, need not reincorporate the
provisions of Covenant No. 2 of NRS 107.030 , but may merely state the following: “Covenant
No. 2,” and set out thereafter the amount of insurance to be carried.
3. In order to fix the rate of interest under Covenant No. 4 of
NRS 107.030 , it shall only be necessary
to state in such trust deed or other conveyance in trust, “Covenant No.
4,” and set out thereafter the rate of interest to be charged thereunder.
4. In order to fix the amount or percent of counsel fees under
Covenant No. 7 of NRS 107.030 , it shall
only be necessary to state in such deed of trust, or other conveyance in
trust, the following: “Covenant No. 7,” and set out thereafter the
percentage to be allowed.
[3:173:1927; NCL § 7712] + [4:173:1927; NCL § 7713]
Nothing in NRS 107.030 and
107.040 shall prevent the parties to
any transfer in trust from entering into other, different or additional
covenants or agreements than those set out in NRS 107.030 .
[5:173:1927; NCL § 7714]
ASSUMPTION FEE
If a party to a
deed of trust, executed after July 1, 1971, desires to charge an
assumption fee for a change in parties, the amount of such charge must be
clearly set forth in the deed of trust at the time of execution.
(Added to NRS by 1971, 314)
ASSIGNMENTS; SUBORDINATION AND WAIVERS AS TO PRIORITY
The
provisions of NRS 106.210 and 106.220
apply to deeds of trust as therein
specified.
[Part 1:120:1935; 1931 NCL § 2122.31]—(NRS A 1965, 926)
DISCHARGE
1. Except as otherwise provided in subsection 2, a recorded deed
of trust may be discharged by an entry on the margin of the record
thereof, signed by the trustee or his personal representative or assignee
in the presence of the recorder or his deputy, acknowledging the
satisfaction of or value received for the deed of trust and the debt
secured thereby. The recorder or his deputy shall subscribe the entry as
witness. The entry has the same effect as a reconveyance of the deed of
trust acknowledged and recorded as provided by law. The recorder shall
properly index each marginal discharge.
2. If the deed of trust has been recorded by a microfilm or other
photographic process, a marginal release may not be used and an
acknowledged reconveyance of the deed of trust must be recorded.
3. If the recorder or his deputy is presented with a certificate
executed by the trustee or his personal representative or assignee,
specifying that the deed of trust has been paid or otherwise satisfied or
discharged, the recorder or his deputy shall discharge the deed of trust
upon the record.
(Added to NRS by 1991, 1103; A 1993, 2335)
1. Within 21 calendar days after receiving written notice that a
debt secured by a deed of trust made on or after October 1, 1991, has
been paid or otherwise satisfied or discharged, the beneficiary shall
deliver to the trustee or the trustor the original note and deed of
trust, if he is in possession of those documents, and a properly executed
request to reconvey the estate in real property conveyed to the trustee
by the grantor. If the beneficiary delivers the original note and deed of
trust to the trustee or the trustee has those documents in his
possession, the trustee shall deliver those documents to the grantor.
2. Within 45 calendar days after a debt secured by a deed of trust
made on or after October 1, 1991, is paid or otherwise satisfied or
discharged, and a properly executed request to reconvey is received by
the trustee, the trustee shall cause to be recorded a reconveyance of the
deed of trust.
3. If the beneficiary fails to deliver to the trustee a properly
executed request to reconvey pursuant to subsection 1, or if the trustee
fails to cause to be recorded a reconveyance of the deed of trust
pursuant to subsection 2, the beneficiary or the trustee, as the case may
be, is liable in a civil action to the grantor, his heirs or assigns in
the sum of $500, plus a reasonable attorney’s fee and the costs of
bringing the action, and he is liable in a civil action to any party to
the deed of trust for any actual damages caused by his failure to comply
with the provisions of this section and for a reasonable attorney’s fee
and the costs of bringing the action.
4. Except as otherwise provided in this subsection, if a
reconveyance is not recorded pursuant to subsection 2 within:
(a) Seventy-five calendar days after the payment, satisfaction or
discharge of the debt, if the payment, satisfaction or discharge was made
on or after October 1, 1993; or
(b) Ninety calendar days after the payment, satisfaction or
discharge of the debt, if the payment, satisfaction or discharge was made
before October 1, 1993,
Ê a title insurer may prepare and cause to be recorded a release of the
deed of trust. At least 30 calendar days before the recording of a
release pursuant to this subsection, the title insurer shall mail, by
first-class mail, postage prepaid, notice of the intention to record the
release of the deed of trust to the trustee, trustor and beneficiary of
record, or their successors in interest, at the last known address of
each such person. A release prepared and recorded pursuant to this
subsection shall be deemed a reconveyance of a deed of trust. The title
insurer shall not cause a release to be recorded pursuant to this
subsection if the title insurer receives written instructions to the
contrary from the trustee, the trustor, the owner of the land, the holder
of the escrow or the owner of the debt secured by the deed of trust or
his agent.
5. The release prepared pursuant to subsection 4 must set forth:
(a) The name of the beneficiary;
(b) The name of the trustor;
(c) The recording reference to the deed of trust;
(d) A statement that the debt secured by the deed of trust has been
paid in full or otherwise satisfied or discharged;
(e) The date and amount of payment or other satisfaction or
discharge; and
(f) The name and address of the title insurer issuing the release.
6. A release prepared and recorded pursuant to subsection 4 does
not relieve a beneficiary or trustee of the requirements imposed by
subsections 1 and 2.
7. A trustee may charge a reasonable fee to the trustor or the
owner of the land for services relating to the preparation, execution or
recordation of a reconveyance or release pursuant to this section. A
trustee shall not require the fees to be paid before the opening of an
escrow, or earlier than 60 calendar days before the payment, satisfaction
or discharge of the debt secured by the deed of trust. If a fee charged
pursuant to this subsection does not exceed $100, the fee is conclusively
presumed to be reasonable.
8. In addition to any other remedy provided by law, a title
insurer who improperly causes to be recorded a release of a deed of trust
pursuant to this section is liable for actual damages and for a
reasonable attorney’s fee and the costs of bringing the action to any
person who is injured because of the improper recordation of the release.
9. Any person who willfully violates this section is guilty of a
misdemeanor.
(Added to NRS by 1991, 1103; A 1993, 2336; 1995, 1522; 1999, 57
)
1. If a deed of trust made on or after October 1, 1995, authorizes
the grantor to discharge in part the debt secured by the deed of trust
and the deed of trust authorizes a partial reconveyance of the estate in
real property in consideration of a partial discharge, the beneficiary
shall, within 21 calendar days after receiving notice that the debt
secured by the deed of trust has been partially discharged, deliver to
the trustee a properly executed request for a partial reconveyance of the
estate in real property conveyed to the trustee by the grantor.
2. Within 45 calendar days after a debt secured by a deed of trust
made on or after October 1, 1995, is partially discharged and a properly
executed request for a partial reconveyance is received by the trustee,
the trustee shall cause to be recorded a partial reconveyance of the deed
of trust.
3. If the beneficiary fails to deliver to the trustee a properly
executed request for a partial reconveyance pursuant to subsection 1, or
if the trustee fails to cause to be recorded a partial reconveyance of
the deed of trust pursuant to subsection 2, the beneficiary or the
trustee, as the case may be, is liable in a civil action to the grantor,
his heirs or assigns in the amount of $500, plus a reasonable attorney’s
fee and the costs of bringing the action, and he is liable in a civil
action to any party to the deed of trust for any actual damages caused by
his failure to comply with the provisions of this section and for a
reasonable attorney’s fee and the costs of bringing the action.
4. Except as otherwise provided in this subsection, if a partial
reconveyance is not recorded pursuant to subsection 2 within 75 calendar
days after the partial satisfaction of the debt and if the satisfaction
was made on or after October 1, 1995, a title insurer may prepare and
cause to be recorded a partial release of the deed of trust. At least 30
calendar days before the recording of a partial release pursuant to this
subsection, the title insurer shall mail, by first-class mail, postage
prepaid, notice of the intention to record the partial release of the
deed of trust to the trustee, trustor and beneficiary of record, or their
successors in interest, at the last known address of each such person. A
partial release prepared and recorded pursuant to this subsection shall
be deemed a partial reconveyance of a deed of trust. The title insurer
shall not cause a partial release to be recorded pursuant to this
subsection if the title insurer receives written instructions to the
contrary from the trustee, trustor, owner of the land, holder of the
escrow or owner of the debt secured by the deed of trust or his agent.
5. The release prepared pursuant to subsection 4 must set forth:
(a) The name of the beneficiary;
(b) The name of the trustor;
(c) The recording reference to the deed of trust;
(d) A statement that the debt secured by the deed of trust has been
partially discharged;
(e) The date and amount of partial payment or other partial
satisfaction or discharge;
(f) The name and address of the title insurer issuing the partial
release; and
(g) The legal description of the estate in real property which is
reconveyed.
6. A partial release prepared and recorded pursuant to subsection
4 does not relieve a beneficiary or trustee of the requirements imposed
by subsections 1 and 2.
7. A trustee may charge a reasonable fee to the trustor or the
owner of the land for services relating to the preparation, execution or
recordation of a partial reconveyance or partial release pursuant to this
section. A trustee shall not require the fees to be paid before the
opening of an escrow or earlier than 60 calendar days before the partial
payment or partial satisfaction or discharge of the debt secured by the
deed of trust. If a fee charged pursuant to this subsection does not
exceed $100, the fee is conclusively presumed to be reasonable.
8. In addition to any other remedy provided by law, a title
insurer who improperly causes to be recorded a partial release of a deed
of trust pursuant to this section is liable for actual damages and for a
reasonable attorney’s fee and the costs of bringing the action to any
person who is injured because of the improper recordation of the partial
release.
9. Any person who willfully violates this section is guilty of a
misdemeanor.
(Added to NRS by 1995, 1521; A 1999, 58 )
DEFAULT AND SALE
1. Except as otherwise provided in NRS 107.085 , if any transfer in trust of any estate in
real property is made after March 29, 1927, to secure the performance of
an obligation or the payment of any debt, a power of sale is hereby
conferred upon the trustee to be exercised after a breach of the
obligation for which the transfer is security.
2. The power of sale must not be exercised, however, until:
(a) In the case of any trust agreement coming into force:
(1) On or after July 1, 1949, and before July 1, 1957, the
grantor, or his successor in interest, a beneficiary under a subordinate
deed of trust or any other person who has a subordinate lien or
encumbrance of record on the property, has for a period of 15 days,
computed as prescribed in subsection 3, failed to make good the
deficiency in performance or payment; or
(2) On or after July 1, 1957, the grantor, or his successor
in interest, a beneficiary under a subordinate deed of trust or any other
person who has a subordinate lien or encumbrance of record on the
property, has for a period of 35 days, computed as prescribed in
subsection 3, failed to make good the deficiency in performance or
payment;
(b) The beneficiary, the successor in interest of the beneficiary
or the trustee first executes and causes to be recorded in the office of
the recorder of the county wherein the trust property, or some part
thereof, is situated a notice of the breach and of his election to sell
or cause to be sold the property to satisfy the obligation; and
(c) Not less than 3 months have elapsed after the recording of the
notice.
3. The 15- or 35-day period provided in paragraph (a) of
subsection 2 commences on the first day following the day upon which the
notice of default and election to sell is recorded in the office of the
county recorder of the county in which the property is located and a copy
of the notice of default and election to sell is mailed by registered or
certified mail, return receipt requested and with postage prepaid to the
grantor, and to the person who holds the title of record on the date the
notice of default and election to sell is recorded, at their respective
addresses, if known, otherwise to the address of the trust property. The
notice of default and election to sell must describe the deficiency in
performance or payment and may contain a notice of intent to declare the
entire unpaid balance due if acceleration is permitted by the obligation
secured by the deed of trust, but acceleration must not occur if the
deficiency in performance or payment is made good and any costs, fees and
expenses incident to the preparation or recordation of the notice and
incident to the making good of the deficiency in performance or payment
are paid within the time specified in subsection 2.
4. The trustee, or other person authorized to make the sale under
the terms of the trust deed or transfer in trust, shall, after expiration
of the 3-month period following the recording of the notice of breach and
election to sell, and before the making of the sale, give notice of the
time and place thereof by recording the notice of sale and by:
(a) Providing the notice to each trustor and any other person
entitled to notice pursuant to this section by personal service or by
mailing the notice by registered or certified mail to the last known
address of the trustor and any other person entitled to such notice
pursuant to this section;
(b) Posting a similar notice particularly describing the property,
for 20 days successively, in three public places of the township or city
where the property is situated and where the property is to be sold; and
(c) Publishing a copy of the notice three times, once each week for
3 consecutive weeks, in a newspaper of general circulation in the county
where the property is situated.
5. Every sale made under the provisions of this section and other
sections of this chapter vests in the purchaser the title of the grantor
and his successors in interest without equity or right of redemption. A
person who purchases property pursuant to this section is not a bona fide
purchaser, and the sale may be declared void if the trustee or other
person authorized to make the sale does not substantially comply with the
provisions of this section. The sale of a lease of a dwelling unit of a
cooperative housing corporation vests in the purchaser title to the
shares in the corporation which accompany the lease.
[Part 1:173:1927; A 1949, 70; 1943 NCL § 7710]—(NRS A 1957, 631;
1959, 10; 1961, 23; 1965, 611, 1242; 1967, 198; 1979, 708; 1987, 1644;
1989, 1770; 2003, 2893 ; 2005, 1623 )
1. All sales of property pursuant to NRS 107.080 must be made at auction to the highest bidder
and must be made between the hours of 9 a.m. and 5 p.m. The agent holding
the sale must not become a purchaser at the sale or be interested in any
purchase at such a sale.
2. All sales of real property must be made:
(a) In a county with a population of less than 100,000, at the
courthouse in the county in which the property or some part thereof is
situated.
(b) In a county with a population of 100,000 or more, at the public
location in the county designated by the governing body of the county for
that purpose.
(Added to NRS by 2005, 1620 )
1. If a sale of property pursuant to NRS 107.080 is postponed by oral proclamation, the sale
must be postponed to a later date at the same time and location.
2. If such a sale has been postponed by oral proclamation three
times, any new sale information must be provided by notice as provided in
NRS 107.080 .
(Added to NRS by 2005, 1621 )
1. If a purchaser refuses to pay the amount bid by him for the
property struck off to him at a sale pursuant to NRS 107.080 , the agent may again sell the property to the
highest bidder, after again giving the notice previously provided.
2. If any loss is incurred from the purchaser refusing to pay his
bid, the agent may recover the amount of the loss, with costs, for the
benefit of the party aggrieved, by motion upon previous notice of 5 days
to the purchaser, before any court of competent jurisdiction.
3. The court shall proceed in a summary manner in the hearing and
disposition of such a motion, and give judgment and issue execution
therefor forthwith, but the refusing purchaser may request a jury. The
same proceedings may be had against any subsequent purchaser who refuses
to pay, and the agent may, in his discretion, thereafter reject the bid
of any person so refusing.
4. An agent is not liable for any amount other than the amount bid
by the second or subsequent purchaser and the amount collected from the
purchaser who refused to pay.
(Added to NRS by 2005, 1621 )
A
person who willfully removes or defaces a notice posted pursuant to
subsection 4 of NRS 107.080 , if done
before the sale or, if the default is satisfied before the sale, before
the satisfaction of the default, is liable in the amount of $500 to any
person aggrieved by the removal or defacing of the notice.
(Added to NRS by 2005, 1620 )
1. With regard to a transfer in trust of an estate in real
property to secure the performance of an obligation or the payment of a
debt, the provisions of this section apply to the exercise of a power of
sale pursuant to NRS 107.080 only if:
(a) The trust agreement becomes effective on or after October 1,
2003; and
(b) On the date the trust agreement is made, the trust agreement is
subject to the provisions of § 152 of the Home Ownership and Equity
Protection Act of 1994, 15 U.S.C. § 1602(aa), and the regulations adopted
by the Board of Governors of the Federal Reserve System pursuant thereto,
including, without limitation, 12 C.F.R. § 226.32.
2. The trustee shall not exercise a power of sale pursuant to NRS
107.080 unless:
(a) In the manner required by subsection 3, not later than 60 days
before the date of the sale, the trustee causes to be served upon the
grantor a notice in the form described in subsection 3; and
(b) If an action is filed in a court of competent jurisdiction
claiming an unfair lending practice in connection with the trust
agreement, the date of the sale is not less than 30 days after the date
the most recent such action is filed.
3. The notice described in subsection 2 must be:
(a) Served upon the grantor by personal service or, if personal
service cannot be timely effected, in such other manner as a court
determines is reasonably calculated to afford notice to the grantor; and
(b) In substantially the following form, with the applicable
telephone numbers and mailing addresses provided on the notice and a copy
of the promissory note attached to the notice:
NOTICE
YOU ARE IN DANGER OF LOSING YOUR HOME!
Your home loan is being foreclosed. In 60 days your home will be sold and
you will be forced to move. For help, call:
Consumer Credit Counseling _______________
The Attorney General __________________
The Division of Financial Institutions ________________
Legal Services ______________________
Your Lender ___________________
Nevada Fair Housing Center ________________
4. This section does not prohibit a judicial foreclosure.
5. As used in this section, “unfair lending practice” means an
unfair lending practice described in NRS 598D.010 to 598D.150 , inclusive.
(Added to NRS by 2003, 2892 )
1. As used in this section, “person with an interest” means any
person who has or claims any right, title or interest in, or lien or
charge upon, the real property described in the deed of trust, as
evidenced by any document or instrument recorded in the office of the
county recorder of the county in which any part of the real property is
situated.
2. A person with an interest or any other person who is or may be
held liable for any debt secured by a lien on the property desiring a
copy of a notice of default or notice of sale under a deed of trust with
power of sale upon real property may at any time after recordation of the
deed of trust record in the office of the county recorder of the county
in which any part of the real property is situated an acknowledged
request for a copy of the notice of default or of sale. The request must
state the name and address of the person requesting copies of the notices
and identify the deed of trust by stating the names of the parties
thereto, the date of recordation, and the book and page where it is
recorded.
3. The trustee or person authorized to record the notice of
default shall, within 10 days after the notice of default is recorded and
mailed pursuant to NRS 107.080 , cause
to be deposited in the United States mail an envelope, registered or
certified, return receipt requested and with postage prepaid, containing
a copy of the notice, addressed to:
(a) Each person who has recorded a request for a copy of the
notice; and
(b) Each other person with an interest whose interest or claimed
interest is subordinate to the deed of trust.
4. The trustee or person authorized to make the sale shall, at
least 20 days before the date of sale, cause to be deposited in the
United States mail an envelope, registered or certified, return receipt
requested and with postage prepaid, containing a copy of the notice of
time and place of sale, addressed to each person described in subsection
3.
5. No request recorded pursuant to the provisions of subsection 2
affects the title to real property.
(Added to NRS by 1961, 74; A 1969, 42, 95; 1989, 644, 1772; 2001,
1751 )
1. The notice of default required by NRS 107.080 must also be sent by registered or certified
mail, return receipt requested and with postage prepaid, to each
guarantor or surety of the debt. If the address of the guarantor or
surety is unknown, the notice must be sent to the address of the trust
property. Failure to give the notice, except as otherwise provided in
subsection 3, releases the guarantor or surety from his obligation to the
beneficiary, but does not affect the validity of a sale conducted
pursuant to NRS 107.080 nor the
obligation of any guarantor or surety to whom the notice was properly
given.
2. Failure to give the notice of default required by NRS 107.090
, except as otherwise provided in
subsection 3, releases the obligation to the beneficiary of any person
who has complied with NRS 107.090 and
who is or may otherwise be held liable for the debt or other obligation
secured by the deed of trust, but such a failure does not affect the
validity of a sale conducted pursuant to NRS 107.080 nor the obligation of any person to whom the
notice was properly given pursuant to this section or to NRS 107.080
or 107.090 .
3. A guarantor, surety or other obligor is not released pursuant
to this section if:
(a) The required notice is given at least 15 days before the later
of:
(1) The expiration of the 15- or 35-day period described in
NRS 107.080 ; or
(2) Any extension of that period by the beneficiary; or
(b) The notice is rescinded before the sale is advertised.
(Added to NRS by 1989, 1770)
1. At any time after the filing of a notice of breach and election
to sell real property under a power of sale contained in a deed of trust,
the trustee or beneficiary of the deed of trust may apply to the district
court for the county in which the property or any part of the property is
located for the appointment of a receiver of such property.
2. A receiver shall be appointed where it appears that personal
property subject to the deed of trust is in danger of being lost,
removed, materially injured or destroyed, that real property subject to
the deed of trust is in danger of substantial waste or that the income
therefrom is in danger of being lost, or that the property is or may
become insufficient to discharge the debt which it secures.
(Added to NRS by 1965, 252)
STATEMENT FROM BENEFICIARY OF DEED OF TRUST
Except as otherwise provided in NRS 107.230 , the beneficiary of a deed of trust secured on
or after October 1, 1995, shall, within 21 days after receiving a request
from a person authorized to make such a request pursuant to NRS 107.220
, cause to be mailed, postage prepaid,
or sent by facsimile machine to that person a statement regarding the
debt secured by the deed of trust. The statement must include:
1. The amount of the unpaid balance of the debt secured by the
deed of trust, the rate of interest on the unpaid balance and the total
amount of principal and interest which is due and has not been paid.
2. The amount of the periodic payments, if any, required under the
note.
3. The date the payment of the debt is due.
4. The period for which real estate taxes and special assessments
have been paid, if that information is known to the beneficiary.
5. The amount of property insurance covering the real property and
the term and premium of that insurance, if that information is known to
the beneficiary.
6. The amount in an account, if any, maintained for the
accumulation of money for the payment of taxes and insurance premiums.
7. The amount of any additional charges, costs or expenses paid or
incurred by the beneficiary which is a lien on the real property
described in the deed of trust.
8. Whether the debt secured by the deed of trust may be
transferred to a person other than the grantor.
(Added to NRS by 1995, 1519)
Except as otherwise provided in NRS
107.230 and 107.240 , the beneficiary of a deed of trust secured on
or after October 1, 1995, shall, within 21 days after receiving a request
from a person authorized to make such a request pursuant to NRS 107.220
, cause to be mailed, postage prepaid,
or sent by facsimile machine to that person a statement of the amount
necessary to discharge the debt secured by the deed of trust. The
statement must set forth:
1. The amount of money necessary to discharge the debt secured by
the deed of trust on the date the statement is prepared by the
beneficiary; and
2. The information necessary to determine the amount of money
required to discharge the debt on a per diem basis for a period, not to
exceed 30 days, after the statement is prepared by the beneficiary.
(Added to NRS by 1995, 1519)
1. A statement described in NRS 107.200 or 107.210
may be requested by:
(a) The grantor of, or his successor in interest in, the property
which is the subject of the deed of trust;
(b) A person who has a subordinate lien or encumbrance of record on
the property which is secured by the deed of trust;
(c) A title insurer; or
(d) An authorized agent of any person described in paragraph (a),
(b) or (c).
Ê A written statement signed by any person described in paragraph (a),
(b) or (c) which appoints a person to serve as his agent if delivered
personally to the beneficiary or delivered by mail, return receipt
requested, is proof of the identity of an agent.
2. For the purposes of paragraph (a) of subsection 1, a policy of
title insurance, preliminary report issued by a title company, certified
copy of letters testamentary or letters of guardianship, or an original
or photographic copy of a deed, if delivered personally to the
beneficiary or delivered by mail, return receipt requested, is proof of
the identity of a successor in interest of the grantor, if the person
demanding the statement is named as successor in interest in the document.
(Added to NRS by 1995, 1519)
A
beneficiary may, before mailing a statement described in NRS 107.200
or 107.210 , require the person who requested the
statement to prove that he is authorized to request that statement
pursuant to NRS 107.220 . If the
beneficiary requires such proof, he must mail the statement within 21
days after he receives that proof from the requester.
(Added to NRS by 1995, 1520)
If the debt
secured by a deed of trust for which a statement described in NRS 107.210
has been requested is subject to a
recorded notice of default or a filed complaint commencing a judicial
foreclosure, the beneficiary may refuse to deliver the statement unless
the written request for the statement is received before the publication
of a notice of sale or the notice of the date of sale established by a
court.
(Added to NRS by 1995, 1520)
1. A person who receives a statement pursuant to NRS 107.200
or 107.210 may rely upon the accuracy of the information
contained in the statement. If the beneficiary notifies the person who
requested the statement of any amendment to the statement, the amended
statement may be relied upon by that person in the same manner as the
original statement.
2. If notification of an amendment to a statement is not given in
writing, a written amendment to the statement must be delivered to the
person who requested the original statement not later than the next
business day after notification.
3. If a statement prepared by the beneficiary pursuant to NRS
107.200 does not contain the entire
amount necessary to discharge the debt secured by the deed of trust and:
(a) A transaction has occurred which has resulted in the transfer
of title or recordation of a lien; or
(b) A trustee’s sale or a sale supervised by a court has taken
place,
Ê the beneficiary may recover that money as an unsecured debt of the
grantor pursuant to the terms of the note.
(Added to NRS by 1995, 1520)
If a person who is authorized pursuant to NRS 107.220 to request a statement described in NRS
107.200 or 107.210 includes in his request for such a statement a
request for a copy of the note or deed of trust, the beneficiary shall
mail a copy of the note or deed of trust with the statement at no
additional charge.
(Added to NRS by 1995, 1520)
If the beneficiary has more than one place of business, a request for a
statement described in NRS 107.200 or
107.210 must be made to the address to
which the periodic payments under the note are made. If no periodic
payments are made under the note, the request must be mailed to the
address of the beneficiary listed on the note or deed of trust.
(Added to NRS by 1995, 1520)
Except as otherwise provided in a statement described in NRS
107.200 or 107.210 , the information contained in the statement
applies only to the debt secured by the deed of trust which is payable at
the address to which the periodic payments are made. If periodic payments
are not made under the note, the statement applies only to the entire
debt secured by the deed of trust.
(Added to NRS by 1995, 1520)
If a person requests a statement
described in NRS 107.200 or 107.210
and it is not clear from the request
which statement is requested, the request shall be deemed a request for a
statement of the amount necessary to discharge the debt secured by a deed
of trust.
(Added to NRS by 1995, 1521)
1. A beneficiary who willfully fails to deliver a statement
requested pursuant to NRS 107.200 or
107.210 within 21 days after it is
requested is liable to the person who requested the statement in an
amount of $300 and any actual damages suffered by the person who
requested the statement.
2. A judgment awarded to a person who requested a statement
pursuant to NRS 107.200 or 107.210
for failure to deliver a statement bars
recovery of damages for any other failure to deliver that statement
pursuant to a demand made within 6 months before or after the demand for
which the judgment was awarded.
3. As used in this section, “willfully” means an intentional
failure to comply with the requirements of NRS 107.200 or 107.210
without just cause.
(Added to NRS by 1995, 1521)
The beneficiary may
charge a fee of not more than $60 for each statement furnished pursuant
to NRS 107.200 or 107.210 .
(Added to NRS by 1995, 1521)
310 . The provisions of NRS 107.310 do not apply to deeds of trust insured by the
Federal Housing Administrator or guaranteed by the Secretary of Veterans
Affairs.
(Added to NRS by 1995, 1518)
