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Shadow Wood Homeowners Association, Inc.; And Gogo Way Trust V. New York Community Bancorp, Inc. (January 28, 2016), Andrea Orwoll
Shadow Wood Homeowners Association, Inc.; And Gogo Way Trust V. New York Community Bancorp, Inc. (January 28, 2016), Andrea Orwoll
Nevada Supreme Court Summaries
The Court reviewed an appeal from a district court order granting summary judgment to a bank that had lost a condominium in an HOA lien foreclosure sale. The Court held that despite statutory provisions, which seem prohibit overturning an HOA lien foreclosure sale if required recitals are present in the HOA’s trustee deed, there remains a common law power to overturn such foreclosure sales. The Court reaffirmed the principle that, where appropriate, Nevada courts may “grant equitable relief from a defective HOA lien foreclosure sale”—but only when there has been both 1) an inadequate price paid, and 2) fraud or …
Southern Highlands V. San Florentine, 132 Nev. Adv. Op. 3 (Jan. 14, 2016), Kristen Matteoni
Southern Highlands V. San Florentine, 132 Nev. Adv. Op. 3 (Jan. 14, 2016), Kristen Matteoni
Nevada Supreme Court Summaries
Under the plain language of NRS 116.3116(4), “equal priority” is given to multiple HOA liens on the same property when those liens secure unpaid HOA charges and dues. When one lienholder of equal priority forecloses, all other liens are terminated. Nonetheless, all equal priority lienholders share in the foreclosure profit by either being paid in full when able to do so or, if sale profit is inadequate, through a pro-rata share of the proceeds. Thus, because the Foothills and Southern Highlands have equal priority liens, Foothills’ foreclosure terminated Southern Highlands lien, however Southern Highlands is entitled its allotment of the …