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Ln Mgmt. Llc Series 5105 Portraits Place V. Green Tree Loan Servicing Llc, 133 Nev. Adv. Op. 55 (Aug. 03, 2017), Wesley Lemay Jr.
Ln Mgmt. Llc Series 5105 Portraits Place V. Green Tree Loan Servicing Llc, 133 Nev. Adv. Op. 55 (Aug. 03, 2017), Wesley Lemay Jr.
Nevada Supreme Court Summaries
If a homeowner that owns property in Nevada but declares bankruptcy in Texas and fails to list the Home Owners Association (HOA) as a creditor, the HOA cannot violate the automatic stay imposed by the bankruptcy and sell the property. If the property is sold in violation of the automatic stay, the sale is invalid. Under Ninth Circuit law, the sale is void ab initio while the Fifth Circuit holds that these types of sales are voidable, but can be approved by the bankruptcy court.
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 …