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Summary Of C. Nicholas Pereos, Ltd. V. Bank Of America, N.A., 131 Nev. Adv. Op. 61553 (July 2, 2015), Stacy Newman
Summary Of C. Nicholas Pereos, Ltd. V. Bank Of America, N.A., 131 Nev. Adv. Op. 61553 (July 2, 2015), Stacy Newman
Nevada Supreme Court Summaries
The Court considers an appeal from a district court summary judgment in a tort case concerning losses sustained due to unauthorized activity in a customer’s bank account. The Court reversed the grant of summary judgment because genuine issues of material fact exist regarding whether respondent Bank of America acted reasonably in delivering bank statements, and also because the appellant’s suit was not time barred under a one year period of repose.
Summary Of Munoz V. Branch Banking & Trust Co., 131 Nev. Adv. Op. No. 23 (Apr. 30, 2015), Michael S. Valiente
Summary Of Munoz V. Branch Banking & Trust Co., 131 Nev. Adv. Op. No. 23 (Apr. 30, 2015), Michael S. Valiente
Nevada Supreme Court Summaries
NRS 40.459(1)(c)’s limitation on the amount of deficiency judgment that a successor can recover conflicts with the federal Financial Institutions Reform, Recovery and Enforcement Act’s (“FIRREA”) purpose of facilitating the transfer of assets of failed banks to other institutions. Because NRS 40.459(1)(c) limits the value a successor can recover on a deficiency judgment, its application to assets transferred by the Federal Deposit Insurance Corporation (“FDIC”) frustrates FIRREA’s purpose. Therefore, NRS 40.459(1)(c) is preempted by FIRREA to the extent that NRS 40.459(1)(c) limits deficiency judgment that may be obtained from loans transferred by the FDIC.
Summary Of Branch Banking & Trust V. Windhaven & Tollway, Llc, 131 Nev. Adv. Op. 20 (Apr. 30, 2015), Joseph Meissner
Summary Of Branch Banking & Trust V. Windhaven & Tollway, Llc, 131 Nev. Adv. Op. 20 (Apr. 30, 2015), Joseph Meissner
Nevada Supreme Court Summaries
The Court determined the proper interpretation of NRS 40.455(1), and applied it in a claim for a deficiency judgment following an out-of-state nonjudicial foreclosure. NRS 40.455(1) “does not require an out-of-state trustee’s sale to comply with NRS 107.080, nor does it preclude a deficiency judgment in Nevada when a nonjudicial foreclosure sale is conducted pursuant to the laws of another state.”