Nebraska Statutes 76-1913. Trust deed; notice of default; two sales; procedure
(1) If any part of the homestead of the trustor is included in a description of agricultural land set forth in a notice of default under a trust deed recorded prior to November 21, 1986, or a trust deed recorded on or after November 21, 1986, in which the trustor has waived or disclaimed the right to designate a homestead pursuant to section 76-1904, upon request by the trustor, such property shall be offered in two separate sales in the manner set forth in section 76-1009. The first sale shall be en masse and, immediately thereafter, at the same location, the property shall again be sold. In the second sale, the property shall be sold in separate parcels with the homestead designated in the trustor’s request being the last parcel to be sold. The property shall be sold to the highest bidder or bidders at the sale producing the greatest aggregate price, except that if at the second sale by parcels the trustor bids for his or her designated homestead, and if, by virtue of the price bid by the trustor for such homestead, the aggregate price realized in the second sale equals or exceeds the price realized from the first sale en masse or the amount sufficient to satisfy the cost and expenses described in section 76-1011 and the obligation secured by the trust deed and all other indebtedness secured by subordinate liens and encumbrances, whichever is less, then the trustor shall be the purchaser of the homestead parcel and entitled to a trustee‘s deed thereto and the balance of the property shall be sold to the highest bidder therefor at the second sale by parcels.
Terms Used In Nebraska Statutes 76-1913
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trustee: A person or institution holding and administering property in trust.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
(2) The trustor’s request shall identify the trust deed by giving the book and page or computer system reference where the same is recorded and shall be signed and acknowledged by the trustor and filed for record in the office of the register of deeds of each county where the trust property or some part or parcel thereof is situated within two months of the filing for record of the notice of default.
(3) The trustor’s request shall include his or her designation of homestead.