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Current as of January 01, 2025 | Updated by Findlaw Staff
1. A person to whom an obligation secured by a junior mortgage or lien on real property is owed may not bring any action to enforce that obligation after a foreclosure sale of the real property which secured that obligation or a sale in lieu of a foreclosure sale if:
(a) The person is a financial institution;
(b) The real property which secured the obligation is a single-family dwelling and the debtor or grantor was the owner of the real property at the time of the foreclosure sale or sale in lieu of a foreclosure sale;
(c) The debtor or grantor used the amount of the obligation to purchase the real property;
(d) The debtor or grantor continuously occupied the real property as the debtor's or grantor's principal residence after securing the obligation; and
(e) The debtor or grantor did not refinance the obligation after securing it.
2. As used in this section, “financial institution” has the meaning ascribed to it in NRS 363A.050.
Cite this article: FindLaw.com - Nevada Revised Statutes Title 3. Remedies; Special Actions and Proceedings § 40.4638. Circumstances under which action to enforce obligation is prohibited - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-3-remedies-special-actions-and-proceedings/nv-rev-st-40-4638/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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