Nev. High Court Split The Baby In Key Foreclosure Law Case
Law360, New York (November 21, 2013, 8:18 PM EST) -- On Nov. 14, 2013, the Nevada Supreme Court issued an opinion clarifying the application of AB 273, the groundbreaking 2011 Nevada statute that was designed to prevent secondary market loan purchasers from profiteering with respect to guarantor deficiencies on distressed loans.
In Sandpointe Apartments LLC v. Eighth Judicial District Court (CML-NV Sandpointe LLC), 129 Nev., Advance Opinion 87, the court held that the statute’s limitations on deficiency judgments are to be applied in any instance in which a judicial or nonjudicial foreclosure sale occurred after the statute became effective (June 10, 2011), but not those occurring beforehand, even if no deficiency...
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