Nrs: Chapter 107 - Deeds Of Trust

Link to law: https://www.leg.state.nv.us/NRS/NRS-107.html
Published: 2015

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[Rev. 2/10/2015 4:14:10

PM--2014R2]

CHAPTER 107 - DEEDS OF TRUST

GENERAL PROVISIONS

NRS 107.015           Definitions.

NRS 107.020           Transfers

in trust of real property to secure obligations.

NRS 107.025           Estate

for years: Encumbrance by deed of trust; foreclosure by exercise of power of

sale.

NRS 107.026           Priority

of certain deeds of trust over other liens.

NRS 107.027           Lease

of dwelling unit of cooperative housing corporation: Shares in corporation

appurtenant to lease; encumbrances.

NRS 107.028           Trustees:

Qualifications; limitations on powers; appointment of new trustee; duties;

immunity from liability for certain good faith errors; damages in certain civil

actions.

ADOPTION OF COVENANTS

NRS 107.030           Adoption

of covenants by reference.

NRS 107.040           Adoption

of covenants by reference in instrument.

NRS 107.050           Parties

may enter into different or additional covenants.

ASSUMPTION FEE

NRS 107.055           Amount

must be stated in instrument.

ASSIGNMENTS; SUBORDINATION AND WAIVERS AS TO PRIORITY

NRS 107.070           Recording

of assignments of beneficial interests and instruments subordinating or waiving

priority of deeds of trust.

NRS 107.071           Request

by grantor of deed of trust for certified copy of note, deed of trust and

assignments.

DISCHARGE

NRS 107.073           Marginal

entries; reconveyance must be recorded if deed of trust recorded by

photographic process; presentation of certificate executed by trustee or

trustee’s personal representative or assignee.

NRS 107.077           Delivery

of documents by beneficiary to trustee; recording by trustee; liability for

failure to deliver or record documents; requirements for release of deed of

trust when reconveyance not recorded; liability for improperly recording deed

of trust; criminal penalty.

NRS 107.078           Partial

discharge: Delivery of documents by beneficiary to trustee; recording by

trustee; liability for failure to deliver or record documents; requirements for

partial release of deed of trust when reconveyance not recorded; criminal

penalty.

NRS 107.079           Reconveyance

when beneficiary cannot be located or refuses to execute and deliver request

for reconveyance; recording of surety bond and declaration required in certain

circumstances; fees; liability of trustee for reconveyance; remedy.

DEFAULT AND SALE

NRS 107.0795         “Abandoned

residential property” defined. [Effective through June 30, 2017.]

NRS 107.080           Trustee’s

power of sale: Power conferred; required notices; contents of notarized

affidavits; effect of sale; circumstances in which sale must be declared void;

civil actions for noncompliance with certain requirements; duty to record;

fees. [Effective through June 30, 2017.]

NRS 107.080           Trustee’s

power of sale: Power conferred; required notices; contents of notarized

affidavits; effect of sale; circumstances in which sale must be declared void;

civil actions for noncompliance with certain requirements; duty to record;

fees. [Effective July 1, 2017.]

NRS 107.081           Time

and place of sale; agent holding sale not to be purchaser.

NRS 107.082           Oral

postponement of sale.

NRS 107.083           Proceedings

after purchaser refuses to pay amount bid.

NRS 107.084           Penalty

for removing or defacing notice of sale.

NRS 107.085           Restrictions

on trustee’s power of sale concerning certain trust agreements: Applicability;

service of notice; scheduling of date of sale; form of notice; judicial

foreclosure not prohibited; “unfair lending practice” defined.

NRS 107.086           Additional

requirements for sale of owner-occupied housing: Notice; form; enrollment in

mediation; election to waive mediation; adoption of rules concerning mediation;

applicability. [Effective through June 30, 2017.]

NRS 107.086           Additional

requirements for sale of owner-occupied housing: Notice; form; enrollment in

mediation; election to waive mediation; adoption of rules concerning mediation;

applicability. [Effective July 1, 2017.]

NRS 107.087           Notice

of default and sale in residential foreclosure: Requirements.

NRS 107.090           Request

for notice of default and sale: Recording and contents; mailing of notice;

request by homeowners’ association; effect of request.

NRS 107.095           Notice

of default: Mailing to guarantor or surety of debt; effect of failure to give.

NRS 107.100           Receiver:

Appointment after filing notice of breach and election to sell.

NRS 107.110           Maintenance

of residential property purchased at trustee’s sale.

NRS 107.120           Board

of county commissioners or governing body of incorporated city may establish by

ordinance registry of abandoned residential property. [Effective through June

30, 2017.]

NRS 107.130           Expedited

procedure for exercise of trustee’s power of sale involving abandoned

residential property; inspection of real property to determine abandonment;

required notice, certification and affidavit; civil penalty for noncompliance

with certain requirements. [Effective through June 30, 2017.]

NRS 107.140           Sale

in lieu of foreclosure sale: Limitations.

STATEMENT FROM BENEFICIARY OF DEED OF TRUST

NRS 107.200           Contents

of statement regarding debt secured by deed of trust.

NRS 107.210           Contents

of statement of amount necessary to discharge debt secured by deed of trust.

NRS 107.220           Persons

authorized to request statement from beneficiary; proof of identity of

successor in interest.

NRS 107.230           Proof

of authorization to request statement.

NRS 107.240           Grounds

for refusal to deliver statement.

NRS 107.250           Reliance

upon accuracy of statement and amended statement; notification of amended

statement; recovery of money by beneficiary if statement is deficient.

NRS 107.260           Copy

of note or deed of trust for authorized requester.

NRS 107.270           Address

to which request for statement must be mailed.

NRS 107.280           Debt

to which information contained in statement is applicable.

NRS 107.290           Unclear

request for statement deemed to be request for amount necessary to discharge

debt.

NRS 107.300           Penalty

for failure to deliver statement; bar to recovery of certain damages.

NRS 107.310           Fee

for furnishing statement.

NRS 107.311           Applicability

of NRS 107.310.

ADDITIONAL REQUIREMENTS FOR FORECLOSURE OF OWNER-OCCUPIED

HOUSING SECURING RESIDENTIAL MORTGAGE LOAN

NRS 107.400           Definitions.

NRS 107.410           “Borrower”

defined.

NRS 107.420           “Foreclosure

prevention alternative” defined.

NRS 107.430           “Foreclosure

sale” defined.

NRS 107.440           “Mortgage

servicer” defined.

NRS 107.450           “Residential

mortgage loan” defined.

NRS 107.460           Applicability.

NRS 107.470           Right

of borrower to pursue more than one foreclosure prevention alternative.

NRS 107.480           Restrictions

on trustee’s power of sale and civil actions for foreclosure sales.

NRS 107.490           Duties

of mortgage servicer.

NRS 107.500           Requirements

before recording of notice of default and election to sell or commencing civil

action for foreclosure sale: Notice; contents.

NRS 107.510           Recording

of notice of default and election to sell or commencing civil action for

foreclosure sale prohibited in certain circumstances; mortgage servicer

required to contact borrower; exceptions.

NRS 107.520           Application

for foreclosure prevention alternative; acknowledgment of receipt required;

contents of acknowledgment; deficiencies in application.

NRS 107.530           Effect

of submitting application for foreclosure prevention alternative; offer,

acceptance and rejection of foreclosure prevention alternative; denial of

application; appeal; fees prohibited.

NRS 107.540           Single

point of contact required to be established by mortgage servicer for

foreclosure prevention alternative; responsibilities.

NRS 107.550           Dismissal

of civil action for foreclosure sale, rescission of notice of default and

election to sell or notice of sale and cancellation of pending foreclosure sale

required in certain circumstances; effect on mortgagee or beneficiary of deed

of trust.

NRS 107.560           Injunctive

relief for violation; civil action to recover economic damages; award of costs

and attorney’s fees to prevailing party.

_________

 

GENERAL PROVISIONS

      NRS 107.015  Definitions.  As

used in this chapter:

      1.  “Facsimile machine” means a device

which receives and copies a reproduction or facsimile of a document or

photograph which is transmitted electronically or telephonically by

telecommunications lines.

      2.  “Title insurer” has the meaning

ascribed to it in NRS 692A.070.

      (Added to NRS by 1995, 1518)

      NRS 107.020  Transfers in trust of real property to secure obligations.  Transfers in trust of any estate in real

property may be made after March 29, 1927, to secure the performance of an

obligation or the payment of any debt.

      [Part 1:173:1927; A 1949, 70; 1943 NCL § 7710]

      NRS 107.025  Estate for years: Encumbrance by deed of trust; foreclosure by

exercise of power of sale.  A deed

of trust may encumber an estate for years however created, including a lease of

a dwelling unit of a cooperative housing corporation, unless prohibited by the

instrument creating the estate, and foreclosure may be had by the exercise of a

power of sale in accordance with the provisions of this chapter.

      (Added to NRS by 1967, 954; A 1979, 708; 1989, 506)

      NRS 107.026  Priority of certain deeds of trust over other liens.  Except as otherwise provided in NRS 104.9335, a deed of trust given to

secure a loan made to purchase the real property on which the deed of trust is

given has priority over all other liens created against the purchaser before

the purchaser acquires title to the real property.

      (Added to NRS by 1995, 1522; A 1999, 387)

      NRS 107.027  Lease of dwelling unit of cooperative housing corporation:

Shares in corporation appurtenant to lease; encumbrances.

      1.  The shares which accompany a lease of a

dwelling unit in a cooperative housing corporation are appurtenant to the

lease. Any security interest in or lien on the lease encumbers the shares

whether or not the instrument creating the interest or lien expressly includes

the shares.

      2.  No security interest in or lien on

shares of a cooperative housing corporation is effective unless the instrument

which purports to create the interest or lien encumbers the lease to which the

shares pertain.

      (Added to NRS by 1979, 708)

      NRS 107.028  Trustees: Qualifications; limitations on powers; appointment of

new trustee; duties; immunity from liability for certain good faith errors;

damages in certain civil actions.

      1.  The trustee under a deed of trust must

be:

      (a) An attorney licensed to practice law in this

State;

      (b) A title insurer or title agent authorized to

do business in this State pursuant to chapter

692A of NRS;

      (c) A person licensed pursuant to chapter 669 of NRS;

      (d) A domestic or foreign entity which holds a

current state business license issued by the Secretary of State pursuant to chapter 76 of NRS;

      (e) A person who does business under the laws of

this State, the United States or another state relating to banks, savings

banks, savings and loan associations or thrift companies;

      (f) A person who is appointed as a fiduciary

pursuant to NRS 662.245;

      (g) A person who acts as a registered agent for a

domestic or foreign corporation, limited-liability company, limited partnership

or limited-liability partnership;

      (h) A person who acts as a trustee of a trust

holding real property for the primary purpose of facilitating any transaction

with respect to real estate if he or she is not regularly engaged in the

business of acting as a trustee for such trusts;

      (i) A person who engages in the business of a

collection agency pursuant to chapter 649 of

NRS; or

      (j) A person who engages in the business of an

escrow agency, escrow agent or escrow officer pursuant to the provisions of chapter 645A or 692A

of NRS.

      2.  A trustee under a deed of trust must

not be the beneficiary of the deed of trust for the purposes of exercising the

power of sale pursuant to NRS 107.080.

      3.  A trustee under a deed of trust must

not:

      (a) Lend its name or its corporate capacity to

any person who is not qualified to be the trustee under a deed of trust

pursuant to subsection 1.

      (b) Act individually or in concert with any other

person to circumvent the requirements of subsection 1.

      4.  A beneficiary of record may replace its

trustee with another trustee. The appointment of a new trustee is not effective

until the substitution of trustee is recorded in the office of the recorder of

the county in which the real property is located.

      5.  The trustee does not have a fiduciary

obligation to the grantor or any other person having an interest in the

property which is subject to the deed of trust. The trustee shall act

impartially and in good faith with respect to the deed of trust and shall act

in accordance with the laws of this State. A rebuttable presumption that a trustee

has acted impartially and in good faith exists if the trustee acts in

compliance with the provisions of NRS 107.080. In

performing acts required by NRS 107.080, the

trustee incurs no liability for any good faith error resulting from reliance on

information provided by the beneficiary regarding the nature and the amount of

the default under the obligation secured by the deed of trust if the trustee

corrects the good faith error not later than 20 days after discovering the

error.

      6.  If, in an action brought by a grantor,

a person who holds title of record or a beneficiary in the district court in

and for the county in which the real property is located, the court finds that

the trustee did not comply with this section, any other provision of this

chapter or any applicable provision of chapter

106 or 205 of NRS, the court must award

to the grantor, the person who holds title of record or the beneficiary:

      (a) Damages of $5,000 or treble the amount of

actual damages, whichever is greater;

      (b) An injunction enjoining the exercise of the

power of sale until the beneficiary, the successor in interest of the

beneficiary or the trustee complies with the requirements of subsections 2, 3

and 4; and

      (c) Reasonable attorney’s fees and costs,

Ê unless the

court finds good cause for a different award.

      (Added to NRS by 2011, 329;

A 2011,

1746, 1748)

ADOPTION OF COVENANTS

      NRS 107.030  Adoption of covenants by reference.  Every

deed of trust made after March 29, 1927, may adopt by reference all or any of

the following covenants, agreements, obligations, rights and remedies:

      1.  Covenant

No. 1. That grantor agrees to pay and discharge at maturity all taxes

and assessments and all other charges and encumbrances which now are or shall

hereafter be, or appear to be, a lien upon the trust premises, or any part

thereof; and that grantor will pay all interest or installments due on any

prior encumbrance, and that in default thereof, beneficiary may, without demand

or notice, pay the same, and beneficiary shall be sole judge of the legality or

validity of such taxes, assessments, charges or encumbrances, and the amount

necessary to be paid in satisfaction or discharge thereof.

      2.  Covenant

No. 2. That the grantor will at all times keep the buildings and

improvements which are now or shall hereafter be erected upon the premises

insured against loss or damage by fire, to the amount of at least $........, by

some insurance company or companies approved by beneficiary, the policies for

which insurance shall be made payable, in case of loss, to beneficiary, and

shall be delivered to and held by the beneficiary as further security; and that

in default thereof, beneficiary may procure such insurance, not exceeding the

amount aforesaid, to be effected either upon the interest of trustee or upon

the interest of grantor, or his or her assigns, and in their names, loss, if

any, being made payable to beneficiary, and may pay and expend for premiums for

such insurance such sums of money as the beneficiary may deem necessary.

      3.  Covenant

No. 3. That if, during the existence of the trust, there be commenced or

pending any suit or action affecting the conveyed premises, or any part

thereof, or the title thereto, or if any adverse claim for or against the

premises, or any part thereof, be made or asserted, the trustee or beneficiary

may appear or intervene in the suit or action and retain counsel therein and

defend same, or otherwise take such action therein as they may be advised, and

may settle or compromise same or the adverse claim; and in that behalf and for

any of the purposes may pay and expend such sums of money as the trustee or

beneficiary may deem to be necessary.

      4.  Covenant

No. 4. That the grantor will pay to trustee and to beneficiary

respectively, on demand, the amounts of all sums of money which they shall

respectively pay or expend pursuant to the provisions of the implied covenants

of this section, or any of them, together with interest upon each of the

amounts, until paid, from the time of payment thereof, at the rate of

................ percent per annum.

      5.  Covenant

No. 5. That in case grantor shall well and truly perform the obligation

or pay or cause to be paid at maturity the debt or promissory note, and all

moneys agreed to be paid, and interest thereon for the security of which the

transfer is made, and also the reasonable expenses of the trust in this section

specified, then the trustee, its successors or assigns, shall reconvey to the

grantor all the estate in the premises conveyed to the trustee by the grantor.

Any part of the trust property may be reconveyed at the request of the

beneficiary.

      6.  Covenant

No. 6. That if default be made in the performance of the obligation, or

in the payment of the debt, or interest thereon, or any part thereof, or in the

payment of any of the other moneys agreed to be paid, or of any interest

thereon, or if any of the conditions or covenants in this section adopted by

reference be violated, and if the notice of breach and election to sell,

required by this chapter, be first recorded, then trustee, its successors or

assigns, on demand by beneficiary, or assigns, shall sell the above-granted

premises, or such part thereof as in its discretion it shall find necessary to

sell, in order to accomplish the objects of these trusts, in the manner

following, namely:

      The trustees shall first give notice of the time and

place of such sale, in the manner provided in NRS

107.080 and may postpone such sale not more than three times by

proclamation made to the persons assembled at the time and place previously

appointed and advertised for such sale, and on the day of sale so advertised,

or to which such sale may have been postponed, the trustee may sell the

property so advertised, or any portion thereof, at public auction, at the time

and place specified in the notice, at a public location in the county in which

the property, or any part thereof, to be sold, is situated, to the highest cash

bidder. The beneficiary, obligee, creditor, or the holder or holders of the

promissory note or notes secured thereby may bid and purchase at such sale. The

beneficiary may, after recording the notice of breach and election, waive or

withdraw the same or any proceedings thereunder, and shall thereupon be

restored to the beneficiary’s former position and have and enjoy the same rights

as though such notice had not been recorded.

      7.  Covenant

No. 7. That the trustee, upon such sale, shall make (without warranty),

execute and, after due payment made, deliver to purchaser or purchasers, his,

her or their heirs or assigns, a deed or deeds of the premises so sold which

shall convey to the purchaser all the title of the grantor in the trust

premises, and shall apply the proceeds of the sale thereof in payment, firstly,

of the expenses of such sale, together with the reasonable expenses of the

trust, including counsel fees, in an amount equal to ................ percent

of the amount secured thereby and remaining unpaid or reasonable counsel fees

and costs actually incurred, which shall become due upon any default made by

grantor in any of the payments aforesaid; and also such sums, if any, as

trustee or beneficiary shall have paid, for procuring a search of the title to

the premises, or any part thereof, subsequent to the execution of the deed of

trust; and in payment, secondly, of the obligation or debts secured, and

interest thereon then remaining unpaid, and the amount of all other moneys with

interest thereon herein agreed or provided to be paid by grantor; and the

balance or surplus of such proceeds of sale it shall pay to grantor, his or her

heirs, executors, administrators or assigns.

      8.  Covenant

No. 8. That in the event of a sale of the premises conveyed or

transferred in trust, or any part thereof, and the execution of a deed or deeds

therefor under such trust, the recital therein of default, and of recording

notice of breach and election of sale, and of the elapsing of the 3-month

period, and of the giving of notice of sale, and of a demand by beneficiary,

his or her heirs or assigns, that such sale should be made, shall be conclusive

proof of such default, recording, election, elapsing of time, and of the due

giving of such notice, and that the sale was regularly and validly made on due

and proper demand by beneficiary, his or her heirs and assigns; and any such

deed or deeds with such recitals therein shall be effectual and conclusive

against grantor, his or her heirs and assigns, and all other persons; and the

receipt for the purchase money recited or contained in any deed executed to the

purchaser as aforesaid shall be sufficient discharge to such purchaser from all

obligation to see to the proper application of the purchase money, according to

the trusts aforesaid.

      9.  Covenant

No. 9. That the beneficiary or his or her assigns may, from time to

time, appoint another trustee, or trustees, to execute the trust created by the

deed of trust or other conveyance in trust. An instrument executed and

acknowledged by the beneficiary is conclusive proof of the proper appointment

of such substituted trustee. Upon the recording of such executed and

acknowledged instrument, the new trustee or trustees shall be vested with all

the title, interest, powers, duties and trusts in the premises vested in or

conferred upon the original trustee. If there be more than one trustee, either

may act alone and execute the trusts upon the request of the beneficiary, and

all of the trustee’s acts thereunder shall be deemed to be the acts of all trustees,

and the recital in any conveyance executed by such sole trustee of such request

shall be conclusive evidence thereof, and of the authority of such sole trustee

to act.

      [2:173:1927; NCL § 7711]—(NRS A 1967, 143; 2005, 1621; 2013, 1013)

      NRS 107.040  Adoption of covenants by reference in instrument.

      1.  In order to adopt by reference any of

the covenants, agreements, obligations, rights and remedies in NRS 107.030, it shall only be necessary to state in

the deed of trust the following: “The following covenants, Nos.

................, ................ and ................ (inserting the

respective numbers) of NRS 107.030 are hereby

adopted and made a part of this deed of trust.”

      2.  A deed of trust or other conveyance in

trust, in order to fix the amount of insurance to be carried, need not

reincorporate the provisions of Covenant No. 2 of NRS

107.030, but may merely state the following: “Covenant No. 2,” and set out

thereafter the amount of insurance to be carried.

      3.  In order to fix the rate of interest

under Covenant No. 4 of NRS 107.030, it shall only

be necessary to state in such trust deed or other conveyance in trust,

“Covenant No. 4,” and set out thereafter the rate of interest to be charged

thereunder.

      4.  In order to fix the amount or percent

of counsel fees under Covenant No. 7 of NRS 107.030,

it shall only be necessary to state in such deed of trust, or other conveyance

in trust, the following: “Covenant No. 7,” and set out thereafter either the

percentage to be allowed or, in lieu of the percentage to be allowed,

reasonable counsel fees and costs actually incurred.

      [3:173:1927; NCL § 7712] + [4:173:1927; NCL §

7713]—(NRS A 2013,

1015)

      NRS 107.050  Parties may enter into different or additional covenants.  Nothing in NRS 107.030

and 107.040 shall prevent the parties to any

transfer in trust from entering into other, different or additional covenants

or agreements than those set out in NRS 107.030.

      [5:173:1927; NCL § 7714]

ASSUMPTION FEE

      NRS 107.055  Amount must be stated in instrument.  If

a party to a deed of trust, executed after July 1, 1971, desires to charge an

assumption fee for a change in parties, the amount of such charge must be

clearly set forth in the deed of trust at the time of execution. Without

limiting or prohibiting any other method by which the amount of the charge may

be clearly set forth in the deed of trust, the charge may be set forth as:

      1.  A fixed sum;

      2.  A percentage of the amount secured by

the deed of trust and remaining unpaid at the time of assumption; or

      3.  The lesser of, the greater of or some

combination of the amounts determined by subsections 1 and 2.

      (Added to NRS by 1971, 314; A 2013, 1015)

ASSIGNMENTS; SUBORDINATION AND WAIVERS AS TO PRIORITY

      NRS 107.070  Recording of assignments of beneficial interests and instruments

subordinating or waiving priority of deeds of trust.  The

provisions of NRS 106.210 and 106.220 apply to deeds of trust as therein

specified.

      [Part 1:120:1935; 1931 NCL § 2122.31]—(NRS A 1965,

926)

      NRS 107.071  Request by grantor of deed of trust for certified copy of note,

deed of trust and assignments.

      1.  A grantor of a deed of trust may submit

a written request to the servicer of the deed of trust for a certified copy of

the note, the deed of trust and all assignments of the note and deed of trust

if:

      (a) The real property subject to the deed of

trust is a single-family dwelling;

      (b) The grantor is the owner of record of the

real property;

      (c) The grantor currently occupies the real

property as his or her principal residence; and

      (d) The servicer or beneficiary of the deed of

trust is a banking or financial institution or any other business entity that

is licensed, registered or otherwise authorized to do business in this State.

      2.  Not more than 10 days after receipt of

a written request pursuant to subsection 1, the servicer of the deed of trust

shall provide to the grantor the identity, address and any other contact

information of the current owner or assignee of the note and deed of trust.

      3.  If the servicer of the deed of trust

does not provide a certified copy of each document requested pursuant to

subsection 1 within 30 days after receipt of the request, or if the documents

provided by the servicer indicate that the beneficiary of the deed of trust

does not have a recorded interest in or lien on the real property which is

subject to the deed of trust:

      (a) The grantor of the deed of trust may report

the servicer and the beneficiary of the deed of trust to the Division of

Mortgage Lending or the Division of Financial Institutions of the Department of

Business and Industry, whichever is appropriate; and

      (b) The appropriate division may take whatever

actions it deems necessary and proper, including, without limitation, enforcing

any applicable laws or regulations or adopting any additional regulations.

      4.  As used in this section, “banking or

financial institution” has the meaning ascribed to it in NRS 106.295.

      (Added to NRS by 2013, 2774)

DISCHARGE

      NRS 107.073  Marginal entries; reconveyance must be recorded if deed of trust

recorded by photographic process; presentation of certificate executed by

trustee or trustee’s personal representative or assignee.

      1.  Except as otherwise provided in

subsection 2, a recorded deed of trust may be discharged by an entry on the

margin of the record thereof, signed by the trustee or the trustee’s personal

representative or assignee in the presence of the recorder or the recorder’s

deputy, acknowledging the satisfaction of or value received for the deed of

trust and the debt secured thereby. The recorder or the recorder’s deputy shall

subscribe the entry as witness. The entry has the same effect as a reconveyance

of the deed of trust acknowledged and recorded as provided by law. The recorder

shall properly index each marginal discharge.

      2.  If the deed of trust has been recorded

by a microfilm or other photographic process, a marginal release may not be

used and an acknowledged reconveyance of the deed of trust must be recorded.

      3.  If the recorder or the recorder’s

deputy is presented with a certificate executed by the trustee or the trustee’s

personal representative or assignee, specifying that the deed of trust has been

paid or otherwise satisfied or discharged, the recorder or the recorder’s

deputy shall discharge the deed of trust upon the record.

      (Added to NRS by 1991, 1103; A 1993, 2335)

      NRS 107.077  Delivery of documents by beneficiary to trustee; recording by

trustee; liability for failure to deliver or record documents; requirements for

release of deed of trust when reconveyance not recorded; liability for

improperly recording deed of trust; criminal penalty.

      1.  Within 21 calendar days after receiving

written notice that a debt secured by a deed of trust made on or after October

1, 1991, has been paid or otherwise satisfied or discharged, the beneficiary

shall deliver to the trustee or the trustor the original note and deed of

trust, if the beneficiary is in possession of those documents, and a properly

executed request to reconvey the estate in real property conveyed to the

trustee by the grantor. If the beneficiary delivers the original note and deed

of trust to the trustee or the trustee has those documents in his or her

possession, the trustee shall deliver those documents to the grantor.

      2.  Within 45 calendar days after a debt

secured by a deed of trust made on or after October 1, 1991, is paid or

otherwise satisfied or discharged, and a properly executed request to reconvey

is received by the trustee, the trustee shall cause to be recorded a

reconveyance of the deed of trust.

      3.  If the beneficiary fails to deliver to

the trustee a properly executed request to reconvey pursuant to subsection 1,

or if the trustee fails to cause to be recorded a reconveyance of the deed of

trust pursuant to subsection 2, the beneficiary or the trustee, as the case may

be, is liable in a civil action to the grantor, his or her heirs or assigns in

the sum of $1,000, plus reasonable attorney’s fees and the costs of bringing

the action, and the beneficiary or the trustee is liable in a civil action to

any party to the deed of trust for any actual damages caused by the failure to

comply with the provisions of this section and for reasonable attorney’s fees

and the costs of bringing the action.

      4.  Except as otherwise provided in this

subsection, if a reconveyance is not recorded pursuant to subsection 2 within:

      (a) Seventy-five calendar days after the payment,

satisfaction or discharge of the debt, if the payment, satisfaction or

discharge was made on or after October 1, 1993; or

      (b) Ninety calendar days after the payment,

satisfaction or discharge of the debt, if the payment, satisfaction or

discharge was made before October 1, 1993,

Ê a title

insurer may prepare and cause to be recorded a release of the deed of trust. At

least 30 calendar days before the recording of a release pursuant to this

subsection, the title insurer shall mail, by first-class mail, postage prepaid,

notice of the intention to record the release of the deed of trust to the trustee,

trustor and beneficiary of record, or their successors in interest, at the last

known address of each such person. A release prepared and recorded pursuant to

this subsection shall be deemed a reconveyance of a deed of trust. The title

insurer shall not cause a release to be recorded pursuant to this subsection if

the title insurer receives written instructions to the contrary from the

trustee, the trustor, the owner of the land, the holder of the escrow or the

owner of the debt secured by the deed of trust or his or her agent.

      5.  The release prepared pursuant to

subsection 4 must set forth:

      (a) The name of the beneficiary;

      (b) The name of the trustor;

      (c) The recording reference to the deed of trust;

      (d) A statement that the debt secured by the deed

of trust has been paid in full or otherwise satisfied or discharged;

      (e) The date and amount of payment or other

satisfaction or discharge; and

      (f) The name and address of the title insurer

issuing the release.

      6.  A release prepared and recorded

pursuant to subsection 4 does not relieve a beneficiary or trustee of the

requirements imposed by subsections 1 and 2.

      7.  A trustee may charge a reasonable fee

to the trustor or the owner of the land for services relating to the

preparation, execution or recordation of a reconveyance or release pursuant to

this section. A trustee shall not require the fees to be paid before the

opening of an escrow, or earlier than 60 calendar days before the payment,

satisfaction or discharge of the debt secured by the deed of trust. If a fee

charged pursuant to this subsection does not exceed $100, the fee is

conclusively presumed to be reasonable.

      8.  In addition to any other remedy

provided by law, a title insurer who improperly causes to be recorded a release

of a deed of trust pursuant to this section is liable for actual damages and

for a reasonable attorney’s fee and the costs of bringing the action to any

person who is injured because of the improper recordation of the release.

      9.  Any person who willfully violates this

section is guilty of a misdemeanor.

      (Added to NRS by 1991, 1103; A 1993, 2336; 1995, 1522; 1999, 57; 2011, 330, 1748)

      NRS 107.078  Partial discharge: Delivery of documents by beneficiary to

trustee; recording by trustee; liability for failure to deliver or record

documents; requirements for partial release of deed of trust when reconveyance

not recorded; criminal penalty.

      1.  If a deed of trust made on or after

October 1, 1995, authorizes the grantor to discharge in part the debt secured

by the deed of trust and the deed of trust authorizes a partial reconveyance of

the estate in real property in consideration of a partial discharge, the

beneficiary shall, within 21 calendar days after receiving notice that the debt

secured by the deed of trust has been partially discharged, deliver to the

trustee a properly executed request for a partial reconveyance of the estate in

real property conveyed to the trustee by the grantor.

      2.  Within 45 calendar days after a debt

secured by a deed of trust made on or after October 1, 1995, is partially

discharged and a properly executed request for a partial reconveyance is

received by the trustee, the trustee shall cause to be recorded a partial

reconveyance of the deed of trust.

      3.  If the beneficiary fails to deliver to

the trustee a properly executed request for a partial reconveyance pursuant to

subsection 1, or if the trustee fails to cause to be recorded a partial

reconveyance of the deed of trust pursuant to subsection 2, the beneficiary or

the trustee, as the case may be, is liable in a civil action to the grantor,

the grantor’s heirs or assigns in the amount of $1,000, plus reasonable

attorney’s fees and the costs of bringing the action, and the beneficiary or

trustee is liable in a civil action to any party to the deed of trust for any

actual damages caused by the failure to comply with the provisions of this

section and for reasonable attorney’s fees and the costs of bringing the action.

      4.  Except as otherwise provided in this

subsection, if a partial reconveyance is not recorded pursuant to subsection 2

within 75 calendar days after the partial satisfaction of the debt and if the

satisfaction was made on or after October 1, 1995, a title insurer may prepare

and cause to be recorded a partial release of the deed of trust. At least 30

calendar days before the recording of a partial release pursuant to this

subsection, the title insurer shall mail, by first-class mail, postage prepaid,

notice of the intention to record the partial release of the deed of trust to

the trustee, trustor and beneficiary of record, or their successors in

interest, at the last known address of each such person. A partial release

prepared and recorded pursuant to this subsection shall be deemed a partial

reconveyance of a deed of trust. The title insurer shall not cause a partial

release to be recorded pursuant to this subsection if the title insurer

receives written instructions to the contrary from the trustee, trustor, owner

of the land, holder of the escrow or owner of the debt secured by the deed of

trust or his or her agent.

      5.  The release prepared pursuant to

subsection 4 must set forth:

      (a) The name of the beneficiary;

      (b) The name of the trustor;

      (c) The recording reference to the deed of trust;

      (d) A statement that the debt secured by the deed

of trust has been partially discharged;

      (e) The date and amount of partial payment or

other partial satisfaction or discharge;

      (f) The name and address of the title insurer

issuing the partial release; and

      (g) The legal description of the estate in real

property which is reconveyed.

      6.  A partial release prepared and recorded

pursuant to subsection 4 does not relieve a beneficiary or trustee of the

requirements imposed by subsections 1 and 2.

      7.  A trustee may charge a reasonable fee

to the trustor or the owner of the land for services relating to the

preparation, execution or recordation of a partial reconveyance or partial

release pursuant to this section. A trustee shall not require the fees to be

paid before the opening of an escrow or earlier than 60 calendar days before the

partial payment or partial satisfaction or discharge of the debt secured by the

deed of trust. If a fee charged pursuant to this subsection does not exceed

$100, the fee is conclusively presumed to be reasonable.

      8.  In addition to any other remedy

provided by law, a title insurer who improperly causes to be recorded a partial

release of a deed of trust pursuant to this section is liable for actual

damages and for a reasonable attorney’s fee and the costs of bringing the

action to any person who is injured because of the improper recordation of the

partial release.

      9.  Any person who willfully violates this

section is guilty of a misdemeanor.

      (Added to NRS by 1995, 1521; A 1999, 58; 2011, 331, 1748)

      NRS 107.079  Reconveyance when beneficiary cannot be located or refuses to

execute and deliver request for reconveyance; recording of surety bond and

declaration required in certain circumstances; fees; liability of trustee for

reconveyance; remedy.

      1.  Whenever the debt or obligation secured

by a deed of trust has been paid in full or otherwise satisfied and the current

beneficiary of record cannot be located after diligent search as described in

subsection 9 or refuses to execute and deliver a proper request to reconvey the

estate in real property conveyed to the trustee by the grantor, as required by NRS 107.077, or whenever a balance, including, without

limitation, principal and interest, remains due on the debt secured by the deed

of trust and the trustor or the trustor’s successor in interest cannot locate

after diligent search the current beneficiary of record, the trustor or the

trustor’s successor in interest may record or cause to be recorded a surety

bond that meets the requirements of subsection 2 and a declaration that meets

the requirements of subsection 3.

      2.  The surety bond recorded pursuant to

subsection 1 must:

      (a) Be acceptable to the trustee;

      (b) Be issued by a surety authorized to issue

surety bonds in this State in an amount equal to the greater of:

             (1) Two times the amount of the original

obligation or debt secured by the deed of trust plus any principal amounts,

including, without limitation, advances, indicated in a recorded amendment

thereto; or

             (2) One-and-a-half times the total amount

computed pursuant to subparagraph (1) plus any accrued interest on that amount;

      (c) Be conditioned on payment of any amount which

the beneficiary recovers in an action to enforce the obligation or recover the

debt secured by the deed of trust, plus costs and reasonable attorney’s fees;

      (d) Be made payable to the trustee who executes a

reconveyance pursuant to subsection 4 and the beneficiary or the beneficiary’s

successor in interest; and

      (e) Contain a statement of:

             (1) The recording date and instrument

number or book and page number of the recorded deed of trust;

             (2) The names of the original trustor and

beneficiary;

             (3) The amount shown as the original

principal amount secured by the deed of trust; and

             (4) The recording information and new

principal amount shown in any recorded amendment to the deed of trust.

      3.  The declaration recorded pursuant to

subsection 1 must:

      (a) Be signed under penalty of perjury by the

trustor or the trustor’s successor in interest;

      (b) State that it is recorded pursuant to this

section;

      (c) State the name of the original trustor;

      (d) State the name of the beneficiary;

      (e) State the name and address of the person

making the declaration;

      (f) Except as otherwise provided in subsection 8,

contain a statement of the following, whichever is applicable:

             (1) That the obligation or debt secured by

the deed of trust has been paid in full or otherwise satisfied and the current

beneficiary of record cannot be located after diligent search or refuses to

execute and deliver a proper request to reconvey the estate in real property

conveyed to the trustee by the grantor, as required by NRS

107.077; or

             (2) That a balance, including, without

limitation, principal and interest, remains due on the debt secured by the deed

of trust and the trustor or the trustor’s successor in interest cannot locate

after diligent search the current beneficiary of record;

      (g) Contain a statement that the declarant has

mailed by certified mail, return receipt requested, to the last known address

of the person to whom payments under the deed of trust were made and to the

last beneficiary of record at the address indicated for such beneficiary on the

instrument creating, assigning or conveying the deed of trust, a notice of the

recording of the surety bond and declaration pursuant to this section, of the

name and address of the trustee, of the beneficiary’s right to record a written

objection to the reconveyance of the deed of trust pursuant to this section and

of the requirement to notify the trustee in writing of any such objection; and

      (h) Contain the date of the mailing of any notice

pursuant to this section and the name and address of each person to whom such a

notice was mailed.

      4.  Not earlier than 30 days after the

recording of the surety bond and declaration pursuant to subsections 1, 2 and

3, delivery to the trustee of the fees charged by the trustee for the

preparation, execution or recordation of a reconveyance pursuant to subsection

7 of NRS 107.077, plus costs incurred by the

trustee, and a demand for reconveyance under NRS

107.077, the trustee shall execute and record or cause to be recorded a

reconveyance of the deed of trust pursuant to NRS

107.077, unless the trustee has received a written objection to the

reconveyance of the deed of trust from the beneficiary of record within 30 days

after the recording of the surety bond and declaration pursuant to subsections

1, 2 and 3. The recording of a reconveyance pursuant to this subsection has the

same effect as a reconveyance of the deed of trust pursuant to NRS 107.077 and releases the lien of the deed of

trust. A trustee is not liable to any person for the execution and recording of

a reconveyance pursuant to this section if the trustee acted in reliance upon

the substantial compliance with this section by the trustor or the trustor’s

successor in interest. The sole remedy for a person damaged by the reconveyance

of a deed of trust pursuant to this section is an action for damages against

the trustor or the person making the declaration described in subsection 3 or

an action against the surety bond.

      5.  Upon the recording of a reconveyance of

the deed of trust pursuant to subsection 4, interest no longer accrues on any

balance remaining due under the obligation or debt secured by the deed of trust

to the extent that the balance due has been stated in the declaration described

in subsection 3. Notwithstanding any provision of chapter 120A of NRS, any amount of the balance

remaining due under the obligation or debt secured by the deed of trust, including,

without limitation, principal and interest, which is remitted to the issuer of

the surety bond described in subsection 2 in connection with the issuance of

that surety bond must, if unclaimed within 3 years after remittance, be

property that is presumed abandoned for the purposes of chapter 120A of NRS. From the date on which

the amount is paid or delivered to the Administrator of Unclaimed Property

pursuant to NRS 120A.570, the issuer

of the surety bond is relieved of any liability to pay to the beneficiary or

his or her heirs or successors in interest the amount paid or delivered to the

Administrator.

      6.  Any failure to comply with the

provisions of this section does not affect the rights of a bona fide purchaser

or encumbrancer for value.

      7.  This section shall not be deemed to

create an exclusive procedure for the reconveyance of a deed of trust and the

issuance of surety bonds and declarations to release the lien of a deed of

trust, and shall not affect any other procedures, whether or not such

procedures are set forth in statute, for the reconveyance of a deed of trust

and the issuance of surety bonds and declaration to release the lien of a deed

of trust.

      8.  For the purposes of this section, the

trustor or the trustor’s successor in interest may substitute the current

trustee of record without conferring any duties upon that trustee other than

duties which are incidental to the execution of a reconveyance pursuant to this

section, if:

      (a) The debt or obligation secured by a deed of

trust has been paid in full or otherwise satisfied;

      (b) The current trustee of record and the current

beneficiary of record cannot be located after diligent search as described in

subsection 9;

      (c) The declaration filed pursuant to subsection

3:

             (1) In addition to the information

required to be stated in the declaration pursuant to subsection 3, states that

the current trustee of record and the current beneficiary of record cannot be

located after diligent search; and

             (2) In lieu of the statement required by

paragraph (f) of subsection 3, contains a statement that the obligation or debt

secured by the deed of trust has been paid in full or otherwise satisfied and

the current beneficiary of record cannot be located after diligent search or

refuses to execute and deliver a proper request to reconvey the estate in real

property conveyed to the trustee by the grantor, as required by NRS 107.077;

      (d) The substitute trustee is a title insurer

that agrees to accept the substitution, except that this paragraph does not

impose a duty on a title insurer to accept the substitution; and

      (e) The surety bond required by this section is

for a period of not less than 5 years.

      9.  For the purposes of subsection 1, a

diligent search has been conducted if:

      (a) A notice stating the intent to record a

surety bond and declaration pursuant to this section, the name and address of

the trustee, the beneficiary’s right to record a written objection to the

reconveyance of the deed of trust pursuant to this section and the requirement

to notify the trustee in writing of any such objection, has been mailed by

certified mail, return receipt requested, to the last known address of the

person to whom payments under the deed of trust were made and to the last

beneficiary of record at the address indicated for such beneficiary on the

instrument creating, assigning or conveying the deed of trust.

      (b) A search has been conducted of the telephone

directory in the city where the beneficiary of record or trustee of record,

whichever is applicable, maintained its last known address or place of

business.

      (c) If the beneficiary of record or the

beneficiary’s successor in interest, or the trustee of record or the trustee’s

successor in interest, whichever is applicable, is a business entity, a search

has been conducted of the records of the Secretary of State and the records of

the agency or officer of the state of organization of the beneficiary, trustee

or successor, if known.

      (d) If the beneficiary of record or trustee of

record is a state or national bank or state or federal savings and loan

association, an inquiry concerning the location of the beneficiary or trustee

has been made to the regulator of the bank or savings and loan association.

      10.  As used in this section:

      (a) “Surety” means a corporation authorized to

transact surety business in this State pursuant to NRS 679A.030 that:

             (1) Is included in the United States

Department of the Treasury’s Listing of Approved Sureties; and

             (2) Issues a surety bond pursuant to this

section that does not exceed the underwriting limitations established for that

surety by the United States Department of the Treasury.

      (b) “Surety bond” means a bond issued by a surety

for the reconveyance of a deed of trust pursuant to this section.

      (Added to NRS by 2013, 2169)

DEFAULT AND SALE

      NRS 107.0795  “Abandoned residential property” defined. [Effective through

June 30, 2017.]  As used in NRS 107.0795 to 107.140,

inclusive, unless the context otherwise requires:

      1.  “Abandoned residential property” means

residential real property:

      (a) Consisting of not more than four family

dwelling units or a single-family residential unit, including, without

limitation, a condominium, townhouse or home within a subdivision, if the unit

is sold, leased or otherwise conveyed unit by unit, regardless of whether the

unit is part of a larger building or parcel that consists of more than four

units; and

      (b) That the grantor or the successor in interest

of the grantor has surrendered as evidenced by a document signed by the grantor

or successor confirming the surrender or by the delivery of the keys to the

property to the beneficiary or that satisfies the following conditions:

             (1) The residential real property is not

currently occupied as a principal residence by the grantor of the deed of

trust, the person who holds title of record or any lawful occupant;

             (2) The obligation secured by the deed of

trust is in default and the deficiency in performance or payment has not been

cured;

             (3) The gas, electric and water utility

services to the residential real property have been terminated;

             (4) It appears, after reasonable inquiry,

that there are no children enrolled in school residing at the address of the

residential real property;

             (5) Payments pursuant to the federal

Social Security Act, including, without limitation, retirement and survivors’

benefits, supplemental security income benefits and disability insurance

benefits, payments for unemployment compensation or payments for public

assistance, as defined in NRS 422A.065,

are not currently being delivered, electronically or otherwise, to a person who

has registered the address of the residential real property as his or her

residence with the agency making the payment;

             (6) An owner of the residential real

property is not presently serving in the Armed Forces of the United States, a

reserve component thereof or the National Guard; and

             (7) Two or more of the following

conditions exist:

                   (I) Construction was initiated on the

residential real property and was discontinued before completion, leaving a

building unsuitable for occupancy, and no construction has taken place for at

least 6 months;

                   (II) Multiple windows on the

residential real property are boarded up or closed off or are smashed through,

broken off or unhinged, or multiple window panes are broken and unrepaired;

                   (III) Doors on the residential real

property are smashed through, broken off, unhinged or continuously unlocked;

                   (IV) The residential real property

has been stripped of copper or other materials, or interior fixtures to the

property have been removed;

                   (V) Law enforcement officials have

received at least one report of trespassing or vandalism or other illegal acts

being committed at the residential real property within the immediately

preceding 6 months;

                   (VI) The residential real property

has been declared unfit for occupancy and ordered to remain vacant and

unoccupied under an order issued by a municipal or county authority or a court

of competent jurisdiction;

                   (VII) The local police, fire or code

enforcement authority has requested that the owner or any other interested or

authorized party secure the residential real property because the local

authority has declared the property to be an imminent danger to the health,

safety and welfare of the public; or

                   (VIII) The residential real property

is open and unprotected and in reasonable danger of significant damage

resulting from exposure to the elements or vandalism.

      2.  The term does not include residential

real property if:

      (a) There is construction, renovation or

rehabilitation on the residential real property that is proceeding diligently

to completion, and any building being constructed, renovated or rehabilitated

on the property is in substantial compliance with all applicable ordinances,

codes, regulations and laws;

      (b) The residential real property is occupied on

a seasonal basis, but is otherwise secure;

      (c) There are bona fide rental or sale signs on

the residential real property, or the property is listed on a Multiple Listing

Service, and the property is secure; or

      (d) The residential real property is secure but

is the subject of a probate action, action to quiet title or any other

ownership dispute.

      (Added to NRS by 2013, 1544)

      NRS 107.080  Trustee’s power of sale: Power conferred; required notices;

contents of notarized affidavits; effect of sale; circumstances in which sale

must be declared void; civil actions for noncompliance with certain

requirements; duty to record; fees. [Effective through June 30, 2017.]

      1.  Except as otherwise provided in NRS 106.210, 107.085

and 107.086, if any transfer in trust of any estate

in real property is made after March 29, 1927, to secure the performance of an

obligation or the payment of any debt, a power of sale is hereby conferred upon

the trustee to be exercised after a breach of the obligation for which the

transfer is security.

      2.  The power of sale must not be

exercised, however, until:

      (a) Except as otherwise provided in paragraph

(b), in the case of any trust agreement coming into force:

             (1) On or after July 1, 1949, and before

July 1, 1957, the grantor, the person who holds the title of record, a

beneficiary under a subordinate deed of trust or any other person who has a

subordinate lien or encumbrance of record on the property has, for a period of

15 days, computed as prescribed in subsection 3, failed to make good the deficiency

in performance or payment; or

             (2) On or after July 1, 1957, the grantor,

the person who holds the title of record, a beneficiary under a subordinate

deed of trust or any other person who has a subordinate lien or encumbrance of

record on the property has, for a period of 35 days, computed as prescribed in

subsection 3, failed to make good the deficiency in performance or payment.

      (b) In the case of any trust agreement which

concerns owner-occupied housing as defined in NRS 107.086,

the grantor, the person who holds the title of record, a beneficiary under a

subordinate deed of trust or any other person who has a subordinate lien or

encumbrance of record on the property has, for a period that commences in the

manner and subject to the requirements described in subsection 3 and expires 5

days before the date of sale, failed to make good the deficiency in performance

or payment.

      (c) The beneficiary, the successor in interest of

the beneficiary or the trustee first executes and causes to be recorded in the

office of the recorder of the county wherein the trust property, or some part

thereof, is situated a notice of the breach and of the election to sell or

cause to be sold the property to satisfy the obligation which, except as

otherwise provided in this paragraph, includes a notarized affidavit of

authority to exercise the power of sale. Except as otherwise provided in

subparagraph (5), the affidavit required by this paragraph must state under the

penalty of perjury the following information, which must be based on the

direct, personal knowledge of the affiant or the personal knowledge which the

affiant acquired by a review of the business records of the beneficiary, the

successor in interest of the beneficiary or the servicer of the obligation or

debt secured by the deed of trust, which business records must meet the

standards set forth in NRS 51.135:

             (1) The full name and business address of

the current trustee or the current trustee’s personal representative or

assignee, the current holder of the note secured by the deed of trust, the

current beneficiary of record and the current servicer of the obligation or

debt secured by the deed of trust.

             (2) That the beneficiary under the deed of

trust, the successor in interest of the beneficiary or the trustee is in actual

or constructive possession of the note secured by the deed of trust or that the

beneficiary or its successor in interest or the trustee is entitled to enforce

the obligation or debt secured by the deed of trust. For the purposes of this

subparagraph, if the obligation or debt is an instrument, as defined in

subsection 2 of NRS 104.3103, a

beneficiary or its successor in interest or the trustee is entitled to enforce

the instrument if the beneficiary or its successor in interest or the trustee

is:

                   (I) The holder of the instrument;

                   (II) A nonholder in possession of

the instrument who has the rights of a holder; or

                   (III) A person not in possession of

the instrument who is entitled to enforce the instrument pursuant to a court

order issued under NRS 104.3309.

             (3) That the beneficiary or its successor

in interest, the servicer of the obligation or debt secured by the deed of

trust or the trustee, or an attorney representing any of those persons, has

sent to the obligor or borrower of the obligation or debt secured by the deed

of trust a written statement of:

                   (I) The amount of payment required

to make good the deficiency in performance or payment, avoid the exercise of

the power of sale and reinstate the terms and conditions of the underlying

obligation or debt existing before the deficiency in performance or payment, as

of the date of the statement;

                   (II) The amount in default;

                   (III) The principal amount of the

obligation or debt secured by the deed of trust;

                   (IV) The amount of accrued interest

and late charges;

                   (V) A good faith estimate of all

fees imposed in connection with the exercise of the power of sale; and

                   (VI) Contact information for

obtaining the most current amounts due and the local or toll-free telephone

number described in subparagraph (4).

             (4) A local or toll-free telephone number

that the obligor or borrower of the obligation or debt may call to receive the

most current amounts due and a recitation of the information contained in the

affidavit.

             (5) The date and the recordation number or

other unique designation of, and the name of each assignee under, each recorded

assignment of the deed of trust. The information required to be stated in the

affidavit pursuant to this subparagraph may be based on:

                   (I) The direct, personal knowledge

of the affiant;

                   (II) The personal knowledge which

the affiant acquired by a review of the business records of the beneficiary,

the successor in interest of the beneficiary or the servicer of the obligation

or debt secured by the deed of trust, which business records must meet the

standards set forth in NRS 51.135;

                   (III) Information contained in the

records of the recorder of the county in which the property is located; or

                   (IV) The title guaranty or title

insurance issued by a title insurer or title agent authorized to do business in

this State pursuant to chapter 692A of NRS.

Ê The

affidavit described in this paragraph is not required for the exercise of the

trustee’s power of sale with respect to any trust agreement which concerns a

time share within a time share plan created pursuant to chapter 119A of NRS if the power of sale is

being exercised for the initial beneficiary under the deed of trust or an

affiliate of the initial beneficiary.

      (d) The beneficiary or its successor in interest

or the servicer of the obligation or debt secured by the deed of trust has

instructed the trustee to exercise the power of sale with respect to the

property.

      (e) Not less than 3 months have elapsed after the

recording of the notice or, if the notice includes an affidavit and a

certification indicating that, pursuant to NRS 107.130,

an election has been made to use the expedited procedure for the exercise of

the power of sale with respect to abandoned residential property, not less than

60 days have elapsed after the recording of the notice.

      3.  The 15- or 35-day period provided in

paragraph (a) of subsection 2, or the period provided in paragraph (b) of

subsection 2, commences on the first day following the day upon which the

notice of default and election to sell is recorded in the office of the county

recorder of the county in which the property is located and a copy of the

notice of default and election to sell is mailed by registered or certified

mail, return receipt requested and with postage prepaid to the grantor or, to

the person who holds the title of record on the date the notice of default and

election to sell is recorded, and, if the property is operated as a facility

licensed under chapter 449 of NRS, to the

State Board of Health, at their respective addresses, if known, otherwise to

the address of the trust property. The notice of default and election to sell

must:

      (a) Describe the deficiency in performance or

payment and may contain a notice of intent to declare the entire unpaid balance

due if acceleration is permitted by the obligation secured by the deed of

trust, but acceleration must not occur if the deficiency in performance or

payment is made good and any costs, fees and expenses incident to the

preparation or recordation of the notice and incident to the making good of the

deficiency in performance or payment are paid within the time specified in

subsection 2;

      (b) If the property is subject to the

requirements of NRS 107.400 to 107.560, inclusive, contain the declaration required by

subsection 6 of NRS 107.510;

      (c) If, pursuant to NRS

107.130, an election has been made to use the expedited procedure for the

exercise of the power of sale with respect to abandoned residential property,

include the affidavit and certification required by subsection 6 of NRS 107.130; and

      (d) If the property is a residential foreclosure,

comply with the provisions of NRS 107.087.

      4.  The trustee, or other person authorized

to make the sale under the terms of the trust deed or transfer in trust, shall,

after expiration of the applicable period specified in paragraph (d) of

subsection 2 following the recording of the notice of breach and election to

sell, and before the making of the sale, give notice of the time and place

thereof by recording the notice of sale and by:

      (a) Providing the notice to each trustor, any

other person entitled to notice pursuant to this section and, if the property

is operated as a facility licensed under chapter

449 of NRS, the State Board of Health, by personal service or by mailing

the notice by registered or certified mail to the last known address of the

trustor and any other person entitled to such notice pursuant to this section;

      (b) Posting a similar notice particularly

describing the property, for 20 days successively, in a public place in the

county where the property is situated;

      (c) Publishing a copy of the notice three times,

once each week for 3 consecutive weeks, in a newspaper of general circulation

in the county where the property is situated or, if the property is a time

share, by posting a copy of the notice on an Internet website and publishing a

statement in a newspaper in the manner required by subsection 3 of NRS 119A.560; and

      (d) If the property is a residential foreclosure,

complying with the provisions of NRS 107.087.

      5.  Every sale made under the provisions of

this section and other sections of this chapter vests in the purchaser the

title of the grantor and any successors in interest without equity or right of

redemption. A sale made pursuant to this section must be declared void by any

court of competent jurisdiction in the county where the sale took place if:

      (a) The trustee or other person authorized to

make the sale does not substantially comply with the provisions of this section

or any applicable provision of NRS 107.086 and 107.087;

      (b) Except as otherwise provided in subsection 6,

an action is commenced in the county where the sale took place within 45 days

after the date of the sale; and

      (c) A notice of lis pendens providing notice of

the pendency of the action is recorded in the office of the county recorder of

the county where the sale took place within 15 days after commencement of the

action.

      6.  If proper notice is not provided

pursuant to subsection 3 or paragraph (a) of subsection 4 to the grantor, to

the person who holds the title of record on the date the notice of default and

election to sell is recorded, to each trustor or to any other person entitled

to such notice, the person who did not receive such proper notice may commence

an action pursuant to subsection 5 within 60 days after the date on which the

person received actual notice of the sale.

      7.  If, in an action brought by the grantor

or the person who holds title of record in the district court in and for the

county in which the real property is located, the court finds that the

beneficiary, the successor in interest of the beneficiary or the trustee did

not comply with any requirement of subsection 2, 3 or 4, the court must award

to the grantor or the person who holds title of record:

      (a) Damages of $5,000 or treble the amount of

actual damages, whichever is greater;

      (b) An injunction enjoining the exercise of the

power of sale until the beneficiary, the successor in interest of the

beneficiary or the trustee complies with the requirements of subsections 2, 3

and 4; and

      (c) Reasonable attorney’s fees and costs,

Ê unless the

court finds good cause for a different award. The remedy provided in this

subsection is in addition to the remedy provided in subsection 5.

      8.  The sale of a lease of a dwelling unit

of a cooperative housing corporation vests in the purchaser title to the shares

in the corporation which accompany the lease.

      9.  After a sale of property is conducted pursuant

to this section, the trustee shall:

      (a) Within 30 days after the date of the sale,

record the trustee’s deed upon sale in the office of the county recorder of the

county in which the property is located; or

      (b) Within 20 days after the date of the sale,

deliver the trustee’s deed upon sale to the successful bidder. Within 10 days

after the date of delivery of the deed by the trustee, the successful bidder

shall record the trustee’s deed upon sale in the office of the county recorder

of the county in which the property is located.

      10.  If the successful bidder fails to

record the trustee’s deed upon sale pursuant to paragraph (b) of subsection 9,

the successful bidder:

      (a) Is liable in a civil action to any party that

is a senior lienholder against the property that is the subject of the sale in

a sum of up to $500 and for reasonable attorney’s fees and the costs of

bringing the action; and

      (b) Is liable in a civil action for any actual

damages caused by the failure to comply with the provisions of subsection 9 and

for reasonable attorney’s fees and the costs of bringing the action.

      11.  The county recorder shall, in addition

to any other fee, at the time of recording a notice of default and election to

sell collect:

      (a) A fee of $150 for deposit in the State

General Fund.

      (b) A fee of $45 for deposit in the Account for

Foreclosure Mediation, which is hereby created in the State General Fund. The

Account must be administered by the Court Administrator, and the money in the

Account may be expended only for the purpose of supporting a program of

foreclosure mediation established by Supreme Court Rule.

      (c) A fee of $5 to be paid over to the county

treasurer on or before the fifth day of each month for the preceding calendar

month. The county recorder may direct that 1.5 percent of the fees collected by

the county recorder pursuant to this paragraph be transferred into a special

account for use by the office of the county recorder. The county treasurer

shall remit quarterly to the organization operating the program for legal

services that receives the fees charged pursuant to NRS 19.031 for the operation of programs

for the indigent all the money received from the county recorder pursuant to

this paragraph.

      12.  The fees collected pursuant to

paragraphs (a) and (b) of subsection 11 must be paid over to the county

treasurer by the county recorder on or before the fifth day of each month for

the preceding calendar month, and, except as otherwise provided in this

subsection, must be placed to the credit of the State General Fund or the

Account for Foreclosure Mediation as prescribed pursuant to subsection 11. The

county recorder may direct that 1.5 percent of the fees collected by the county

recorder be transferred into a special account for use by the office of the

county recorder. The county treasurer shall, on or before the 15th day of each

month, remit the fees deposited by the county recorder pursuant to this

subsection to the State Controller for credit to the State General Fund or the

Account as prescribed in subsection 11.

      13.  The beneficiary, the successor in

interest of the beneficiary or the trustee who causes to be recorded the notice

of default and election to sell shall not charge the grantor or the successor

in interest of the grantor any portion of any fee required to be paid pursuant

to subsection 11.

      14.  As used in this section:

      (a) “Residential foreclosure” means the sale of a

single family residence under a power of sale granted by this section. As used

in this paragraph, “single family residence”:

             (1) Means a structure that is comprised of

not more than four units.

             (2) Does not include vacant land or any

time share or other property regulated under chapter

119A of NRS.

      (b) “Trustee” means the trustee of record.

      [Part 1:173:1927; A 1949, 70; 1943 NCL § 7710]—(NRS A

1957, 631; 1959, 10; 1961, 23; 1965, 611, 1242; 1967, 198; 1979, 708; 1987, 1644; 1989, 1770; 2003, 2893; 2005, 1623; 2007, 2447; 2009, 1003,

1755, 2481, 2789; 2010, 26th

Special Session, 77; 2011, 332, 1748, 3509, 3535, 3654; 2013, 1418,

1548, 2195)

      NRS 107.080  Trustee’s power of sale:

Power conferred; required notices; contents of notarized affidavits; effect of

sale; circumstances in which sale must be declared void; civil actions for

noncompliance with certain requirements; duty to record; fees. [Effective July

1, 2017.]

      1.  Except as otherwise provided in NRS 106.210, 107.085

and 107.086, if any transfer in trust of any estate

in real property is made after March 29, 1927, to secure the performance of an

obligation or the payment of any debt, a power of sale is hereby conferred upon

the trustee to be exercised after a breach of the obligation for which the

transfer is security.

      2.  The power of sale must not be

exercised, however, until:

      (a) Except as otherwise provided in paragraph

(b), in the case of any trust agreement coming into force:

             (1) On or after July 1, 1949, and before

July 1, 1957, the grantor, the person who holds the title of record, a

beneficiary under a subordinate deed of trust or any other person who has a

subordinate lien or encumbrance of record on the property has, for a period of

15 days, computed as prescribed in subsection 3, failed to make good the deficiency

in performance or payment; or

             (2) On or after July 1, 1957, the grantor,

the person who holds the title of record, a beneficiary under a subordinate

deed of trust or any other person who has a subordinate lien or encumbrance of

record on the property has, for a period of 35 days, computed as prescribed in

subsection 3, failed to make good the deficiency in performance or payment.

      (b) In the case of any trust agreement which

concerns owner-occupied housing as defined in NRS 107.086,

the grantor, the person who holds the title of record, a beneficiary under a

subordinate deed of trust or any other person who has a subordinate lien or

encumbrance of record on the property has, for a period that commences in the

manner and subject to the requirements described in subsection 3 and expires 5

days before the date of sale, failed to make good the deficiency in performance

or payment.

      (c) The beneficiary, the successor in interest of

the beneficiary or the trustee first executes and causes to be recorded in the

office of the recorder of the county wherein the trust property, or some part

thereof, is situated a notice of the breach and of the election to sell or

cause to be sold the property to satisfy the obligation which, except as

otherwise provided in this paragraph, includes a notarized affidavit of

authority to exercise the power of sale. Except as otherwise provided in

subparagraph (5), the affidavit required by this paragraph must state under the

penalty of perjury the following information, which must be based on the

direct, personal knowledge of the affiant or the personal knowledge which the

affiant acquired by a review of the business records of the beneficiary, the

successor in interest of the beneficiary or the servicer of the obligation or

debt secured by the deed of trust, which business records must meet the

standards set forth in NRS 51.135:

             (1) The full name and business address of

the current trustee or the current trustee’s personal representative or

assignee, the current holder of the note secured by the deed of trust, the

current beneficiary of record and the current servicer of the obligation or

debt secured by the deed of trust.

             (2) That the beneficiary under the deed of

trust, the successor in interest of the beneficiary or the trustee is in actual

or constructive possession of the note secured by the deed of trust or that the

beneficiary or its successor in interest or the trustee is entitled to enforce

the obligation or debt secured by the deed of trust. For the purposes of this

subparagraph, if the obligation or debt is an instrument, as defined in

subsection 2 of NRS 104.3103, a

beneficiary or its successor in interest or the trustee is entitled to enforce

the instrument if the beneficiary or its successor in interest or the trustee

is:

                   (I) The holder of the instrument;

                   (II) A nonholder in possession of

the instrument who has the rights of a holder; or

                   (III) A person not in possession of

the instrument who is entitled to enforce the instrument pursuant to a court

order issued under NRS 104.3309.

             (3) That the beneficiary or its successor

in interest, the servicer of the obligation or debt secured by the deed of

trust or the trustee, or an attorney representing any of those persons, has

sent to the obligor or borrower of the obligation or debt secured by the deed

of trust a written statement of:

                   (I) The amount of payment required

to make good the deficiency in performance or payment, avoid the exercise of

the power of sale and reinstate the terms and conditions of the underlying

obligation or debt existing before the deficiency in performance or payment, as

of the date of the statement;

                   (II) The amount in default;

                   (III) The principal amount of the

obligation or debt secured by the deed of trust;

                   (IV) The amount of accrued interest

and late charges;

                   (V) A good faith estimate of all

fees imposed in connection with the exercise of the power of sale; and

                   (VI) Contact information for

obtaining the most current amounts due and the local or toll-free telephone

number described in subparagraph (4).

             (4) A local or toll-free telephone number

that the obligor or borrower of the obligation or debt may call to receive the

most current amounts due and a recitation of the information contained in the

affidavit.

             (5) The date and the recordation number or

other unique designation of, and the name of each assignee under, each recorded

assignment of the deed of trust. The information required to be stated in the

affidavit pursuant to this subparagraph may be based on:

                   (I) The direct, personal knowledge

of the affiant;

                   (II) The personal knowledge which

the affiant acquired by a review of the business records of the beneficiary,

the successor in interest of the beneficiary or the servicer of the obligation

or debt secured by the deed of trust, which business records must meet the

standards set forth in NRS 51.135;

                   (III) Information contained in the

records of the recorder of the county in which the property is located; or

                   (IV) The title guaranty or title

insurance issued by a title insurer or title agent authorized to do business in

this State pursuant to chapter 692A of NRS.

Ê The

affidavit described in this paragraph is not required for the exercise of the

trustee’s power of sale with respect to any trust agreement which concerns a

time share within a time share plan created pursuant to chapter 119A of NRS if the power of sale is

being exercised for the initial beneficiary under the deed of trust or an

affiliate of the initial beneficiary.

      (d) The beneficiary or its successor in interest

or the servicer of the obligation or debt secured by the deed of trust has

instructed the trustee to exercise the power of sale with respect to the

property.

      (e) Not less than 3 months have elapsed after the

recording of the notice.

      3.  The 15- or 35-day period provided in

paragraph (a) of subsection 2, or the period provided in paragraph (b) of

subsection 2, commences on the first day following the day upon which the

notice of default and election to sell is recorded in the office of the county

recorder of the county in which the property is located and a copy of the

notice of default and election to sell is mailed by registered or certified

mail, return receipt requested and with postage prepaid to the grantor or, to

the person who holds the title of record on the date the notice of default and

election to sell is recorded, and, if the property is operated as a facility

licensed under chapter 449 of NRS, to the

State Board of Health, at their respective addresses, if known, otherwise to

the address of the trust property. The notice of default and election to sell

must:

      (a) Describe the deficiency in performance or

payment and may contain a notice of intent to declare the entire unpaid balance

due if acceleration is permitted by the obligation secured by the deed of

trust, but acceleration must not occur if the deficiency in performance or

payment is made good and any costs, fees and expenses incident to the

preparation or recordation of the notice and incident to the making good of the

deficiency in performance or payment are paid within the time specified in

subsection 2;

      (b) If the property is subject to the

requirements of NRS 107.400 to 107.560, inclusive, contain the declaration required by

subsection 6 of NRS 107.510; and

      (c) If the property is a residential foreclosure,

comply with the provisions of NRS 107.087.

      4.  The trustee, or other person authorized

to make the sale under the terms of the trust deed or transfer in trust, shall,

after expiration of the 3-month period following the recording of the notice of

breach and election to sell, and before the making of the sale, give notice of

the time and place thereof by recording the notice of sale and by:

      (a) Providing the notice to each trustor, any

other person entitled to notice pursuant to this section and, if the property

is operated as a facility licensed under chapter

449 of NRS, the State Board of Health, by personal service or by mailing

the notice by registered or certified mail to the last known address of the

trustor and any other person entitled to such notice pursuant to this section;

      (b) Posting a similar notice particularly

describing the property, for 20 days successively, in a public place in the

county where the property is situated;

      (c) Publishing a copy of the notice three times,

once each week for 3 consecutive weeks, in a newspaper of general circulation

in the county where the property is situated or, if the property is a time

share, by posting a copy of the notice on an Internet website and publishing a

statement in a newspaper in the manner required by subsection 3 of NRS 119A.560; and

      (d) If the property is a residential foreclosure,

complying with the provisions of NRS 107.087.

      5.  Every sale made under the provisions of

this section and other sections of this chapter vests in the purchaser the

title of the grantor and any successors in interest without equity or right of

redemption. A sale made pursuant to this section must be declared void by any

court of competent jurisdiction in the county where the sale took place if:

      (a) The trustee or other person authorized to

make the sale does not substantially comply with the provisions of this section

or any applicable provision of NRS 107.086 and 107.087;

      (b) Except as otherwise provided in subsection 6,

an action is commenced in the county where the sale took place within 45 days

after the date of the sale; and

      (c) A notice of lis pendens providing notice of

the pendency of the action is recorded in the office of the county recorder of

the county where the sale took place within 15 days after commencement of the

action.

      6.  If proper notice is not provided

pursuant to subsection 3 or paragraph (a) of subsection 4 to the grantor, to

the person who holds the title of record on the date the notice of default and

election to sell is recorded, to each trustor or to any other person entitled

to such notice, the person who did not receive such proper notice may commence

an action pursuant to subsection 5 within 60 days after the date on which the

person received actual notice of the sale.

      7.  If, in an action brought by the grantor

or the person who holds title of record in the district court in and for the

county in which the real property is located, the court finds that the

beneficiary, the successor in interest of the beneficiary or the trustee did

not comply with any requirement of subsection 2, 3 or 4, the court must award

to the grantor or the person who holds title of record:

      (a) Damages of $5,000 or treble the amount of

actual damages, whichever is greater;

      (b) An injunction enjoining the exercise of the

power of sale until the beneficiary, the successor in interest of the

beneficiary or the trustee complies with the requirements of subsections 2, 3

and 4; and

      (c) Reasonable attorney’s fees and costs,

Ê unless the

court finds good cause for a different award. The remedy provided in this

subsection is in addition to the remedy provided in subsection 5.

      8.  The sale of a lease of a dwelling unit

of a cooperative housing corporation vests in the purchaser title to the shares

in the corporation which accompany the lease.

      9.  After a sale of property is conducted pursuant

to this section, the trustee shall:

      (a) Within 30 days after the date of the sale,

record the trustee’s deed upon sale in the office of the county recorder of the

county in which the property is located; or

      (b) Within 20 days after the date of the sale,

deliver the trustee’s deed upon sale to the successful bidder. Within 10 days

after the date of delivery of the deed by the trustee, the successful bidder

shall record the trustee’s deed upon sale in the office of the county recorder

of the county in which the property is located.

      10.  If the successful bidder fails to

record the trustee’s deed upon sale pursuant to paragraph (b) of subsection 9,

the successful bidder:

      (a) Is liable in a civil action to any party that

is a senior lienholder against the property that is the subject of the sale in

a sum of up to $500 and for reasonable attorney’s fees and the costs of

bringing the action; and

      (b) Is liable in a civil action for any actual

damages caused by the failure to comply with the provisions of subsection 9 and

for reasonable attorney’s fees and the costs of bringing the action.

      11.  The county recorder shall, in addition

to any other fee, at the time of recording a notice of default and election to

sell collect:

      (a) A fee of $150 for deposit in the State

General Fund.

      (b) A fee of $45 for deposit in the Account for

Foreclosure Mediation, which is hereby created in the State General Fund. The

Account must be administered by the Court Administrator, and the money in the

Account may be expended only for the purpose of supporting a program of

foreclosure mediation established by Supreme Court Rule.

      (c) A fee of $5 to be paid over to the county

treasurer on or before the fifth day of each month for the preceding calendar

month. The county recorder may direct that 1.5 percent of the fees collected by

the county recorder pursuant to this paragraph be transferred into a special

account for use by the office of the county recorder. The county treasurer

shall remit quarterly to the organization operating the program for legal

services that receives the fees charged pursuant to NRS 19.031 for the operation of programs

for the indigent all the money received from the county recorder pursuant to

this paragraph.

      12.  The fees collected pursuant to

paragraphs (a) and (b) of subsection 11 must be paid over to the county

treasurer by the county recorder on or before the fifth day of each month for

the preceding calendar month, and, except as otherwise provided in this

subsection, must be placed to the credit of the State General Fund or the

Account for Foreclosure Mediation as prescribed pursuant to subsection 11. The

county recorder may direct that 1.5 percent of the fees collected by the county

recorder be transferred into a special account for use by the office of the

county recorder. The county treasurer shall, on or before the 15th day of each

month, remit the fees deposited by the county recorder pursuant to this

subsection to the State Controller for credit to the State General Fund or the

Account as prescribed in subsection 11.

      13.  The beneficiary, the successor in

interest of the beneficiary or the trustee who causes to be recorded the notice

of default and election to sell shall not charge the grantor or the successor

in interest of the grantor any portion of any fee required to be paid pursuant

to subsection 11.

      14.  As used in this section:

      (a) “Residential foreclosure” means the sale of a

single family residence under a power of sale granted by this section. As used

in this paragraph, “single family residence”:

             (1) Means a structure that is comprised of

not more than four units.

             (2) Does not include vacant land or any

time share or other property regulated under chapter

119A of NRS.

      (b) “Trustee” means the trustee of record.

      [Part 1:173:1927; A 1949, 70; 1943 NCL § 7710]—(NRS A

1957, 631; 1959, 10; 1961, 23; 1965, 611, 1242; 1967, 198; 1979, 708; 1987, 1644; 1989, 1770; 2003, 2893; 2005, 1623; 2007, 2447; 2009, 1003,

1755, 2481, 2789; 2010, 26th

Special Session, 77; 2011, 332, 1748, 3509, 3535, 3654; 2013, 1418,

1548, 2195,

effective July 1, 2017)

      NRS 107.081  Time and place of sale; agent holding sale not to be purchaser.

      1.  All sales of property pursuant to NRS 107.080 must be made at auction to the highest

bidder and must be made between the hours of 9 a.m. and 5 p.m. The agent

holding the sale must not become a purchaser at the sale or be interested in

any purchase at such a sale.

      2.  All sales of real property must be

made:

      (a) In a county with a population of less than

100,000, at the courthouse in the county in which the property or some part

thereof is situated.

      (b) In a county with a population of 100,000 or

more, at the public location in the county designated by the governing body of

the county for that purpose.

      (Added to NRS by 2005, 1620)

      NRS 107.082  Oral postponement of sale.

      1.  If a sale of property pursuant to NRS 107.080 is postponed by oral proclamation, the

sale must be postponed to a later date at the same time and location.

      2.  If such a sale has been postponed by

oral proclamation three times, any new sale information must be provided by

notice as provided in NRS 107.080.

      (Added to NRS by 2005, 1621)

      NRS 107.083  Proceedings after purchaser refuses to pay amount bid.

      1.  If a purchaser refuses to pay the

amount the purchaser bid for the property struck off at a sale pursuant to NRS 107.080, the agent may again sell the property to

the highest bidder, after again giving the notice previously provided.

      2.  If any loss is incurred from the

purchaser refusing to pay the amount of the bid, the agent may recover the

amount of the loss, with costs, for the benefit of the party aggrieved, by

motion upon previous notice of 5 days to the purchaser, before any court of

competent jurisdiction.

      3.  The court shall proceed in a summary

manner in the hearing and disposition of such a motion, and give judgment and

issue execution therefor forthwith, but the refusing purchaser may request a

jury. The same proceedings may be had against any subsequent purchaser who

refuses to pay, and the agent may, in the agent’s discretion, thereafter reject

the bid of any person so refusing.

      4.  An agent is not liable for any amount

other than the amount bid by the second or subsequent purchaser and the amount

collected from the purchaser who refused to pay.

      (Added to NRS by 2005, 1621)

      NRS 107.084  Penalty for removing or defacing notice of sale.  It is unlawful for a person to willfully

remove or deface a notice posted pursuant to subsection 4 of NRS 107.080, if done before the sale or, if the

default is satisfied before the sale, before the satisfaction of the default.

In addition to any other penalty, any person who violates this section is liable

in the amount of $500 to any person aggrieved by the removal or defacing of the

notice.

      (Added to NRS by 2005, 1620; A 2009, 2791)

      NRS 107.085  Restrictions on trustee’s power of sale concerning certain trust

agreements: Applicability; service of notice; scheduling of date of sale; form

of notice; judicial foreclosure not prohibited; “unfair lending practice”

defined.

      1.  With regard to a transfer in trust of

an estate in real property to secure the performance of an obligation or the

payment of a debt, the provisions of this section apply to the exercise of a

power of sale pursuant to NRS 107.080 only if:

      (a) The trust agreement becomes effective on or

after October 1, 2003, and, on the date the trust agreement is made, the trust

agreement is subject to the provisions of § 152 of the Home Ownership and

Equity Protection Act of 1994, 15 U.S.C. § 1602(bb), and the regulations

adopted by the Board of Governors of the Federal Reserve System pursuant

thereto, including, without limitation, 12 C.F.R. § 226.32; or

      (b) The trust agreement concerns owner-occupied

housing as defined in NRS 107.086.

      2.  The trustee shall not exercise a power

of sale pursuant to NRS 107.080 unless:

      (a) In the manner required by subsection 3, not

later than 60 days before the date of the sale, the trustee causes to be served

upon the grantor or the person who holds the title of record a notice in the

form described in subsection 3; and

      (b) If an action is filed in a court of competent

jurisdiction claiming an unfair lending practice in connection with the trust

agreement, the date of the sale is not less than 30 days after the date the

most recent such action is filed.

      3.  The notice described in subsection 2

must be:

      (a) Served upon the grantor or the person who

holds the title of record:

             (1) Except as otherwise provided in

subparagraph (2), by personal service or, if personal service cannot be timely

effected, in such other manner as a court determines is reasonably calculated

to afford notice to the grantor or the person who holds the title of record; or

             (2) If the trust agreement concerns

owner-occupied housing as defined in NRS 107.086:

                   (I) By personal service;

                   (II) If the grantor or the person

who holds the title of record is absent from his or her place of residence or

from his or her usual place of business, by leaving a copy with a person of

suitable age and discretion at either place and mailing a copy to the grantor

or the person who holds the title of record at his or her place of residence or

place of business; or

                   (III) If the place of residence or

business cannot be ascertained, or a person of suitable age or discretion

cannot be found there, by posting a copy in a conspicuous place on the trust

property, delivering a copy to a person there residing if the person can be

found and mailing a copy to the grantor or the person who holds the title of

record at the place where the trust property is situated; and

      (b) In substantially the following form, with the

applicable telephone numbers and mailing addresses provided on the notice and,

except as otherwise provided in subsection 4, a copy of the promissory note

attached to the notice:

 

NOTICE

YOU

ARE IN DANGER OF LOSING YOUR HOME!

 

Your home loan is being foreclosed.

In not less than 60 days your home may be sold and you may be forced to move.

For help, call:

 

Consumer Credit Counseling

_______________

The Attorney General

__________________

The Division of Mortgage Lending

_____

The Division of Financial

Institutions ________________

Legal Services

______________________

Your Lender ___________________

Nevada Fair Housing Center

________________

 

      4.  The trustee shall cause all social

security numbers to be redacted from the copy of the promissory note before it

is attached to the notice pursuant to paragraph (b) of subsection 3.

      5.  This section does not prohibit a

judicial foreclosure.

      6.  As used in this section, “unfair

lending practice” means an unfair lending practice described in NRS 598D.010 to 598D.150, inclusive.

      (Added to NRS by 2003, 2892; A 2009, 1757,

2791; 2011, 1681,

2031; 2013, 3478)

      NRS 107.086  Additional requirements for sale of owner-occupied housing:

Notice; form; enrollment in mediation; election to waive mediation; adoption of

rules concerning mediation; applicability. [Effective through June 30, 2017.]

      1.  Except as otherwise provided in this

subsection, in addition to the requirements of NRS

107.085, the exercise of the power of sale pursuant to NRS 107.080 with respect to any trust agreement which

concerns owner-occupied housing is subject to the provisions of this section.

The provisions of this section do not apply to the exercise of the power of

sale if the notice of default and election to sell recorded pursuant to

subsection 2 of NRS 107.080 includes an affidavit

and a certification indicating that, pursuant to NRS

107.130, an election has been made to use the expedited procedure for the

exercise of the power of sale with respect to abandoned residential property.

      2.  The trustee shall not exercise a power

of sale pursuant to NRS 107.080 unless the trustee:

      (a) Includes with the notice of default and

election to sell which is mailed to the grantor or the person who holds the

title of record as required by subsection 3 of NRS

107.080:

             (1) Contact information which the grantor

or the person who holds the title of record may use to reach a person with

authority to negotiate a loan modification on behalf of the beneficiary of the

deed of trust;

             (2) Contact information for at least one

local housing counseling agency approved by the United States Department of

Housing and Urban Development;

             (3) A notice provided by the Mediation

Administrator indicating that the grantor or the person who holds the title of

record will be enrolled to participate in mediation pursuant to this section if

he or she pays to the Mediation Administrator his or her share of the fee

established pursuant to subsection 11; and

             (4) A form upon which the grantor or the

person who holds the title of record may indicate an election to waive

mediation pursuant to this section and one envelope addressed to the trustee

and one envelope addressed to the Mediation Administrator, which the grantor or

the person who holds the title of record may use to comply with the provisions

of subsection 3;

      (b) In addition to including the information

described in paragraph (a) with the notice of default and election to sell

which is mailed to the grantor or the person who holds the title of record as

required by subsection 3 of NRS 107.080, provides

to the grantor or the person who holds the title of record the information

described in paragraph (a) concurrently with, but separately from, the notice

of default and election to sell which is mailed to the grantor or the person

who holds the title of record as required by subsection 3 of NRS 107.080;

      (c) Serves a copy of the notice upon the

Mediation Administrator; and

      (d) Causes to be recorded in the office of the

recorder of the county in which the trust property, or some part thereof, is

situated:

             (1) The certificate provided to the

trustee by the Mediation Administrator pursuant to subsection 4 or 7 which

provides that no mediation is required in the matter; or

             (2) The certificate provided to the

trustee by the Mediation Administrator pursuant to subsection 8 which provides

that mediation has been completed in the matter.

      3.  If the grantor or the person who holds

the title of record elects to waive mediation, he or she shall, not later than

30 days after service of the notice in the manner required by NRS 107.080, complete the form required by

subparagraph (4) of paragraph (a) of subsection 2 and return the form to the

trustee and the Mediation Administrator by certified mail, return receipt

requested. If the grantor or the person who holds the title of record does not

elect to waive mediation, he or she shall, not later than 30 days after the

service of the notice in the manner required by NRS

107.080, pay to the Mediation Administrator his or her share of the fee

established pursuant to subsection 11. Upon receipt of the share of the fee

established pursuant to subsection 11 owed by the grantor or the person who

holds title of record, the Mediation Administrator shall notify the trustee, by

certified mail, return receipt requested, of the enrollment of the grantor or

person who holds the title of record to participate in mediation pursuant to

this section and shall assign the matter to a senior justice, judge, hearing

master or other designee and schedule the matter for mediation. The trustee

shall notify the beneficiary of the deed of trust and every other person with

an interest as defined in NRS 107.090, by certified

mail, return receipt requested, of the enrollment of the grantor or the person

who holds the title of record to participate in mediation. If the grantor or

person who holds the title of record is enrolled to participate in mediation

pursuant to this section, no further action may be taken to exercise the power

of sale until the completion of the mediation.

      4.  If the grantor or the person who holds

the title of record indicates on the form described in subparagraph (4) of

paragraph (a) of subsection 2 an election to waive mediation or fails to pay to

the Mediation Administrator his or her share of the fee established pursuant to

subsection 11, as required by subsection 3, the Mediation Administrator shall,

not later than 60 days after the Mediation Administrator receives the form

indicating an election to waive mediation or 90 days after the service of the

notice in the manner required by NRS 107.080,

whichever is earlier, provide to the trustee a certificate which provides that

no mediation is required in the matter.

      5.  Each mediation required by this section

must be conducted by a senior justice, judge, hearing master or other designee

pursuant to the rules adopted pursuant to subsection 11. The beneficiary of the

deed of trust or a representative shall attend the mediation. The grantor or

his or her representative, or the person who holds the title of record or his

or her representative, shall attend the mediation. The beneficiary of the deed

of trust shall bring to the mediation the original or a certified copy of the

deed of trust, the mortgage note and each assignment of the deed of trust or

mortgage note. If the beneficiary of the deed of trust is represented at the

mediation by another person, that person must have authority to negotiate a

loan modification on behalf of the beneficiary of the deed of trust or have

access at all times during the mediation to a person with such authority.

      6.  If the beneficiary of the deed of trust

or the representative fails to attend the mediation, fails to participate in

the mediation in good faith or does not bring to the mediation each document

required by subsection 5 or does not have the authority or access to a person

with the authority required by subsection 5, the mediator shall prepare and

submit to the Mediation Administrator a petition and recommendation concerning

the imposition of sanctions against the beneficiary of the deed of trust or the

representative. The court may issue an order imposing such sanctions against

the beneficiary of the deed of trust or the representative as the court

determines appropriate, including, without limitation, requiring a loan

modification in the manner determined proper by the court.

      7.  If the grantor or the person who holds

the title of record is enrolled to participate in mediation pursuant to this

section but fails to attend the mediation, the Mediation Administrator shall,

not later than 30 days after the scheduled mediation, provide to the trustee a

certificate which states that no mediation is required in the matter.

      8.  If the mediator determines that the

parties, while acting in good faith, are not able to agree to a loan

modification, the mediator shall prepare and submit to the Mediation

Administrator a recommendation that the matter be terminated. The Mediation

Administrator shall, not later than 30 days after submittal of the mediator’s

recommendation that the matter be terminated, provide to the trustee a

certificate which provides that the mediation required by this section has been

completed in the matter.

      9.  Upon receipt of the certificate

provided to the trustee by the Mediation Administrator pursuant to subsection

4, 7 or 8, if the property is located within a common-interest community, the

trustee shall notify the unit-owner’s association organized under NRS 116.3101 of the existence of the

certificate.

      10.  During the pendency of any mediation

pursuant to this section, a unit’s owner must continue to pay any obligation,

other than any past due obligation.

      11.  The Supreme Court shall adopt rules

necessary to carry out the provisions of this section. The rules must, without

limitation, include provisions:

      (a) Designating an entity to serve as the

Mediation Administrator pursuant to this section. The entities that may be so

designated include, without limitation, the Administrative Office of the

Courts, the district court of the county in which the property is situated or

any other judicial entity.

      (b) Ensuring that mediations occur in an orderly

and timely manner.

      (c) Requiring each party to a mediation to

provide such information as the mediator determines necessary.

      (d) Establishing procedures to protect the

mediation process from abuse and to ensure that each party to the mediation acts

in good faith.

      (e) Establishing a total fee of not more than

$400 that may be charged and collected by the Mediation Administrator for

mediation services pursuant to this section and providing that the

responsibility for payment of the fee must be shared equally by the parties to

the mediation.

      12.  Except as otherwise provided in

subsection 14, the provisions of this section do not apply if:

      (a) The grantor or the person who holds the title

of record has surrendered the property, as evidenced by a letter confirming the

surrender or delivery of the keys to the property to the trustee, the

beneficiary of the deed of trust or the mortgagee, or an authorized agent

thereof; or

      (b) A petition in bankruptcy has been filed with

respect to the grantor or the person who holds the title of record under

chapter 7, 11, 12 or 13 of Title 11 of the United States Code and the

bankruptcy court has not entered an order closing or dismissing the case or

granting relief from a stay of foreclosure.

      13.  A noncommercial lender is not excluded

from the application of this section.

      14.  The Mediation Administrator and each

mediator who acts pursuant to this section in good faith and without gross

negligence are immune from civil liability for those acts.

      15.  As used in this section:

      (a) “Common-interest community” has the meaning

ascribed to it in NRS 116.021.

      (b) “Mediation Administrator” means the entity so

designated pursuant to subsection 11.

      (c) “Noncommercial lender” means a lender which

makes a loan secured by a deed of trust on owner-occupied housing and which is

not a bank, financial institution or other entity regulated pursuant to title

55 or 56 of NRS.

      (d) “Obligation” has the meaning ascribed to it

in NRS 116.310313.

      (e) “Owner-occupied housing” means housing that

is occupied by an owner as the owner’s primary residence. The term does not

include vacant land or any time share or other property regulated under chapter 119A of NRS.

      (f) “Unit’s owner” has the meaning ascribed to it

in NRS 116.095.

      (Added to NRS by 2009, 1752;

A 2011,

1683, 2033,

3538; 2013, 1552,

3479)

      NRS 107.086  Additional requirements

for sale of owner-occupied housing: Notice; form; enrollment in mediation;

election to waive mediation; adoption of rules concerning mediation;

applicability. [Effective July 1, 2017.]

      1.  In addition to the requirements of NRS 107.085, the exercise of the power of sale

pursuant to NRS 107.080 with respect to any trust

agreement which concerns owner-occupied housing is subject to the provisions of

this section.

      2.  The trustee shall not exercise a power

of sale pursuant to NRS 107.080 unless the trustee:

      (a) Includes with the notice of default and

election to sell which is mailed to the grantor or the person who holds the

title of record as required by subsection 3 of NRS

107.080:

             (1) Contact information which the grantor

or the person who holds the title of record may use to reach a person with

authority to negotiate a loan modification on behalf of the beneficiary of the

deed of trust;

             (2) Contact information for at least one

local housing counseling agency approved by the United States Department of

Housing and Urban Development;

             (3) A notice provided by the Mediation

Administrator indicating that the grantor or the person who holds the title of

record will be enrolled to participate in mediation pursuant to this section if

he or she pays to the Mediation Administrator his or her share of the fee

established pursuant to subsection 11; and

             (4) A form upon which the grantor or the

person who holds the title of record may indicate an election to waive

mediation pursuant to this section and one envelope addressed to the trustee

and one envelope addressed to the Mediation Administrator, which the grantor or

the person who holds the title of record may use to comply with the provisions

of subsection 3;

      (b) In addition to including the information

described in paragraph (a) with the notice of default and election to sell

which is mailed to the grantor or the person who holds the title of record as

required by subsection 3 of NRS 107.080, provides

to the grantor or the person who holds the title of record the information

described in paragraph (a) concurrently with, but separately from, the notice

of default and election to sell which is mailed to the grantor or the person

who holds the title of record as required by subsection 3 of NRS 107.080;

      (c) Serves a copy of the notice upon the

Mediation Administrator; and

      (d) Causes to be recorded in the office of the

recorder of the county in which the trust property, or some part thereof, is

situated:

             (1) The certificate provided to the

trustee by the Mediation Administrator pursuant to subsection 4 or 7 which

provides that no mediation is required in the matter; or

             (2) The certificate provided to the

trustee by the Mediation Administrator pursuant to subsection 8 which provides

that mediation has been completed in the matter.

      3.  If the grantor or the person who holds

the title of record elects to waive mediation, he or she shall, not later than

30 days after service of the notice in the manner required by NRS 107.080, complete the form required by

subparagraph (4) of paragraph (a) of subsection 2 and return the form to the

trustee and the Mediation Administrator by certified mail, return receipt

requested. If the grantor or the person who holds the title of record does not

elect to waive mediation, he or she shall, not later than 30 days after the

service of the notice in the manner required by NRS

107.080, pay to the Mediation Administrator his or her share of the fee

established pursuant to subsection 11. Upon receipt of the share of the fee

established pursuant to subsection 11 owed by the grantor or the person who

holds title of record, the Mediation Administrator shall notify the trustee, by

certified mail, return receipt requested, of the enrollment of the grantor or

person who holds the title of record to participate in mediation pursuant to

this section and shall assign the matter to a senior justice, judge, hearing

master or other designee and schedule the matter for mediation. The trustee

shall notify the beneficiary of the deed of trust and every other person with

an interest as defined in NRS 107.090, by certified

mail, return receipt requested, of the enrollment of the grantor or the person

who holds the title of record to participate in mediation. If the grantor or

person who holds the title of record is enrolled to participate in mediation

pursuant to this section, no further action may be taken to exercise the power

of sale until the completion of the mediation.

      4.  If the grantor or the person who holds

the title of record indicates on the form described in subparagraph (4) of

paragraph (a) of subsection 2 an election to waive mediation or fails to pay to

the Mediation Administrator his or her share of the fee established pursuant to

subsection 11, as required by subsection 3, the Mediation Administrator shall,

not later than 60 days after the Mediation Administrator receives the form

indicating an election to waive mediation or 90 days after the service of the

notice in the manner required by NRS 107.080,

whichever is earlier, provide to the trustee a certificate which provides that

no mediation is required in the matter.

      5.  Each mediation required by this section

must be conducted by a senior justice, judge, hearing master or other designee

pursuant to the rules adopted pursuant to subsection 11. The beneficiary of the

deed of trust or a representative shall attend the mediation. The grantor or

his or her representative, or the person who holds the title of record or his

or her representative, shall attend the mediation. The beneficiary of the deed

of trust shall bring to the mediation the original or a certified copy of the

deed of trust, the mortgage note and each assignment of the deed of trust or

mortgage note. If the beneficiary of the deed of trust is represented at the

mediation by another person, that person must have authority to negotiate a

loan modification on behalf of the beneficiary of the deed of trust or have

access at all times during the mediation to a person with such authority.

      6.  If the beneficiary of the deed of trust

or the representative fails to attend the mediation, fails to participate in

the mediation in good faith or does not bring to the mediation each document

required by subsection 5 or does not have the authority or access to a person

with the authority required by subsection 5, the mediator shall prepare and

submit to the Mediation Administrator a petition and recommendation concerning

the imposition of sanctions against the beneficiary of the deed of trust or the

representative. The court may issue an order imposing such sanctions against

the beneficiary of the deed of trust or the representative as the court

determines appropriate, including, without limitation, requiring a loan

modification in the manner determined proper by the court.

      7.  If the grantor or the person who holds

the title of record is enrolled to participate in mediation pursuant to this

section but fails to attend the mediation, the Mediation Administrator shall,

not later than 30 days after the scheduled mediation, provide to the trustee a

certificate which states that no mediation is required in the matter.

      8.  If the mediator determines that the

parties, while acting in good faith, are not able to agree to a loan

modification, the mediator shall prepare and submit to the Mediation

Administrator a recommendation that the matter be terminated. The Mediation

Administrator shall, not later than 30 days after submittal of the mediator’s

recommendation that the matter be terminated, provide to the trustee a

certificate which provides that the mediation required by this section has been

completed in the matter.

      9.  Upon receipt of the certificate

provided to the trustee by the Mediation Administrator pursuant to subsection

4, 7 or 8, if the property is located within a common-interest community, the

trustee shall notify the unit-owner’s association organized under NRS 116.3101 of the existence of the

certificate.

      10.  During the pendency of any mediation

pursuant to this section, a unit’s owner must continue to pay any obligation,

other than any past due obligation.

      11.  The Supreme Court shall adopt rules

necessary to carry out the provisions of this section. The rules must, without

limitation, include provisions:

      (a) Designating an entity to serve as the

Mediation Administrator pursuant to this section. The entities that may be so

designated include, without limitation, the Administrative Office of the

Courts, the district court of the county in which the property is situated or

any other judicial entity.

      (b) Ensuring that mediations occur in an orderly

and timely manner.

      (c) Requiring each party to a mediation to

provide such information as the mediator determines necessary.

      (d) Establishing procedures to protect the

mediation process from abuse and to ensure that each party to the mediation acts

in good faith.

      (e) Establishing a total fee of not more than

$400 that may be charged and collected by the Mediation Administrator for

mediation services pursuant to this section and providing that the

responsibility for payment of the fee must be shared equally by the parties to

the mediation.

      12.  Except as otherwise provided in

subsection 14, the provisions of this section do not apply if:

      (a) The grantor or the person who holds the title

of record has surrendered the property, as evidenced by a letter confirming the

surrender or delivery of the keys to the property to the trustee, the

beneficiary of the deed of trust or the mortgagee, or an authorized agent

thereof; or

      (b) A petition in bankruptcy has been filed with

respect to the grantor or the person who holds the title of record under

chapter 7, 11, 12 or 13 of Title 11 of the United States Code and the

bankruptcy court has not entered an order closing or dismissing the case or

granting relief from a stay of foreclosure.

      13.  A noncommercial lender is not excluded

from the application of this section.

      14.  The Mediation Administrator and each

mediator who acts pursuant to this section in good faith and without gross

negligence are immune from civil liability for those acts.

      15.  As used in this section:

      (a) “Common-interest community” has the meaning

ascribed to it in NRS 116.021.

      (b) “Mediation Administrator” means the entity so

designated pursuant to subsection 11.

      (c) “Noncommercial lender” means a lender which

makes a loan secured by a deed of trust on owner-occupied housing and which is

not a bank, financial institution or other entity regulated pursuant to title

55 or 56 of NRS.

      (d) “Obligation” has the meaning ascribed to it

in NRS 116.310313.

      (e) “Owner-occupied housing” means housing that

is occupied by an owner as the owner’s primary residence. The term does not

include vacant land or any time share or other property regulated under chapter 119A of NRS.

      (f) “Unit’s owner” has the meaning ascribed to it

in NRS 116.095.

      (Added to NRS by 2009, 1752;

A 2011,

1683, 2033,

3538; 2013, 1552,

3479,

effective July 1, 2017)

      NRS 107.087  Notice of default and sale in residential foreclosure:

Requirements.

      1.  In addition to the requirements of NRS 107.080, if the sale of property is a residential

foreclosure, a copy of the notice of default and election to sell and the

notice of sale must:

      (a) Be posted in a conspicuous place on the

property not later than:

             (1) For a notice of default and election

to sell, 100 days before the date of sale; or

             (2) For a notice of sale, 15 days before

the date of sale; and

      (b) Include, without limitation:

             (1) The physical address of the property;

and

             (2) The contact information of the trustee

or the person conducting the foreclosure who is authorized to provide

information relating to the foreclosure status of the property.

      2.  In addition to the requirements of NRS 107.084, the notices must not be defaced or

removed until the transfer of title is recorded or the property becomes

occupied after completion of the sale, whichever is earlier.

      3.  A separate notice must be posted in a

conspicuous place on the property and mailed, with a certificate of mailing

issued by the United States Postal Service or another mail delivery service, to

any tenant or subtenant, if any, other than the grantor or the grantor’s

successor in interest, in actual occupation of the premises not later than 15

days before the date of sale. The separate notice must be in substantially the

following form:

 

NOTICE

TO TENANTS OF THE PROPERTY

 

Foreclosure proceedings against this

property have started, and a notice of sale of the property to the highest

bidder has been issued.

 

You may either: (1) terminate your

lease or rental agreement and move out; or (2) remain and possibly be subject

to eviction proceedings under chapter 40 of

the Nevada Revised Statutes. Any subtenants may also be subject to eviction

proceedings.

 

Between now and the date of the

sale, you may be evicted if you fail to pay rent or live up to your other

obligations to the landlord.

 

After the date of the sale, you may

be evicted if you fail to pay rent or live up to your other obligations to the

successful bidder, in accordance with chapter

118A of the Nevada Revised Statutes.

 

Under the Nevada Revised Statutes

eviction proceedings may begin against you after you have been given a notice

to quit.

 

If the property is sold and you pay

rent by the week or another period of time that is shorter than 1 month, you

should generally receive notice after not less than the number of days in that

period of time.

 

If the property is sold and you pay

rent by the month or any other period of time that is 1 month or longer, you

should generally receive notice at least 60 days in advance.

 

Under Nevada Revised Statutes

40.280, notice must generally be served on you pursuant to chapter 40 of the Nevada Revised Statutes and

may be served by:

       (1) Delivering a copy

to you personally in the presence of a witness;

       (2) If you are absent

from your place of residence or usual place of business, leaving a copy with a

person of suitable age and discretion at either place and mailing a copy to you

at your place of residence or business; or

       (3) If your place of

residence or business cannot be ascertained, or a person of suitable age or

discretion cannot be found there, posting a copy in a conspicuous place on the

leased property, delivering a copy to a person residing there, if a person can

be found, and mailing a copy to you at the place where the leased property is.

 

If the property is sold and a

landlord, successful bidder or subsequent purchaser files an eviction action

against you in court, you will be served with a summons and complaint and have

the opportunity to respond. Eviction actions may result in temporary evictions,

permanent evictions, the awarding of damages pursuant to Nevada Revised

Statutes 40.360 or some combination of those results.

 

Under the Justice Court Rules of Civil

Procedure:

       (1) You will be given

at least 10 days to answer a summons and complaint;

       (2) If you do not file

an answer, an order evicting you by default may be obtained against you;

       (3) A hearing regarding

a temporary eviction may be called as soon as 11 days after you are served with

the summons and complaint; and

       (4) A hearing regarding

a permanent eviction may be called as soon as 20 days after you are served with

the summons and complaint.

 

      4.  The posting of a notice required by

this section must be completed by a process server licensed pursuant to chapter 648 of NRS or any constable or sheriff

of the county in which the property is located.

      5.  As used in this section, “residential

foreclosure” has the meaning ascribed to it in NRS

107.080.

      (Added to NRS by 2009, 2788;

A 2011,

3540; 2013,

2944)

      NRS 107.090  Request for notice of default and sale: Recording and contents;

mailing of notice; request by homeowners’ association; effect of request.

      1.  As used in this section, “person with

an interest” means any person who has or claims any right, title or interest

in, or lien or charge upon, the real property described in the deed of trust,

as evidenced by any document or instrument recorded in the office of the county

recorder of the county in which any part of the real property is situated.

      2.  A person with an interest or any other

person who is or may be held liable for any debt secured by a lien on the

property desiring a copy of a notice of default or notice of sale under a deed

of trust with power of sale upon real property may at any time after

recordation of the deed of trust record in the office of the county recorder of

the county in which any part of the real property is situated an acknowledged

request for a copy of the notice of default or of sale. The request must state

the name and address of the person requesting copies of the notices and

identify the deed of trust by stating the names of the parties thereto, the

date of recordation, and the book and page where it is recorded.

      3.  The trustee or person authorized to

record the notice of default shall, within 10 days after the notice of default

is recorded and mailed pursuant to NRS 107.080,

cause to be deposited in the United States mail an envelope, registered or

certified, return receipt requested and with postage prepaid, containing a copy

of the notice, addressed to:

      (a) Each person who has recorded a request for a

copy of the notice; and

      (b) Each other person with an interest whose

interest or claimed interest is subordinate to the deed of trust.

      4.  The trustee or person authorized to

make the sale shall, at least 20 days before the date of sale, cause to be

deposited in the United States mail an envelope, registered or certified,

return receipt requested and with postage prepaid, containing a copy of the

notice of time and place of sale, addressed to each person described in

subsection 3.

      5.  An association may record in the office

of the county recorder of the county in which a unit governed by the

association is situated an acknowledged request for a copy of the deed upon

sale of the unit pursuant to a deed of trust. A request recorded by an

association must include, without limitation:

      (a) A legal description of the unit or the

assessor’s parcel number of the unit;

      (b) The name and address of the association; and

      (c) A statement that the request is made by an

association.

      6.  A request recorded by an association

pursuant to subsection 5 regarding a unit supersedes all previous requests

recorded by the association pursuant to subsection 5 regarding the unit.

      7.  If a trustee or person authorized to

record a notice of default records the notice of default for a unit regarding

which an association has recorded a request pursuant to subsection 5, the

trustee or authorized person shall mail to the association a copy of the deed

upon the sale of the unit pursuant to a deed of trust within 15 days after the

trustee records the deed upon the sale of the unit.

      8.  No request recorded pursuant to the

provisions of subsection 2 or 5 affects the title to real property, and failure

to mail a copy of the deed upon the sale of the unit after a request is made by

an association pursuant to subsection 5 does not affect the title to real

property.

      9.  As used in this section:

      (a) “Association” has the meaning ascribed to it

in NRS 116.011.

      (b) “Unit” has the meaning ascribed to it in NRS 116.093.

      (Added to NRS by 1961, 74; A 1969, 42, 95; 1989, 644, 1772; 2001, 1751; 2009, 1012)

      NRS 107.095  Notice of default: Mailing to guarantor or surety of debt;

effect of failure to give.

      1.  The notice of default required by NRS 107.080 must also be sent by registered or

certified mail, return receipt requested and with postage prepaid, to each

guarantor or surety of the debt. If the address of the guarantor or surety is

unknown, the notice must be sent to the address of the trust property. Failure

to give the notice, except as otherwise provided in subsection 3, releases the

guarantor or surety from his or her obligation to the beneficiary, but does not

affect the validity of a sale conducted pursuant to NRS

107.080 or the obligation of any guarantor or surety to whom the notice was

properly given.

      2.  Failure to give the notice of default

required by NRS 107.090, except as otherwise

provided in subsection 3, releases the obligation to the beneficiary of any

person who has complied with NRS 107.090 and who is

or may otherwise be held liable for the debt or other obligation secured by the

deed of trust, but such a failure does not affect the validity of a sale

conducted pursuant to NRS 107.080 or the obligation

of any person to whom the notice was properly given pursuant to this section or

to NRS 107.080 or 107.090.

      3.  A guarantor, surety or other obligor is

not released pursuant to this section if:

      (a) The required notice is given at least 15 days

before the later of:

             (1) The expiration of the 15- or 35-day

period described in paragraph (a) of subsection 2 of NRS

107.080;

             (2) In the case of any trust agreement

which concerns owner-occupied housing as defined in NRS

107.086, the expiration of the period described in paragraph (b) of

subsection 2 of NRS 107.080; or

             (3) Any extension of the applicable period

by the beneficiary; or

      (b) The notice is rescinded before the sale is

advertised.

      (Added to NRS by 1989, 1770; A 2009, 1758)

      NRS 107.100  Receiver: Appointment after filing notice of breach and election

to sell.

      1.  At any time after the filing of a

notice of breach and election to sell real property under a power of sale

contained in a deed of trust, the trustee or beneficiary of the deed of trust

may apply to the district court for the county in which the property or any

part of the property is located for the appointment of a receiver of such

property.

      2.  A receiver shall be appointed where it

appears that personal property subject to the deed of trust is in danger of

being lost, removed, materially injured or destroyed, that real property

subject to the deed of trust is in danger of substantial waste or that the

income therefrom is in danger of being lost, or that the property is or may

become insufficient to discharge the debt which it secures.

      (Added to NRS by 1965, 252)

      NRS 107.110  Maintenance of residential property purchased at trustee’s sale.

      1.  Any vacant residential property

purchased or acquired by a person at a trustee’s sale pursuant to NRS 107.080 must be maintained by that person in

accordance with subsection 2.

      2.  In addition to complying with any other

ordinance or rule as required by the applicable governmental entity, the

purchaser shall care for the exterior of the property, including, without

limitation:

      (a) Limiting the excessive growth of foliage

which would otherwise diminish the value of that property or of the surrounding

properties;

      (b) Preventing trespassers from remaining on the

property;

      (c) Preventing mosquito larvae from growing in

standing water; and

      (d) Preventing any other condition that creates a

public nuisance.

      3.  If a person violates subsection 2, the

applicable governmental entity shall mail to the last known address of the

person, by certified mail, a notice:

      (a) Describing the violation;

      (b) Informing the person that a civil penalty may

be imposed pursuant to this section unless the person acts to correct the

violation within 14 days after the date of receipt of the notice and completes

the correction within 30 days after the date of receipt of the notice; and

      (c) Informing the person that he or she may

contest the allegation pursuant to subsection 4.

      4.  If a person, within 5 days after a

notice is mailed to the person pursuant to subsection 3, requests a hearing to

contest the allegation of a violation of subsection 2, the applicable

governmental entity shall apply for a hearing before a court of competent

jurisdiction.

      5.  Except as otherwise provided in subsection

8, in addition to any other penalty, the applicable governmental entity may

impose a civil penalty of not more than $1,000 per day for a violation of

subsection 2:

      (a) Commencing on the day following the

expiration of the period of time described in subsection 3; or

      (b) If the person requested a hearing pursuant to

subsection 4, commencing on the day following a determination by the court in

favor of the applicable governmental entity.

      6.  The applicable governmental entity may

waive or extend the period of time described in subsection 3 if:

      (a) The person to whom a notice is sent pursuant

to subsection 3 makes a good faith effort to correct the violation; and

      (b) The violation cannot be corrected in the

period of time described in subsection 3.

      7.  Any penalty collected by the applicable

governmental entity pursuant to this section must be directed to local nuisance

abatement programs.

      8.  The applicable governmental entity may

not assess any penalty pursuant to this section in addition to any penalty

prescribed by a local ordinance. This section shall not be deemed to preempt

any local ordinance.

      9.  If the applicable governmental entity

assesses any penalty pursuant to this section, any lien related thereto must be

recorded in the office of the county recorder.

      10.  As used in this section, “applicable

governmental entity” means:

      (a) If the property is within the boundaries of a

city, the governing body of the city; and

      (b) If the property is not within the boundaries

of a city, the board of county commissioners of the county in which the

property is located.

      (Added to NRS by 2009, 2787)

      NRS 107.120  Board of county commissioners or governing body of incorporated

city may establish by ordinance registry of abandoned residential property.

[Effective through June 30, 2017.]

      1.  A board of county commissioners or the

governing body of an incorporated city may establish by ordinance:

      (a) A registry of abandoned residential property

that contains information concerning abandoned residential property located in

the county or city.

      (b) A registry of residential property located in

the county or city that may be in danger of becoming abandoned residential

property.

      2.  If a beneficiary of a deed of trust,

the successor in interest of the beneficiary or the trustee includes with a

notice of default and election to sell recorded pursuant to subsection 2 of NRS 107.080 the affidavit and certification described

in subsection 6 of NRS 107.130 and the county or

city in which the abandoned residential property is located has established a

registry of abandoned residential property, the beneficiary or its successor in

interest or the trustee must submit a copy of the affidavit and certification

to the entity maintaining the registry for the county or city in which the

abandoned residential property is located.

      3.  If a beneficiary of a deed of trust,

the successor in interest of the beneficiary or the trustee receives a copy of

the affidavit described in subsection 7 of NRS 107.130,

the beneficiary or its successor in interest or the trustee must notify the

entity maintaining the registry for the county or city in which the property

described in the affidavit is located. Upon receiving such a notification, the

entity maintaining the registry must remove the property from the registry.

      4.  If a property which has been removed

from a registry established pursuant to this section subsequently becomes

abandoned residential property or in danger of becoming abandoned residential

property, the property may be added to the applicable registry in accordance

with this section or the requirements established for the registry by the board

of county commissioners or the governing body of an incorporated city.

      (Added to NRS by 2013, 1545)

      NRS 107.130  Expedited procedure for exercise of trustee’s power of sale

involving abandoned residential property; inspection of real property to

determine abandonment; required notice, certification and affidavit; civil

penalty for noncompliance with certain requirements. [Effective through June

30, 2017.]

      1.  A beneficiary may elect to use an

expedited procedure for the exercise of the trustee’s power of sale pursuant to

NRS 107.080 if, after an investigation, the

beneficiary:

      (a) Determines that real property is abandoned

residential property; and

      (b) Receives from the applicable governmental

entity a certification pursuant to subsection 4.

      2.  Each board of county commissioners of a

county and each governing body of an incorporated city shall designate an agency

or a contractor to inspect real property upon receipt of a request pursuant to

paragraph (b) of subsection 3 and to provide certifications that real property

is abandoned residential property pursuant to subsection 4.

      3.  If a beneficiary has a reasonable

belief that real property may be abandoned residential property, the

beneficiary or its agent:

      (a) May enter the real property, but may not

enter any dwelling or structure, to investigate whether the real property is

abandoned residential property. Notwithstanding any other provision of law, a

beneficiary and its agents who enter real property pursuant to this paragraph

are not liable for trespass.

      (b) May request a certification pursuant to

subsection 4 from the agency or contractor designated by the applicable

governmental entity pursuant to subsection 2.

      4.  Upon receipt of a request pursuant to

paragraph (b) of subsection 3, the agency or contractor designated by the

applicable governmental entity shall inspect the real property to determine the

existence of two or more conditions pursuant to subparagraph (7) of paragraph

(b) of subsection 1 of NRS 107.0795. The designee

and any employees of the designee may enter the real property, but may not

enter any dwelling or structure, to perform an inspection pursuant to this

subsection, and the designee and any employees who enter real property pursuant

to this subsection are not liable for any civil damages as a result of any act

or omission, not amounting to gross negligence, or for trespass. If the

designee or an employee of the designee determines that the real property is

abandoned residential property, the designee shall serve a notice by

first-class mail to the grantor or the successor in interest of the grantor and

by posting the notice on the front door of the residence. The notice must

provide that unless a lawful occupant of the real property contacts the

designee within 30 days after service of the notice, the designee will issue a

certification that the real property is abandoned residential property and that

the beneficiary may use the certification to seek an expedited procedure for

the exercise of the trustee’s power of sale. If a grantor or the successor in

interest of the grantor or a lawful occupant of the real property fails to

contact the designee within 30 days after service of the notice, the designee

shall provide to the beneficiary a certification that the real property is

abandoned residential property. The certification required by this subsection

must:

      (a) Be signed and verified by the designee or the

employee or employees of the designee who inspected the real property;

      (b) State that, upon information and belief of

the designee, after investigation by the designee or the employee or employees

of the designee, the real property is abandoned residential property; and

      (c) State the conditions or circumstances

supporting the determination that the property is abandoned residential

property. Documentary evidence in support of such conditions or circumstances

must be attached to the certification.

      5.  For an inspection, service of notice

and issuance of a certification pursuant to subsection 4, the agency or

contractor designated pursuant to subsection 2 by the applicable governmental

entity may charge and receive from the beneficiary a fee of not more than $300.

      6.  A beneficiary who elects to use an

expedited procedure for the exercise of the trustee’s power of sale pursuant to

NRS 107.080 must include, or cause to be included,

with the notice of default and election to sell recorded pursuant to subsection

2 of NRS 107.080 an affidavit setting forth the

facts supporting the determination that the real property is abandoned

residential property and the certification provided to the beneficiary pursuant

to subsection 4. The affidavit required by this subsection must:

      (a) Be signed and verified by the beneficiary;

      (b) State that, upon information and belief of

the beneficiary after investigation by the beneficiary or its agent, the

property is abandoned residential property; and

      (c) State the conditions or circumstances

supporting the determination that the property is abandoned residential

property. Documentary evidence in support of such conditions or circumstances

must be attached to the affidavit.

      7.  If the notice of default and election

to sell recorded pursuant to subsection 2 of NRS

107.080 includes the affidavit and certification described in subsection 6,

before the sale, the grantor or a successor in interest of the grantor may

record in the office of the county recorder in the county where the real

property is located an affidavit stating that the real property is not

abandoned residential property, unless the grantor or the successor in interest

of the grantor has surrendered the property as evidenced by a document signed

by the grantor or successor confirming the surrender or by the delivery of the

keys to the real property to the beneficiary. Upon the recording of such an

affidavit:

      (a) The grantor or the successor in interest must

mail by registered or certified mail, return receipt requested, to the

beneficiary and the trustee a copy of the affidavit; and

      (b) The notice of default and election to sell

and the affidavit and certification described in subsection 6 are deemed to be

withdrawn.

      8.  If the notice of default and election

to sell recorded pursuant to subsection 2 of NRS

107.080 includes the affidavit and certification described in subsection 6,

the trustee’s sale of the abandoned residential property must be conducted

within 6 months after the beneficiary received the certification. If the

trustee’s sale is not conducted within 6 months after the beneficiary received

the certification:

      (a) The notice of default and election to sell and

the affidavit and certification described in subsection 6 are deemed to be

withdrawn; and

      (b) The beneficiary is liable to the grantor or

the successor in interest of the grantor for a civil penalty of not more than

$500.

      9.  The period specified in subsection 8 is

tolled:

      (a) If a borrower has filed a case under 11

U.S.C. Chapter 7, 11, 12 or 13, until the bankruptcy court enters an order

closing or dismissing the bankruptcy case or granting relief from a stay of the

trustee’s sale.

      (b) If a court issues a stay or enjoins the

trustee’s sale, until the court issues an order granting relief from the stay

or dissolving the injunction.

      10.  As used in this section:

      (a) “Applicable governmental entity” means:

             (1) If the real property is within the

boundaries of a city, the governing body of the city; and

             (2) If the real property is not within the

boundaries of a city, the board of county commissioners of the county in which

the property is located.

      (b) “Beneficiary” means the beneficiary of the

deed of trust or the successor in interest of the beneficiary or any person

designated or authorized to act on behalf of the beneficiary or its successor

in interest.

      (Added to NRS by 2013, 1546)

      NRS 107.140  Sale in lieu of foreclosure sale: Limitations.

      1.  No provision of the laws of this State

may be construed to require a sale in lieu of a foreclosure sale to be an arm’s

length transaction or to prohibit a sale in lieu of a foreclosure sale that is

not an arm’s length transaction.

      2.  As used in this section, “sale in lieu

of a foreclosure sale” has the meaning ascribed to it in NRS 40.4634.

      (Added to NRS by 2013, 2195)

STATEMENT FROM BENEFICIARY OF DEED OF TRUST

      NRS 107.200  Contents of statement regarding debt secured by deed of trust.  Except as otherwise provided in NRS 107.230, the beneficiary of a deed of trust

secured on or after October 1, 1995, shall, within 21 days after receiving a

request from a person authorized to make such a request pursuant to NRS 107.220, cause to be mailed, postage prepaid, or

sent by facsimile machine to that person a statement regarding the debt secured

by the deed of trust. The statement must include:

      1.  The amount of the unpaid balance of the

debt secured by the deed of trust, the rate of interest on the unpaid balance

and the total amount of principal and interest which is due and has not been

paid.

      2.  The amount of the periodic payments, if

any, required under the note.

      3.  The date the payment of the debt is

due.

      4.  The period for which real estate taxes

and special assessments have been paid, if that information is known to the

beneficiary.

      5.  The amount of property insurance

covering the real property and the term and premium of that insurance, if that

information is known to the beneficiary.

      6.  The amount in an account, if any,

maintained for the accumulation of money for the payment of taxes and insurance

premiums.

      7.  The amount of any additional charges,

costs or expenses paid or incurred by the beneficiary which is a lien on the

real property described in the deed of trust.

      8.  Whether the debt secured by the deed of

trust may be transferred to a person other than the grantor.

      (Added to NRS by 1995, 1519)

      NRS 107.210  Contents of statement of amount necessary to discharge debt

secured by deed of trust.  Except

as otherwise provided in NRS 107.230 and 107.240, the beneficiary of a deed of trust secured on

or after October 1, 1995, shall, within 21 days after receiving a request from

a person authorized to make such a request pursuant to NRS

107.220, cause to be mailed, postage prepaid, or sent by facsimile machine

to that person a statement of the amount necessary to discharge the debt

secured by the deed of trust. The statement must set forth:

      1.  The identity of the trustee or the

trustee’s personal representative or assignee, the current holder of the note

secured by the deed of trust, the beneficiary of record and the servicers of

the obligation or debt secured by the deed of trust;

      2.  The amount of money necessary to

discharge the debt secured by the deed of trust on the date the statement is

prepared by the beneficiary;

      3.  The information necessary to determine

the amount of money required to discharge the debt on a per diem basis for a

period, not to exceed 30 days, after the statement is prepared by the

beneficiary; and

      4.  If the debt is in default, the amount

in default, the principal amount of the obligation or debt secured by the deed

of trust, the interest accrued and unpaid on the obligation or debt secured by

the deed of trust, all fees imposed because of the default and the costs and

fees charged to the debtor in connection with the exercise of the power of

sale.

      (Added to NRS by 1995, 1519; A 2011, 336, 1748)

      NRS 107.220  Persons authorized to request statement from beneficiary; proof

of identity of successor in interest.

      1.  A statement described in NRS 107.200 or 107.210 may

be requested by:

      (a) The grantor of, or a successor in interest

in, the property which is the subject of the deed of trust;

      (b) A person who has a subordinate lien or

encumbrance of record on the property which is secured by the deed of trust;

      (c) A title insurer; or

      (d) An authorized agent of any person described

in paragraph (a), (b) or (c).

Ê A written

statement signed by any person described in paragraph (a), (b) or (c) which

appoints a person to serve as agent if delivered personally to the beneficiary

or delivered by mail, return receipt requested, is proof of the identity of an

agent.

      2.  For the purposes of paragraph (a) of

subsection 1, a policy of title insurance, preliminary report issued by a title

company, certified copy of letters testamentary or letters of guardianship, or

an original or photographic copy of a deed, if delivered personally to the

beneficiary or delivered by mail, return receipt requested, is proof of the

identity of a successor in interest of the grantor, if the person demanding the

statement is named as successor in interest in the document.

      (Added to NRS by 1995, 1519)

      NRS 107.230  Proof of authorization to request statement.  A beneficiary may, before mailing a statement

described in NRS 107.200 or 107.210,

require the person who requested the statement to prove that the person is

authorized to request that statement pursuant to NRS

107.220. If the beneficiary requires such proof, the beneficiary must mail

the statement within 21 days after receiving proof from the requester.

      (Added to NRS by 1995, 1520)

      NRS 107.240  Grounds for refusal to deliver statement.  If the debt secured by a deed of trust for

which a statement described in NRS 107.210 has been

requested is subject to a recorded notice of default or a filed complaint

commencing a judicial foreclosure, the beneficiary may refuse to deliver the

statement unless the written request for the statement is received before the

publication of a notice of sale or the notice of the date of sale established

by a court.

      (Added to NRS by 1995, 1520)

      NRS 107.250  Reliance upon accuracy of statement and amended statement;

notification of amended statement; recovery of money by beneficiary if

statement is deficient.

      1.  A person who receives a statement

pursuant to NRS 107.200 or 107.210

may rely upon the accuracy of the information contained in the statement. If

the beneficiary notifies the person who requested the statement of any

amendment to the statement, the amended statement may be relied upon by that

person in the same manner as the original statement.

      2.  If notification of an amendment to a

statement is not given in writing, a written amendment to the statement must be

delivered to the person who requested the original statement not later than the

next business day after notification.

      3.  If a statement prepared by the beneficiary

pursuant to NRS 107.200 does not contain the entire

amount necessary to discharge the debt secured by the deed of trust and:

      (a) A transaction has occurred which has resulted

in the transfer of title or recordation of a lien; or

      (b) A trustee’s sale or a sale supervised by a

court has taken place,

Ê the

beneficiary may recover that money as an unsecured debt of the grantor pursuant

to the terms of the note.

      (Added to NRS by 1995, 1520)

      NRS 107.260  Copy of note or deed of trust for authorized requester.  If a person who is authorized pursuant to NRS 107.220 to request a statement described in NRS 107.200 or 107.210

includes in the request for such a statement a request for a copy of the note

or deed of trust, the beneficiary shall mail a copy of the note or deed of

trust with the statement at no additional charge.

      (Added to NRS by 1995, 1520)

      NRS 107.270  Address to which request for statement must be mailed.  If the beneficiary has more than one place of

business, a request for a statement described in NRS

107.200 or 107.210 must be made to the address

to which the periodic payments under the note are made. If no periodic payments

are made under the note, the request must be mailed to the address of the

beneficiary listed on the note or deed of trust.

      (Added to NRS by 1995, 1520)

      NRS 107.280  Debt to which information contained in statement is applicable.  Except as otherwise provided in a statement

described in NRS 107.200 or 107.210,

the information contained in the statement applies only to the debt secured by

the deed of trust which is payable at the address to which the periodic

payments are made. If periodic payments are not made under the note, the

statement applies only to the entire debt secured by the deed of trust.

      (Added to NRS by 1995, 1520)

      NRS 107.290  Unclear request for statement deemed to be request for amount

necessary to discharge debt.  If a

person requests a statement described in NRS 107.200

or 107.210 and it is not clear from the request

which statement is requested, the request shall be deemed a request for a

statement of the amount necessary to discharge the debt secured by a deed of

trust.

      (Added to NRS by 1995, 1521)

      NRS 107.300  Penalty for failure to deliver statement; bar to recovery of

certain damages.

      1.  A beneficiary who willfully fails to

deliver a statement requested pursuant to NRS 107.200

or 107.210 within 21 days after it is requested is

liable to the person who requested the statement in an amount of $300 and any

actual damages suffered by the person who requested the statement.

      2.  A judgment awarded to a person who requested

a statement pursuant to NRS 107.200 or 107.210 for failure to deliver a statement bars

recovery of damages for any other failure to deliver that statement pursuant to

a demand made within 6 months before or after the demand for which the judgment

was awarded.

      3.  As used in this section, “willfully”

means an intentional failure to comply with the requirements of NRS 107.200 or 107.210

without just cause.

      (Added to NRS by 1995, 1521)

      NRS 107.310  Fee for furnishing statement.  The

beneficiary may charge a fee of not more than $60 for each statement furnished

pursuant to NRS 107.200 or 107.210.

      (Added to NRS by 1995, 1521)

      NRS 107.311  Applicability of NRS 107.310.  The provisions of NRS

107.310 do not apply to deeds of trust insured by the Federal Housing

Administrator or guaranteed by the Secretary of Veterans Affairs.

      (Added to NRS by 1995, 1518)

ADDITIONAL REQUIREMENTS FOR FORECLOSURE OF OWNER-OCCUPIED

HOUSING SECURING RESIDENTIAL MORTGAGE LOAN

      NRS 107.400  Definitions.  As used

in NRS 107.400 to 107.560,

inclusive, unless the context otherwise requires, the words and terms defined

in NRS 107.410 to 107.450,

inclusive, have the meanings ascribed to them in those sections.

      (Added to NRS by 2013, 2185)

      NRS 107.410  “Borrower” defined.  “Borrower”

means a natural person who is a mortgagor or grantor of a deed of trust under a

residential mortgage loan. The term does not include a natural person who:

      1.  Has surrendered the secured property as

evidenced by a letter confirming the surrender or the delivery of the keys to

the property to the mortgagee, trustee, beneficiary of the deed of trust or an

authorized agent of such a person.

      2.  Has filed a case under 11 U.S.C.

Chapter 7, 11, 12 or 13 and the bankruptcy court has not entered an order

closing or dismissing the bankruptcy case, or granting relief from a stay of

foreclosure or trustee’s sale.

      (Added to NRS by 2013, 2185)

      NRS 107.420  “Foreclosure prevention alternative” defined.  “Foreclosure prevention alternative” means a

modification of a loan secured by the most senior residential mortgage loan on

the property or any other loss mitigation option. The term includes, without

limitation, a sale in lieu of a foreclosure sale, as defined in NRS 40.4634.

      (Added to NRS by 2013, 2185)

      NRS 107.430  “Foreclosure sale” defined.  “Foreclosure

sale” means the exercise of the trustee’s power of sale pursuant to NRS 107.080 or a sale directed by a court pursuant to NRS 40.430.

      (Added to NRS by 2013, 2185)

      NRS 107.440  “Mortgage servicer” defined.  “Mortgage

servicer” means a person who directly services a residential mortgage loan, or

who is responsible for interacting with a borrower, managing a loan account on

a daily basis, including, without limitation, collecting and crediting periodic

loan payments, managing any escrow account or enforcing the note and security

instrument, either as the current owner of the promissory note or as the

authorized agent of the current owner of the promissory note. The term includes

a person providing such services by contract as a subservicing agent to a

master servicer by contract. The term does not include a trustee under a deed

of trust, or the trustee’s authorized agent, acting under a power of sale

pursuant to a deed of trust.

      (Added to NRS by 2013, 2185)

      NRS 107.450  “Residential mortgage loan” defined.  “Residential

mortgage loan” means a loan which is primarily for personal, family or

household use and which is secured by a mortgage or deed of trust on

owner-occupied housing as defined in NRS 107.086.

      (Added to NRS by 2013, 2185)

      NRS 107.460  Applicability.  The

provisions of NRS 107.400 to 107.560,

inclusive, do not apply to a financial institution, as defined in NRS 660.045, that, during its immediately

preceding annual reporting period, as established with its primary regulator,

has foreclosed on 100 or fewer real properties located in this State which

constitute owner-occupied housing, as defined in NRS

107.086.

      (Added to NRS by 2013, 2185)

      NRS 107.470  Right of borrower to pursue more than one foreclosure prevention

alternative.  The provisions of NRS 107.400 to 107.560,

inclusive, must not be construed to authorize a mortgage servicer, a mortgagee

or a beneficiary of a deed of trust to restrict a borrower from pursuing

concurrently more than one foreclosure prevention alternative.

      (Added to NRS by 2013, 2185)

      NRS 107.480  Restrictions on trustee’s power of sale and civil actions for

foreclosure sales.

      1.  In addition to the requirements of NRS 107.085 and 107.086,

the exercise of a trustee’s power of sale pursuant to NRS

107.080 with respect to a deed of trust securing a residential mortgage

loan is subject to the provisions of NRS 107.400 to

107.560, inclusive.

      2.  In addition to the requirements of NRS 40.430 to 40.4639, inclusive, a civil action for a

foreclosure sale pursuant to NRS 40.430

involving a failure to make a payment required by a residential mortgage loan

is subject to the requirements of NRS 107.400 to 107.560, inclusive.

      (Added to NRS by 2013, 2186)

      NRS 107.490  Duties of mortgage servicer.

      1.  Any duty of a mortgage servicer to

maximize net present value under a pooling and servicing agreement is owed to

all parties in a loan pool, or to all investors under a pooling and servicing

agreement, not to any particular party in the loan pool or investor under a

pooling and servicing agreement.

      2.  A mortgage servicer acts in the best

interests of all parties to the loan pool or investors in the pooling and

servicing agreement if the mortgage servicer agrees to or implements a

foreclosure prevention alternative for which both of the following apply:

      (a) The residential mortgage loan is in payment

default or payment default is reasonably foreseeable.

      (b) Anticipated recovery under the foreclosure

prevention alternative exceeds the anticipated recovery through foreclosure on

a net present value basis.

      (Added to NRS by 2013, 2186)

      NRS 107.500  Requirements before recording of notice of default and election

to sell or commencing civil action for foreclosure sale: Notice; contents.

      1.  At least 30 calendar days before

recording a notice of default and election to sell pursuant to subsection 2 of NRS 107.080 or commencing a civil action for a

foreclosure sale pursuant to NRS 40.430

involving a failure to make a payment required by a residential mortgage loan

and at least 30 calendar days after the borrower’s default, the mortgage

servicer, mortgagee or beneficiary of the deed of trust shall mail, by

first-class mail, a notice addressed to the borrower at the borrower’s primary

address as indicated in the records of the mortgage servicer, mortgagee or

beneficiary of the deed of trust, which contains:

      (a) A statement that if the borrower is a

servicemember or a dependent of a servicemember, he or she may be entitled to

certain protections under the federal Servicemembers Civil Relief Act, 50

U.S.C. Appx. §§ 501 et seq., regarding the servicemember’s interest rate and

the risk of foreclosure, and counseling for covered servicemembers that is

available from Military OneSource and the United States Armed Forces Legal

Assistance or any other similar agency.

      (b) A summary of the borrower’s account which

sets forth:

             (1) The total amount of payment necessary

to cure the default and reinstate the residential mortgage loan or to bring the

residential mortgage loan into current status;

             (2) The amount of the principal obligation

under the residential mortgage loan;

             (3) The date through which the borrower’s

obligation under the residential mortgage loan is paid;

             (4) The date of the last payment by the

borrower;

             (5) The current interest rate in effect

for the residential mortgage loan, if the rate is effective for at least 30

calendar days;

             (6) The date on which the interest rate

for the residential mortgage loan may next reset or adjust, unless the rate

changes more frequently than once every 30 calendar days;

             (7) The amount of the prepayment fee

charged under the residential mortgage loan, if any;

             (8) A description of any late payment fee

charged under the residential mortgage loan;

             (9) A telephone number or electronic mail

address that the borrower may use to obtain information concerning the

residential mortgage loan; and

             (10) The names, addresses, telephone

numbers and Internet website addresses of one or more counseling agencies or

programs approved by the United States Department of Housing and Urban Development.

      (c) A statement of the facts establishing the

right of the mortgage servicer, mortgagee or beneficiary of the deed of trust

to cause the trustee to exercise the trustee’s power of sale pursuant to NRS 107.080 or to commence a civil action for the

recovery of any debt, or for the enforcement of any right, under a residential

mortgage loan that is not barred by NRS

40.430.

      (d) A statement of the foreclosure prevention

alternatives offered by, or through, the mortgage servicer, mortgagee or

beneficiary of the deed of trust.

      (e) A statement that the borrower may request:

             (1) A copy of the borrower’s promissory

note or other evidence of indebtedness;

             (2) A copy of the borrower’s mortgage or

deed of trust;

             (3) A copy of any assignment, if

applicable, of the borrower’s mortgage or deed of trust required to demonstrate

the right of the mortgage servicer, mortgagee or beneficiary of the deed of

trust to cause the trustee to exercise the trustee’s power of sale pursuant to NRS 107.080 or to commence a civil action for the

recovery of any debt, or for the enforcement of any right, under a residential

mortgage loan that is not barred by NRS

40.430; and

             (4) A copy of the borrower’s payment

history since the borrower was last less than 60 calendar days past due.

      2.  Unless a borrower has exhausted the

process described in NRS 107.520 and 107.530 for applying for a foreclosure prevention

alternative offered by, or through, the mortgage servicer, mortgagee or

beneficiary of the deed of the trust, not later than 5 business days after a

notice of default and election to sell is recorded pursuant to subsection 2 of NRS 107.080 or a civil action for the recovery of any

debt, or for the enforcement of any right, under a residential mortgage loan

that is not barred by NRS 40.430 is

commenced, the mortgage servicer, mortgagee or beneficiary of the deed of trust

that offers one or more foreclosure prevention alternatives must send to the

borrower a written statement:

      (a) That the borrower may be evaluated for a

foreclosure prevention alternative or, if applicable, foreclosure prevention

alternatives;

      (b) Whether a complete application is required to

be submitted by the borrower if the borrower wants to be considered for a

foreclosure prevention alternative; and

      (c) Of the means and process by which a borrower

may obtain an application for a foreclosure prevention alternative.

      (Added to NRS by 2013, 2186)

      NRS 107.510  Recording of notice of default and election to sell or

commencing civil action for foreclosure sale prohibited in certain

circumstances; mortgage servicer required to contact borrower; exceptions.

      1.  A mortgage servicer, mortgagee,

trustee, beneficiary of a deed of trust or an authorized agent of such a person

may not record a notice of default and election to sell pursuant to subsection

2 of NRS 107.080 or commence a civil action for a

foreclosure sale pursuant to NRS 40.430

involving a failure to make a payment required by a residential mortgage loan

until:

      (a) The mortgage servicer, mortgagee or

beneficiary of the deed of trust has satisfied the requirements of subsection 1

of NRS 107.500;

      (b) Thirty calendar days after initial contact is

made with the borrower as required by subsection 2 or 30 calendar days after

satisfying the requirements of subsection 5; and

      (c) The mortgage servicer, mortgagee or

beneficiary of the deed of trust complies with NRS

107.520 and 107.530, if the borrower submits an

application for a foreclosure prevention alternative offered by, or through,

the mortgage servicer, mortgagee or beneficiary.

      2.  The mortgage servicer shall contact the

borrower in person or by telephone to assess the borrower’s financial situation

and to explore options for the borrower to avoid a foreclosure sale. During the

initial contact, the mortgage servicer shall advise the borrower that he or she

has the right to request a subsequent meeting and, if requested, the mortgage

servicer must schedule the meeting to occur within 14 calendar days after the

request. The assessment of the borrower’s financial situation and discussion of

the options to avoid a foreclosure sale may occur during the initial contact or

at the subsequent meeting scheduled for that purpose. In either case, the

borrower must be provided the toll-free telephone number made available by the

United States Department of Housing and Urban Development to find a housing

counseling agency certified by that Department. Any meeting pursuant to this

subsection may occur by telephone.

      3.  The loss mitigation personnel of a

mortgage servicer may participate by telephone during any contact with a

borrower required by this section.

      4.  A borrower may designate, with consent

given in writing, a housing counseling agency certified by the United States

Department of Housing and Urban Development, an attorney or any other adviser

to discuss with the mortgage servicer, on the borrower’s behalf, the borrower’s

financial situation and options for the borrower to avoid a foreclosure sale.

Contact with a person or agency designated by a borrower pursuant to this

subsection satisfies the requirements of subsection 2. A foreclosure prevention

alternative offered during any contact with a person or agency designated by a

borrower pursuant to this subsection is subject to the approval of the

borrower.

      5.  If a mortgage servicer has not contacted

a borrower as required by subsection 2, a notice of default and election to

sell may be recorded pursuant to subsection 2 of NRS

107.080 or a civil action for a foreclosure sale pursuant to NRS 40.430 involving a failure to make a

payment required by a residential mortgage loan may be commenced, if the

mortgage servicer has taken all the following actions:

      (a) The mortgage servicer attempts to contact the

borrower by mailing by first-class mail to the borrower a letter informing the

borrower of his or her right to discuss foreclosure prevention alternatives and

providing the toll-free telephone number made available by the United States

Department of Housing and Urban Development to find a housing counseling agency

approved by that Department.

      (b) After mailing the letter required by

paragraph (a), the mortgage servicer attempts to contact the borrower by

telephone at least 3 times at different hours on different days. Telephone

calls made pursuant to this paragraph must be made to the primary telephone

number of the borrower which is on file with the mortgage servicer. A mortgage

servicer may attempt to contact a borrower pursuant to this paragraph by using

an automated system to dial borrowers if, when the telephone call is answered,

the call is connected to a live representative of the mortgage servicer. A

mortgage servicer satisfies the requirements of this paragraph if it

determines, after attempting to contact a borrower pursuant to this paragraph,

that the primary telephone number of the borrower which is on file with the

mortgage servicer and any secondary telephone numbers on file with the mortgage

servicer have been disconnected.

      (c) If the borrower does not respond within 14

calendar days after the mortgage servicer satisfies the requirements of

paragraph (b), the mortgage servicer sends, by certified mail, return receipt

requested, or any other mailing process that requires a signature upon

delivery, a letter that includes the information required by paragraph (a).

      (d) The mortgage servicer provides a means for

the borrower to contact the mortgage servicer in a timely manner, including,

without limitation, a toll-free telephone number that will provide access to a

live representative during business hours.

      (e) The mortgage servicer posts on the homepage

of its Internet website, if any, a prominent link to the following information:

             (1) Options that may be available to

borrowers who are unable to afford payments under a residential mortgage loan

and who wish to avoid a foreclosure sale, and instructions to such borrowers

advising them on steps to take to explore those options.

             (2) A list of financial documents the

borrower should collect and be prepared to present to the mortgage servicer

when discussing options to avoid a foreclosure sale.

             (3) A toll-free telephone number for

borrowers who wish to discuss with the mortgage servicer options for avoiding a

foreclosure sale.

             (4) The toll-free telephone number made

available by the United States Department of Housing and Urban Development to

find a housing counseling agency certified by that Department.

      6.  If the property is subject to the

requirements of NRS 107.400 to 107.560, inclusive, a notice of default and election

to sell recorded pursuant to subsection 2 of NRS

107.080 or a complaint commencing a civil action for a foreclosure sale

pursuant to NRS 40.430 involving a

failure to make a payment required by a residential mortgage loan must contain

a declaration that the mortgage servicer has contacted the borrower as required

by subsection 2, has attempted to contact the borrower as required by

subsection 5 or that no contact was required.

      (Added to NRS by 2013, 2188)

      NRS 107.520  Application for foreclosure prevention alternative;

acknowledgment of receipt required; contents of acknowledgment; deficiencies in

application.

      1.  Not later than 5 business days after

receiving an application for a foreclosure prevention alternative or any

document in connection with such an application, a mortgage servicer, mortgagee

or beneficiary of the deed of trust shall send to the borrower written

acknowledgment of the receipt of the application or document.

      2.  The mortgage servicer, mortgagee or

beneficiary of the deed of trust shall include in the initial acknowledgment of

receipt of an application for a foreclosure prevention alternative:

      (a) A description of the process for considering

the application, including, without limitation, a statement that:

             (1) The mortgage servicer, mortgagee or

beneficiary must either deny the application for a foreclosure prevention

alternative or submit a written offer for a foreclosure prevention alternative

within 30 calendar days after the borrower submits a complete application for a

foreclosure prevention alternative; and

             (2) If the mortgage servicer, mortgagee or

beneficiary submits to the borrower a written offer for a foreclosure

prevention alternative, the borrower must accept or reject the offer within 14

calendar days after the borrower receives the offer, and the offer is deemed to

be rejected if the borrower does not accept or reject the offer within 14

calendar days after the borrower receives the offer;

      (b) A statement of any deadlines that affect the

processing of an application for a foreclosure prevention alternative, including,

without limitation, the deadline for submitting any missing documentation; and

      (c) A statement of the expiration dates for any

documents submitted by the borrower.

      3.  If a borrower submits an application

for a foreclosure prevention alternative but does not initially submit all the

documents or information required to complete the application, the mortgage

servicer must:

      (a) Include in the initial acknowledgment of

receipt of the application required by subsection 2 a statement of any

deficiencies in the borrower’s application; and

      (b) Allow the borrower not less than 30 calendar

days to submit any documents or information required to complete the

application.

      (Added to NRS by 2013, 2189)

      NRS 107.530  Effect of submitting application for foreclosure prevention

alternative; offer, acceptance and rejection of foreclosure prevention

alternative; denial of application; appeal; fees prohibited.

      1.  If a borrower submits an application

for a foreclosure prevention alternative offered by, or through, the borrower’s

mortgage servicer or mortgagee or the beneficiary of the deed of trust, then

the mortgage servicer, mortgagee, trustee, beneficiary of the deed of trust or

an authorized agent of such a person may not commence a civil action for a

foreclosure sale pursuant to NRS 40.430

involving a failure to make a payment required by a residential mortgage loan,

record a notice of default and election to sell pursuant to subsection 2 of NRS 107.080 or a notice of sale pursuant to subsection

4 of NRS 107.080, or conduct a foreclosure sale

until one of the following has occurred:

      (a) The borrower fails to submit all the

documents or information required to complete the application within 30

calendar days after the date of the initial acknowledgment of receipt of the

application sent to the borrower pursuant to NRS

107.520.

      (b) The mortgage servicer, mortgagee or beneficiary

of the deed of trust makes a written determination that the borrower is not

eligible for a foreclosure prevention alternative, and any appeal period

pursuant to subsection 5 has expired.

      (c) The borrower does not accept a written offer

for a foreclosure prevention alternative within 14 calendar days after the date

on which the offer is received by the borrower.

      (d) The borrower accepts a written offer for a

foreclosure prevention alternative, but defaults on, or otherwise breaches the

borrower’s obligations under, the foreclosure prevention alternative.

      2.  Not later than 30 calendar days after

the borrower submits a complete application for a foreclosure prevention

alternative, the mortgage servicer shall submit to the borrower a written offer

for a foreclosure prevention alternative or the written statement of the denial

of the application described in subsection 4. The borrower must accept or

reject the offer within 14 calendar days after the borrower receives the offer.

If a borrower does not accept a written offer for a foreclosure prevention

alternative within 14 calendar days after the borrower receives the offer for

the foreclosure prevention alternative, the offer is deemed to be rejected.

      3.  If a borrower accepts an offer for a

foreclosure prevention alternative, the mortgage servicer must provide the

borrower with a copy of the complete agreement evidencing the foreclosure

prevention alternative, signed by the mortgagee or beneficiary of the deed of

trust or an agent or authorized representative of the mortgagee or beneficiary.

      4.  If a borrower submits a complete

application for a foreclosure prevention alternative and the borrower’s

application is denied, the mortgage servicer must send to the borrower a

written statement of:

      (a) The reason or reasons for the denial;

      (b) The amount of time the borrower has to

request an appeal of the denial, which must be not less than 30 days; and

      (c) Instructions regarding how to appeal the

denial, including, without limitation, how to provide evidence that the denial

was in error.

      5.  If a borrower submits a complete

application for a foreclosure prevention alternative and the borrower’s

application is denied, the mortgage servicer, mortgagee, trustee, beneficiary

of the deed of trust, or an authorized agent of such a person may not commence

a civil action for a foreclosure sale pursuant to NRS 40.430 involving a failure to make a

payment required by a residential mortgage loan, record a notice of default and

election to sell pursuant to subsection 2 of NRS

107.080 or a notice of sale pursuant to subsection 4 of NRS 107.080, or conduct a foreclosure sale until the

later of:

      (a) Thirty-one calendar days after the borrower

is sent the written statement required by subsection 4; and

      (b) If the borrower appeals the denial, the later

of:

             (1) Fifteen calendar days after the denial

of the appeal;

             (2) If the appeal is successful, 14

calendar days after a first lien loan modification or another foreclosure

prevention alternative offered after appeal is rejected by the borrower; and

             (3) If the appeal is successful and a

first lien loan modification or another foreclosure prevention alternative is

offered and accepted, the date on which the borrower fails to timely submit the

first payment or otherwise breaches the terms of the offer.

      6.  If the borrower appeals the denial of a

complete application for a foreclosure prevention alternative, not later than

30 calendar days after the borrower requests the appeal, the mortgage servicer

must submit to the borrower a written offer for a foreclosure prevention alternative

or a written denial of the appeal. The borrower must accept or reject the offer

within 14 calendar days after the borrower receives the offer. If a borrower

does not accept a written offer for a foreclosure prevention alternative within

14 calendar days after the borrower receives the written offer for the

foreclosure prevention alternative, the offer is deemed to be rejected.

      7.  A mortgage servicer shall not charge or

collect any:

      (a) Application, processing or other fee for a

foreclosure prevention alternative; or

      (b) Late fees for periods during which:

             (1) A foreclosure prevention alternative

is under consideration or a denial is being appealed;

             (2) The borrower is making timely payments

under a foreclosure prevention alternative; or

             (3) A foreclosure prevention alternative

is being evaluated or exercised.

      8.  A mortgage servicer is not required to

evaluate an application from a borrower who has already been evaluated or

afforded a fair opportunity to be evaluated for a foreclosure prevention

alternative before October 1, 2013, or who has been evaluated or afforded a

fair opportunity to be evaluated consistent with the requirements of this

section, unless:

      (a) There has been a material change in the

borrower’s financial circumstances since the date of the borrower’s previous

application; and

      (b) That change is documented by the borrower and

submitted to the mortgage servicer.

      9.  For purposes of this section, an

application is complete when a borrower has supplied the mortgage servicer with

all documents required by the mortgage servicer within the reasonable

timeframes specified by the mortgage servicer.

      (Added to NRS by 2013, 2190)

      NRS 107.540  Single point of contact required to be established by mortgage

servicer for foreclosure prevention alternative; responsibilities.

      1.  If a borrower requests a foreclosure

prevention alternative, the mortgage servicer must promptly establish a single

point of contact and provide to the borrower one or more direct means of

communication with the single point of contact.

      2.  A single point of contact is

responsible for:

      (a) Communicating the process by which a borrower

may apply for an available foreclosure prevention alternative and the deadline

for any required submissions to be considered for the foreclosure prevention

alternatives.

      (b) Coordinating receipt of all documents

associated with the available foreclosure prevention alternatives and notifying

the borrower of any missing documents necessary to complete an application for

a foreclosure prevention alternative.

      (c) Having access to current information and

personnel sufficient to timely, accurately and adequately inform the borrower

of the current status of the foreclosure prevention alternative.

      (d) Ensuring that the borrower is considered for

all foreclosure prevention alternatives offered by, or through, the mortgage

servicer and for which the borrower is or may be eligible.

      (e) Having access to a person or persons with the

ability and authority to stop the foreclosure process when necessary.

      3.  A single point of contact must remain

assigned to the borrower’s account until the mortgage servicer determines that

all foreclosure prevention alternatives offered by, or through, the mortgage

servicer have been exhausted or the borrower’s account becomes current.

      4.  The mortgage servicer shall ensure that

a single point of contact refers and transfers a borrower to an appropriate

supervisor upon request of the borrower, if the single point of contact has a

supervisor.

      5.  If the responsibilities of a single

point of contact are performed by a team of personnel, the mortgage servicer

must ensure that each member of the team is knowledgeable about the borrower’s

situation and current status in the process of seeking a foreclosure prevention

alternative.

      6.  As used in this section, “single point

of contact” means a natural person or a team of personnel each of whom has the

ability and authority to perform the responsibilities described in this

section.

      (Added to NRS by 2013, 2192)

      NRS 107.550  Dismissal of civil action for foreclosure sale, rescission of

notice of default and election to sell or notice of sale and cancellation of

pending foreclosure sale required in certain circumstances; effect on mortgagee

or beneficiary of deed of trust.

      1.  A civil action for a foreclosure sale

pursuant to NRS 40.430 involving a

failure to make a payment required by a residential mortgage loan must be

dismissed without prejudice, any notice of default and election to sell

recorded pursuant to subsection 2 of NRS 107.080 or

any notice of sale recorded pursuant to subsection 4 of NRS

107.080 must be rescinded, and any pending foreclosure sale must be

cancelled, if:

      (a) The borrower accepts a permanent foreclosure

prevention alternative;

      (b) A notice of sale is not recorded within 9

months after the notice of default and election to sell is recorded pursuant to

subsection 2 of NRS 107.080; or

      (c) A foreclosure sale is not conducted within 90

calendar days after a notice of sale is recorded pursuant to subsection 4 of NRS 107.080.

      2.  The periods specified in paragraphs (b)

and (c) of subsection 1 are tolled:

      (a) If a borrower has filed a case under 11

U.S.C. Chapter 7, 11, 12 or 13, until the bankruptcy court enters an order

closing or dismissing the bankruptcy case or granting relief from a stay of

foreclosure or trustee’s sale;

      (b) If mediation pursuant to NRS 107.086 is required, until the date on which the

Mediation Administrator, as defined in NRS 107.086,

issues the certificate that mediation has been completed in the matter;

      (c) If mediation pursuant to NRS 40.437 is required or if a court

orders participation in a settlement program, until the date on which the

mediation or participation in a settlement program is terminated; or

      (d) If a borrower has submitted an application

for a foreclosure prevention alternative, until the date on which:

             (1) A written offer for a foreclosure

prevention alternative is submitted to the borrower;

             (2) A written statement of the denial of

the application has been submitted to the borrower pursuant to subsection 4 of NRS 107.530, and any appeal period pursuant to

subsection 5 of NRS 107.530 has expired; or

             (3) If the borrower has appealed the

denial of an application for a foreclosure prevention alternative, a written

offer for a foreclosure prevention alternative or a written denial of the

appeal is submitted to the borrower.

      3.  If, pursuant to subsection 1, a civil

action is dismissed, a notice of default and election to sell recorded pursuant

to subsection 2 of NRS 107.080 or any notice of

sale recorded pursuant to subsection 4 of NRS 107.080

is rescinded, or any pending foreclosure sale is cancelled, the mortgagee or

beneficiary of the deed of trust is thereupon restored to its former position

and has the same rights as though an action for a judicial foreclosure had not

been commenced or a notice of default and election to sell had not been

recorded.

      (Added to NRS by 2013, 2193)

      NRS 107.560  Injunctive relief for violation; civil action to recover

economic damages; award of costs and attorney’s fees to prevailing party.

      1.  If a trustee’s deed upon sale has not

been recorded, a borrower may bring an action for injunctive relief to enjoin a

material violation of NRS 107.400 to 107.560, inclusive. If a sheriff has not recorded the

certificate of the sale of the property, a borrower may obtain an injunction to

enjoin a material violation of NRS 107.400 to 107.560, inclusive. An injunction issued pursuant to

this subsection remains in place and any foreclosure sale must be enjoined

until the court determines that the mortgage servicer, mortgagee, beneficiary

of the deed of trust or an authorized agent of such a person has corrected and

remedied the violation giving rise to the action for injunctive relief. An

enjoined person may move to dissolve an injunction based on a showing that the

material violation has been corrected and remedied.

      2.  After a trustee’s deed upon sale has

been recorded or after a sheriff has recorded the certificate of the sale of

the property, a borrower may bring a civil action in the district court in the

county in which the property is located to recover his or her actual economic

damages resulting from a material violation of NRS

107.400 to 107.560, inclusive, by the mortgage

servicer, mortgagee, beneficiary of the deed of trust or an authorized agent of

such a person, if the material violation was not corrected and remedied before

the recording of the trustee’s deed upon sale or the recording of the

certificate of sale of the property pursuant to NRS 40.430. If the court finds that the

material violation was intentional or reckless, or resulted from willful

misconduct by a mortgage servicer, mortgagee, beneficiary of the deed of trust

or an authorized agent of such a person, the court may award the borrower the

greater of treble actual damages or statutory damages of $50,000.

      3.  A mortgage servicer, mortgagee,

beneficiary of the deed of trust or an authorized agent of such a person is not

liable for any violation of NRS 107.400 to 107.560, inclusive, that it has corrected and

remedied, or that has been corrected and remedied on its behalf by a third

party, before the recording of the trustee’s deed upon sale or the recording of

the certificate of sale of the property pursuant to NRS 40.430.

      4.  A violation of NRS

107.400 to 107.560, inclusive, does not affect

the validity of a sale to a bona fide purchaser for value and any of its

encumbrancers for value without notice.

      5.  A signatory to a consent judgment

entered in the case entitled United States of America et al. v. Bank of

America Corporation et al., filed in the United States District Court for

the District of Columbia, case number 1:12-cv-00361 RMC, that is in compliance

with the relevant terms of the Settlement Term Sheet of that consent judgment

with respect to the borrower while the consent judgment is in effect is deemed

to be in compliance with NRS 107.400 to 107.560, inclusive, and is not liable for a violation

of NRS 107.400 to 107.560,

inclusive. If, on or after October 1, 2013, the consent judgment is modified or

amended to permit compliance with the relevant provisions of 12 C.F.R. Part

1024, commonly known as Regulation X, and 12 C.F.R. Part 1026, commonly known

as Regulation Z, as those regulations are amended by the Final Servicing Rules

issued by the Consumer Financial Protection Bureau in 78 Federal Register

10,696 on February 14, 2013, and any amendments thereto, to supersede some or

all of the relevant terms of the Settlement Term Sheet of the consent judgment:

      (a) A signatory who is in compliance with the

modified or amended Settlement Term Sheet of the consent judgment while the

consent judgment is in effect is deemed to be in compliance with NRS 107.400 to 107.560,

inclusive, and is not liable for a violation of NRS

107.400 to 107.560, inclusive.

      (b) Any mortgage servicer, mortgagee or

beneficiary of the deed of trust or an authorized agent of such a person who

complies with the relevant provisions of 12 C.F.R. Part 1024, commonly known as

Regulation X, and 12 C.F.R. Part 1026, commonly known as Regulation Z, as those

regulations are amended by the Final Servicing Rules issued by the Consumer

Financial Protection Bureau in 78 Federal Register 10,696 on February 14, 2013,

and any amendments thereto, is deemed to be in compliance with NRS 107.400 to 107.560,

inclusive, and is not liable for a violation of NRS

107.400 to 107.560, inclusive.

      6.  A court may award a prevailing borrower

costs and reasonable attorney’s fees in an action brought pursuant to this

section.

      7.  The rights, remedies and procedures

provided by this section are in addition to and independent of any other

rights, remedies or procedures provided by law.

      (Added to NRS by 2013, 2194)