Nebraska Statutes 42-501. Mortgage; procedure for authorization; limitation
When either husband or wife is mentally incompetent and incapable of executing a mortgage relinquishing or encumbering his or her right to the homestead or any other real property of the other, the other may file a complaint in the district court of the county of his or her residence or of the county where the real estate to be encumbered is situated setting forth the facts and praying for an order authorizing the applicant or some other person to execute a mortgage and relinquish or encumber by such mortgage the interest of the mentally incompetent person in such homestead or other real estate. The court shall not authorize the execution of any mortgage on the homestead of the parties for an amount greater than is necessary to pay or redeem the lien of an existing mortgage on such homestead.
Source
- Laws 1927, c. 66, § 1, p. 229;
- C.S.1929, § 42-501;
- Laws 1935, c. 93, § 1, p. 315;
- C.S.Supp.,1941, § 42-501;
- R.S.1943, § 42-501;
- Laws 1986, LB 1177, § 15;
- Laws 2004, LB 1207, § 33.
Terms Used In Nebraska Statutes 42-501
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.