Nebraska Statutes 76-1011. Sale of trust property; proceeds of sale; disposition
(1) The trustee shall apply the proceeds of the trustee’s sale in the following order of priority:
Terms Used In Nebraska Statutes 76-1011
- Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
- Attorney: shall mean attorney at law. See Nebraska Statutes 49-801
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- Trustee: A person or institution holding and administering property in trust.
(a) First, the proceeds shall be applied to the costs and expenses of exercising the power of sale and of the sale, including the payment of the trustee’s fees actually incurred not to exceed the amount which may be provided for in the trust deed;
(b) Second, the proceeds shall be applied to payment of the obligation secured by the trust deed;
(c) Third, the proceeds shall be applied to the payment of junior trust deeds, mortgages, or other lienholders; and
(d) Fourth, the balance of the proceeds, if any, shall be applied to the person or persons legally entitled to any remaining proceeds.
(2) Whether the proceeds are disbursed by the trustee pursuant to subsection (1) of this section or pursuant to an action described in section 76-1011.01, the payment of any attorney‘s fees and costs incurred by the trustee in connection with the distribution of the proceeds of the trustee’s sale shall be deducted from the proceeds prior to the payment of junior trust deeds, mortgages, or other lien holders, or to any other person or persons legally entitled thereto.
Source
- Laws 1965, c. 451, § 11, p. 1430;
- Laws 1984, LB 679, § 22;
- Laws 2021, LB503, § 2.