reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-877 - Association as trustee.

76-877.
Association as trustee.
With respect to a third person dealing with the association in the association's capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inquire whether the association has power to act as trustee or is properly exercising trust powers. A third person, without actual knowledge that the association is exceeding or improperly exercising its powers, is fully protected in dealing with the association as if it possessed and properly exercised the powers it purports to exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the association in its capacity as trustee.
Source
Laws 1983, LB 433, § 53.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-878 - Applicability; waiver.

76-878.
Applicability; waiver.
(a) Sections 76-878 to 76-894 apply to all units subject to sections 76-825 to 76-894, except as provided in subsection (b) of this section or as modified or waived by agreement of purchasers of units in a condominium in which all units are restricted to nonresidential use.
(b) Neither a public-offering statement nor a resale statement need be prepared or delivered in the case of:
(1) a gratuitous or testamentary disposition of a unit;
(2) a disposition pursuant to court order;
(3) a disposition by a government or governmental agency;
(4) a disposition by foreclosure or deed in lieu of foreclosure;
(5) a disposition to a person in the business of selling real estate who intends to offer those units to a purchaser;
(6) a disposition that may be canceled at any time and for any reason by the purchaser without penalty;
(7) a condominium composed of not more than twenty-five units which is not subject to any development rights to add units, and no power is reserved to a declarant to make the condominium part of a larger condominium, group of condominiums, or other real estate; or
(8) any condominium composed of units not intended for residential use.
Source
Laws 1983, LB 433, § 54;
Laws 1984, LB 1105, § 13.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-879 - Public-offering statement; requirements.

76-879.
Public-offering statement; requirements.
(a) Except as provided in section 76-878 or subsection (b) of this section, a declarant, prior to the offering of any interest in a unit to the public, shall prepare a public-offering statement conforming to the requirements of sections 76-825 to 76-894.
(b) A declarant may transfer responsibility for preparation of all or a part of the public-offering statement to a successor declarant pursuant to section 76-862 or to a person in the business of selling real estate who intends to offer units in the condominium. In the event of any such transfer, the transferor shall provide the transferee with any information necessary to enable the transferee to fulfill the requirements of subsection (a) of this section.
(c) Any declarant or other person in the business of selling real estate who offers a unit to a purchaser shall deliver a public-offering statement in the manner prescribed in subsection (a) of section 76-883. The person responsible for preparing all or a part of the public-offering statement is liable for any materially false or intentionally misleading statement set forth therein or any failure to make disclosures required by sections 76-825 to 76-894 with respect to that portion of the public-offering statement which he or she prepared. If a declarant did not prepare any part of a public-offering statement that he or she delivers, he or she is not liable for its contents unless he or she had actual knowledge of the statement or omission or, in the exercise of reasonable care, should have known of the statement or omission. Nothing in sections 76-825 to 76-894 shall prohibit a condominium purchaser from waiving the preparation and delivery of a public-offering statement.
(d) If a unit is part of a condominium and is part of any other real estate regime in connection with the sale of which the delivery of a public-offering statement is required under the laws of this state, a single public-offering statement conforming to the requirements of sections 76-825 to 76-894 as those requirements relate to all real estate regimes in which the unit is located may be prepared and delivered in lieu of providing two or more public-offering statements.
Source
Laws 1983, LB 433, § 55;
Laws 1984, LB 1105, § 14.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-880 - Public-offering statement; general provisions.

76-880.
Public-offering statement; general provisions.
(a) A public-offering statement must contain or fully and accurately disclose:
(1) the name and principal address of the declarant and of the condominium;
(2) a general description of the condominium and the amenities the declarant anticipates including, to the extent possible, the types and number and the declarant's anticipated schedule of commencement and completion;
(3) the anticipated number of units in the condominium;
(4) a statement that copies of the declaration other than the plats and plans and any other recorded covenants, conditions, restrictions and reservations affecting the condominium, the bylaws, and any rules or regulations of the association, and copies of any contracts or leases that will or may be subject to cancellation by the association under section 76-863 are available for inspection at the principal office of the declarant or association;
(5) the amount of the current monthly assessment and the current operating budget, if any;
(6) a statement that the declarant may be paying expenses that may later be paid by the association;
(7) any initial or special fee due from the purchaser at closing;
(8) a statement that a copy of any insurance policy provided for the benefit of the unit owners is available from the association upon request; and
(9) any current fees or charges to be paid by unit owners for the use of the common elements and other facilities related to the condominium.
(b) If a declarant fails to provide a public-offering statement to a purchaser before conveying a unit, such purchaser may recover any actual damages sustained.
(c) A declarant shall amend the public-offering statement by an addendum not later than each January 1 it is in use to report any material change in the information required by this section.
Source
Laws 1983, LB 433, § 56;
Laws 1984, LB 1105, § 15.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-881 - Public-offering statement; conversion building; information required.

76-881.
Public-offering statement; conversion building; information required.
(a) The public-offering statement of a condominium containing any conversion building must contain, in addition to the information required by section 76-880:
(1) a brief statement by an architect or a professional engineer describing the apparent condition of the structural components and mechanical and electrical installations material to the use and enjoyment of the building;
(2) a statement by the declarant of the age of each item reported on in paragraph (1) of this subsection or a statement that no representations are made in that regard; and
(3) a list of any outstanding notices of uncured violations of building codes or other municipal regulations of which the declarant is actually aware.
(b) This section applies only to buildings containing units that may be occupied for residential use.
Source
Laws 1983, LB 433, § 57;
Laws 1984, LB 1105, § 16;
Laws 1997, LB 622, § 114.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-882 - Public-offering statement filed with Securities and Exchange Commission; effect.

76-882.
Public-offering statement filed with Securities and Exchange Commission; effect.
If an interest in a condominium is currently registered with the Securities and Exchange Commission of the United States, a declarant satisfies all requirements relating to the preparation of a public-offering statement of the Nebraska Condominium Act if he or she delivers to the purchaser a copy of the public-offering statement filed with the Securities and Exchange Commission. An interest in a condominium is not a security under the Securities Act of Nebraska.
Source
Laws 1983, LB 433, § 58;
Laws 2002, LB 857, § 5.
Cross References
Securities Act of Nebraska, see section 8-1123.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-883 - Delivery of public-offering statement; purchaser's rights.

76-883.
Delivery of public-offering statement; purchaser's rights.
(a) A person required to deliver a public-offering statement pursuant to subsection (c) of section 76-879 shall provide a purchaser of a unit with a copy of the public-offering statement and all amendments thereto before conveyance of that unit and not later than the date of any contract of sale. Unless a purchaser is given the public-offering statement more than fifteen days before execution of a contract for the purchase of a unit, the purchaser, before conveyance, may cancel the contract within fifteen days after first receiving the public-offering statement.
(b) After receiving the public-offering statement and all amendments, a purchaser has the right to have an independent inspection of the building's structure and mechanical systems conducted at the purchaser's expense.
(c) If a purchaser elects to cancel a contract pursuant to subsection (a) of this section, he or she may do so by hand-delivering notice thereof to the offeror or by mailing notice thereof by mail postage prepaid to the offeror or to his or her agent for service of process. Cancellation is without penalty, and all payments made by the purchaser before cancellation shall be refunded promptly.
(d) If a person required to deliver a public-offering statement pursuant to subsection (c) of section 76-879 fails to provide a purchaser to whom a unit is conveyed with that public-offering statement and all amendments thereto as required by subsection (a) of this section, the purchaser is entitled to receive damages and other relief from that person.
Source
Laws 1983, LB 433, § 59;
Laws 1984, LB 1105, § 17;
Laws 1993, LB 478, § 16;
Laws 2006, LB 924, § 3.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-884 - Resale of unit; information required.

76-884.
Resale of unit; information required.
(a) Except in the case of a sale where delivery of a public-offering statement is required or unless exempt under subsection (b) of section 76-878, the unit owner and any other person in the business of selling real estate who offers a unit to a purchaser shall furnish to a purchaser before conveyance a copy of the declaration other than the plats and plans, the bylaws, the rules or regulations of the association, and the following information:
(1) a statement setting forth the amount of the monthly common expense assessment and any unpaid common expense or special assessment currently due and payable from the selling unit owner;
(2) any other fees payable by unit owners;
(3) the most recent regularly prepared balance sheet and income and expense statement, if any, of the association;
(4) the current operating budget of the association, if any;
(5) a statement that a copy of any insurance policy provided for the benefit of unit owners is available from the association upon request;
(6) a statement of the remaining term of any leasehold estate affecting the condominium and the provisions governing any extension or renewal thereof; and
(7) a disclosure of any threatened or pending litigation involving the unit or the association.
(b) The association, within ten days after a request by a unit owner, shall furnish in writing the information necessary to enable the unit owner to comply with this section. A unit owner providing information pursuant to subsection (a) of this section is not liable to the purchaser for any erroneous information provided by the association and included in the certificate.
(c) A purchaser is not liable for any unpaid assessment or fee greater than the amount set forth in the information prepared by the association. The unit owner or any other person in the business of selling real estate who offers a unit to a purchaser is not liable to a purchaser for the failure or delay of the association to provide such information in a timely manner.
Source
Laws 1983, LB 433, § 60;
Laws 1984, LB 1105, § 18;
Laws 2020, LB808, § 51.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-885 - Sale or conveyance of unit; release of liens.

76-885.
Sale or conveyance of unit; release of liens.
(a) In the case of a sale of a unit where delivery of a public-offering statement is required pursuant to subsection (c) of section 76-879, a seller shall, before conveying a unit, record or furnish to the purchaser, releases of all liens affecting that unit and its common element interest which the purchaser does not expressly agree to take subject to or assume. This subsection does not apply to any real estate which a declarant has the right to withdraw.
(b) Before conveying real estate to the association the declarant shall have that real estate released from: (1) all liens the foreclosure of which would deprive unit owners of any right of access to or easement of support of their units, and (2) all other liens on that real estate unless the public-offering statement describes certain real estate which may be conveyed subject to liens in specified amounts.
Source
Laws 1983, LB 433, § 61.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-886 - Conversion buildings; rights of tenants.

76-886.
Conversion buildings; rights of tenants.
(a) A declarant of a condominium containing conversion buildings, and any person in the business of selling real estate for his or her own account who intends to offer units in such a condominium shall give each of the residential tenants and any residential subtenant in possession of a portion of a conversion building notice of the conversion and provide those persons with the public-offering statement, if any, no later than sixty days before the tenants and any subtenant in possession are required to vacate. The notice must set forth generally the rights of tenants and subtenants under this section and shall be hand delivered to the unit or mailed by prepaid United States mail to the tenant and subtenant at the address of the unit or any other mailing address provided by a tenant. No tenant or subtenant may be required to vacate upon less than sixty days' notice, except by reason of nonpayment of rent, waste, or conduct that disturbs other tenants' peaceful enjoyment of the premises, and the terms of the tenancy may not be altered during that period. Failure to give notice as required by this section is a defense to an action for possession.
(b) For sixty days after delivery or mailing of the notice described in subsection (a), the person required to give the notice may offer to convey each unit or proposed unit occupied for residential use to the tenant who leases that unit. If such an offer is made and the tenant fails to purchase the unit during the sixty-day period, the offeror may not offer to dispose of an interest in that unit during the following thirty days at a price or on terms more favorable to the offeree than the price or terms offered to the tenant. This subsection does not apply to any unit in a conversion building if that unit will be restricted exclusively to nonresidential use or the boundaries of the converted unit do not substantially conform to the dimensions of the residential unit before conversion.
(c) If a seller, in violation of subsection (b) of this section, conveys a unit to a purchaser for value who has no knowledge of the violation, recordation of the deed conveying the unit extinguishes any right a tenant may have under subsection (b) of this section to purchase that unit if the deed states that the seller has complied with subsection (b) of this section, but does not affect the right of a tenant to recover damages from the seller for a violation of subsection (b) of this section.
(d) If a notice of conversion specifies a date by which a unit or proposed unit must be vacated the notice shall constitute a notice to vacate.
(e) Nothing in this section permits termination of a lease by a declarant in violation of its terms.
(f) Any tenant may waive any provision of this section by a written instrument executed after the date of notice.
Source
Laws 1983, LB 433, § 62.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-887 - Express warranties; creation.

76-887.
Express warranties; creation.
Express warranties made by any seller to a purchaser of a unit, if relied upon by the purchaser, are created as follows:
(a) any written affirmation of fact or written promise which relates to the unit, its use, or rights appurtenant thereto, area improvements to the condominium that would directly benefit the unit, or the right to use or have the benefit of facilities not located in the condominium creates an express warranty that the unit and related rights and uses will conform to the affirmation or promise;
(b) any written description of the physical characteristics of the condominium or model of amenities, including plans and specifications of or for improvements, creates an express warranty that the condominium will conform to the model or description;
(c) any written description of the quantity or extent of the real estate comprising the condominium, included in the plats or surveys, creates an express warranty that the condominium will conform to the description, subject to customary tolerances; and
(d) a provision that a buyer may put a unit only to a specified use is an express warranty that the specified use is lawful at the time of conveyance.
A statement purporting to be merely an opinion or commendation of the real estate or its value does not create a warranty.
Source
Laws 1983, LB 433, § 63;
Laws 1984, LB 1105, § 19.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-888 - Implied warranties of quality.

76-888.
Implied warranties of quality.
A declarant and any person in the business of selling real estate for his or her own account warrants that a unit will be in at least as good condition at the earlier of the time of the conveyance or delivery of possession as it was at the time of contracting, reasonable wear and tear excepted.
Source
Laws 1983, LB 433, § 64;
Laws 1984, LB 1105, § 20.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-890 - Warranties; statute of limitations; judicial proceedings; notice; effect; strict compliance; required.

76-890.
Warranties; statute of limitations; judicial proceedings; notice; effect; strict compliance; required.
(a) A judicial proceeding for breach of any obligation arising under section 76-887 or 76-888 must be commenced within two years after the cause of action accrues, but the parties may agree to reduce the period of limitation to not less than one year. With respect to a unit that may be occupied for residential use, an agreement to reduce the period of limitation must be evidenced by an instrument executed by the purchaser. Prior to commencing any judicial proceeding under this section, the person seeking to commence the judicial proceeding must (1) provide written notice of the proposed proceeding and the specific alleged defect or defects to the prospective defendant or defendants and (2) give the prospective defendant or defendants at least three months to cure the alleged defect or defects. If the defect or defects are such that they cannot reasonably be cured within three months, the cure period shall extend as long as the prospective defendant has commenced and is diligently proceeding with repairs. Providing the notice in this section in a manner reasonably understood to inform the prospective defendant of the specific alleged defect or defects shall toll any applicable statute of limitations until the alleged defect or defects are cured. Any proceeding commenced without strict compliance with this section is subject to dismissal for such noncompliance.
(b) Subject to subsection (c) of this section, a cause of action for breach of warranty, regardless of the purchaser's lack of knowledge of the breach, accrues:
(1) as to a unit, at the time the purchaser to whom the warranty is first made enters into possession if a possessory interest was conveyed or at the time of acceptance of the instrument of conveyance if a nonpossessory interest was conveyed; and
(2) as to each common element, at the time the common element is completed or, if later, (i) as to a common element that may be added to the condominium or portion thereof, at the time the first unit therein is conveyed to a bona fide purchaser, or (ii) as to a common element within any other portion of the condominium, at the time the first unit in the condominium is conveyed to a bona fide purchaser.
(c) If a warranty explicitly extends to future performance or duration of any improvement or component of the condominium, the cause of action accrues at the time the breach is discovered or at the end of the period for which the warranty explicitly extends, whichever is earlier.
Source
Laws 1983, LB 433, § 66;
Laws 1984, LB 1105, § 21;
Laws 2020, LB808, § 52.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-891.01 - Effect of violations on rights of action; attorney's fees.

76-891.01.
Effect of violations on rights of action; attorney's fees.
If a declarant or any other person subject to the Nebraska Condominium Act fails to comply with any provision of the act or any provision of the declaration or bylaws, any person or class of persons adversely affected by the failure to comply has a claim for appropriate relief. The court, in an appropriate case, may award costs and reasonable attorney's fees.
Source
Laws 1993, LB 478, § 17.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-893 - Declarant; liability for repair and restoration.

76-893.
Declarant; liability for repair and restoration.
The declarant is subject to liability for the prompt repair and restoration, to a condition compatible with the remainder of the condominium, of any portion of the condominium affected by the exercise of rights reserved pursuant to or created by sections 76-847 to 76-850, 76-852, and 76-853.
Source
Laws 1983, LB 433, § 69.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-894 - Conveyance of unit; when authorized.

76-894.
Conveyance of unit; when authorized.
In the case of a sale of a unit where delivery of a public-offering statement is required, a contract of sale may be executed, but no interest in that unit may be conveyed, until the declaration is recorded and the unit is substantially completed, as evidenced by a recorded certificate of substantial completion executed by an architect, a surveyor, or a professional engineer, or by issuance of a certificate of occupancy authorized by law.
Source
Laws 1983, LB 433, § 70;
Laws 1997, LB 622, § 115.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-901 - Tax on grantor; rate.

76-901.
Tax on grantor; rate.
There is hereby imposed a tax on the grantor executing the deed as defined in section 76-203 upon the transfer of a beneficial interest in or legal title to real estate at the rate of two dollars and twenty-five cents for each one thousand dollars value or fraction thereof. For purposes of sections 76-901 to 76-908, value means (1) in the case of any deed, not a gift, the amount of the full actual consideration thereof, paid or to be paid, including the amount of any lien or liens assumed, and (2) in the case of a gift or any deed with nominal consideration or without stated consideration, the current market value of the property transferred. Such tax shall be evidenced by stamps to be attached to the deed. All deeds purporting to transfer legal title or beneficial interest shall be presumed taxable unless it clearly appears on the face of the deed or sufficient documentary proof is presented to the register of deeds that the instrument is exempt under section 76-902.
Source
Laws 1965, c. 463, § 1, p. 1472;
Laws 1969, c. 618, § 1, p. 2505;
Laws 1983, LB 194, § 1;
Laws 1985, LB 236, § 1;
Laws 1992, LB 1192, § 9;
Laws 2005, LB 40, § 6.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-903 - Design; collection of tax; refund; procedure; disbursement.

76-903.
Design; collection of tax; refund; procedure; disbursement.
The Tax Commissioner shall design such stamps in such denominations as in his or her judgment will be the most advantageous to all persons concerned. When any deed subject to the tax imposed by section 76-901 is offered for recordation, the register of deeds shall ascertain and compute the amount of the tax due thereon and shall collect such amount as a prerequisite to acceptance of the deed for recordation. If a dispute arises concerning the taxability of the transfer, the register of deeds shall not record the deed until the disputed tax is paid. If a disputed tax has been paid, the taxpayer may file for a refund pursuant to section 76-908. The taxpayer may also seek a declaratory ruling pursuant to rules and regulations adopted and promulgated by the Department of Revenue. From each two dollars and twenty-five cents of tax collected pursuant to section 76-901, the register of deeds shall retain fifty cents to be placed in the county general fund and shall remit the balance to the State Treasurer who shall credit ninety-five cents of such amount to the Affordable Housing Trust Fund, twenty-five cents of such amount to the Site and Building Development Fund, twenty-five cents of such amount to the Homeless Shelter Assistance Trust Fund, and thirty cents of such amount to the Behavioral Health Services Fund.
Source
Laws 1965, c. 463, § 3, p. 1473;
Laws 1969, c. 618, § 2, p. 2505;
Laws 1983, LB 194, § 3;
Laws 1985, LB 236, § 2;
Laws 1992, LB 1192, § 10;
Laws 1997, LB 864, § 16;
Laws 2001, LB 516, § 6;
Laws 2001, Spec. Sess., LB 3, § 5;
Laws 2005, LB 40, § 7;
Laws 2011, LB388, § 14.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-904 - Deeds; filing without stamps; prohibited; removal of stamps from deed; prohibited.

76-904.
Deeds; filing without stamps; prohibited; removal of stamps from deed; prohibited.
The register of deeds shall accept no deeds, instruments, or writings for conveyance of any lands, tenements, or other realty sold unless the stamps as are provided for in section 76-901 are attached and canceled. The stamps shall not be subsequently removed from the deed.
Source
Laws 1965, c. 463, § 4, p. 1474.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-905 - Register of deeds; recording deed with insufficient tax paid; penalty.

76-905.
Register of deeds; recording deed with insufficient tax paid; penalty.
Any register of deeds who shall record any deed upon which a tax is imposed by the provisions of sections 76-901 to 76-907 without collecting the proper amount of tax as required by the provisions of sections 76-901 to 76-907 as is indicated in the declaration appended to such deed shall, upon conviction thereof, be fined the sum of fifty dollars.
Source
Laws 1965, c. 463, § 5, p. 1474.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-907 - Sections; operative date.

76-907.
Sections; operative date.
Sections 76-901 to 76-907 shall become operative on January 1, 1966, or immediately upon the repeal of the federal stamp act on deeds of conveyance of real estate whichever is later. If the repeal of the stamp tax levied by the federal government is conditional upon the levy of a comparable tax by the state, then sections 76-901 to 76-907 shall become operative on the first day of the third month following the adoption of such a law by the federal government. The month in which the federal act is adopted shall be counted as the first month in determining the operative date of sections 76-901 to 76-907.
Source
Laws 1965, c. 463, § 7, p. 1474.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-908 - Documentary stamp tax; refund; procedure.

76-908.
Documentary stamp tax; refund; procedure.
Any person paying the documentary stamp tax imposed by section 76-901 may claim a refund if the payment of such tax was (1) the result of a misunderstanding or honest mistake of the taxpayer, (2) the result of a clerical error on the part of the register of deeds or the taxpayer, or (3) invalid for any reason. Within two years after payment of such tax, the taxpayer shall file in the office of the register of deeds of the county in which the tax was paid a written claim on a form prescribed by the Tax Commissioner and evidence in support thereof, stating the reason for the claim. The register of deeds shall, within thirty days after such filing, make a recommendation of approval or denial and forward the recommendation together with a copy of the claim and evidence filed to the Tax Commissioner. Within thirty days after the forwarding of such recommendation the Tax Commissioner shall, upon consideration of the recommendation of the register of deeds and the claim and evidence filed by the taxpayer, render his or her decision approving or rejecting the claim for a refund in whole or in part. A copy of the decision of the Tax Commissioner shall be mailed to the register of deeds and to the last-known address of the taxpayer within ten days after the decision is rendered. Upon approval by the Tax Commissioner of a refund for all or a portion of the documentary stamp tax paid, the register of deeds is authorized to make such refund from the currently collected documentary stamp tax funds presently in the office of the register of deeds. A taxpayer denied a refund under this section, in whole or in part, may appeal the decision of the Tax Commissioner, and the appeal shall be in accordance with the Administrative Procedure Act.
Source
Laws 1981, LB 179, § 2;
Laws 1988, LB 352, § 148;
Laws 2012, LB727, § 27.
Cross References
Administrative Procedure Act, see section 84-920.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-1001 - Terms, defined.

76-1001.
Terms, defined.
As used in sections 76-1001 to 76-1018, unless the context otherwise requires:
(1) Beneficiary shall mean the person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or his successor in interest;
(2) Trustor shall mean the person conveying real property by a trust deed as security for the performance of an obligation;
(3) Trust deed shall mean a deed executed in conformity with sections 76-1001 to 76-1018 and conveying real property to a trustee in a trust to secure the performance of an obligation of the grantor or other person named in the deed to a beneficiary;
(4) Trustee shall mean a person to whom title to real property is conveyed by trust deed, or his successor in interest;
(5) Real property shall mean any estate or interest in land, including all buildings, fixtures and improvements thereon and all rights-of-way, easements, rents, issues, profits, income, tenements, hereditaments, privileges and appurtenances thereunto belonging, used or enjoyed with said land, or any part thereof; and
(6) Trust property shall mean the real property conveyed by the trust deed.
Source
Laws 1965, c. 451, § 1, p. 1423.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-1003 - Trustee; qualification.

76-1003.
Trustee; qualification.
(1) The trustee of a trust deed shall be:
(a) A member of the Nebraska State Bar Association or a licensed real estate broker of Nebraska;
(b) Any bank, building and loan association, savings and loan association, or credit union authorized to do business in Nebraska under the laws of Nebraska or the United States or an agency of the United States Department of Agriculture involved in lending;
(c) Any corporation authorized to conduct a trust business in Nebraska under the laws of Nebraska or the United States; or
(d) Any title insurer authorized to do business in Nebraska under the laws of Nebraska.
(2) The trustee of a trust deed shall not be the beneficiary named in the trust deed unless the beneficiary is qualified to be a trustee under subdivision (1)(b) or (c) of this section.
Source
Laws 1965, c. 451, § 3, p. 1424;
Laws 1991, LB 235, § 58;
Laws 1992, LB 641, § 4;
Laws 1999, LB 682, § 1.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-1005 - Power of sale conferred on trustee.

76-1005.
Power of sale conferred on trustee.
A power of sale may be conferred upon the trustee which the trustee may exercise and under which the trust property may be sold in the manner provided in the Nebraska Trust Deeds Act after a breach of an obligation for which the trust property is conveyed as security, or at the option of the beneficiary a trust deed may be foreclosed in the manner provided by law for the foreclosure of mortgages on real property. The power of sale shall be expressly provided for in the trust deed.
Source
Laws 1965, c. 451, § 5, p. 1426;
Laws 1984, LB 679, § 19;
Laws 1993, LB 547, § 2.
Annotations
This section recognizes the existence of two different methods of foreclosing a trust deed: (1) by nonjudicial foreclosure or (2) by judicial foreclosure in the manner of mortgages. First Nat. Bank of Omaha v. Davey, 285 Neb. 835, 830 N.W.2d 63 (2013).
Although the Nebraska Trust Deeds Act does not provide a remedy for a defective trustee's sale, the trustor can sue in equity to set the sale aside. Gilroy v. Ryberg, 266 Neb. 617, 667 N.W.2d 544 (2003).
Defects in a trustee's sale conducted under a power of sale in a trust deed fall into one of three categories: (1) Those that render the sale void, (2) those that render the sale voidable, and (3) those that are inconsequential. Gilroy v. Ryberg, 266 Neb. 617, 667 N.W.2d 544 (2003).
When a defect renders a trustee's sale voidable, bare legal title passes to the sale purchaser. An injured party can have the sale set aside only so long as legal title has not moved to a bona fide purchaser. Gilroy v. Ryberg, 266 Neb. 617, 667 N.W.2d 544 (2003).
When a trustee's sale is void, no title passes, and adversely affected parties may have the sale set aside even though the property has passed into the hands of a bona fide purchaser. Gilroy v. Ryberg, 266 Neb. 617, 667 N.W.2d 544 (2003).
When the party seeking to set aside a trustee's sale establishes only an inconsequential defect, equity will not set aside the sale. Gilroy v. Ryberg, 266 Neb. 617, 667 N.W.2d 544 (2003).
When the beneficiary elects to judicially foreclose, the law governing foreclosure of mortgages applies. State Bank of Trenton v. Lutz, 14 Neb. App. 884, 719 N.W.2d 731 (2006).
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-1007 - Sale of trust property; notice; contents; time and place of sale.

76-1007.
Sale of trust property; notice; contents; time and place of sale.
(1) The trustee or the attorney for the trustee shall give written notice of the time and place of sale particularly describing the property to be sold by publication of such notice, at least five times, once a week for five consecutive weeks, the last publication to be at least ten days but not more than thirty days prior to the sale, in some newspaper having a general circulation in each county in which the property to be sold, or some part thereof, is situated.
(2) The sale shall be held at the time and place designated in the notice of sale which shall be between the hours of nine a.m. and five p.m. and at (a) the premises, (b) the courthouse of the county in which the property to be sold, or some part thereof, is situated, or (c) a public building wherein one or more county offices are located within the county in which the property to be sold, or some part thereof, is situated.
(3) The notice of sale shall be sufficient if made in substantially the following form:
Notice of Trustee's Sale
The following described property will be sold at public auction to the highest bidder at the .......... door of the county courthouse in .............., County of ............, Nebraska, on ........., 20.... .
(Name of Trustee) .......................................
Source
Laws 1965, c. 451, § 7, p. 1426;
Laws 2004, LB 813, § 29;
Laws 2006, LB 876, § 53;
Laws 2023, LB92, § 80.
Operative Date: June 7, 2023
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-1009 - Sale of trust property; public auction; bids; postponement of sale; notice.

76-1009.
Sale of trust property; public auction; bids; postponement of sale; notice.
On the date and at the time and place designated in the notice of sale, the trustee shall sell the property at public auction to the highest bidder. The attorney for the trustee may conduct the sale. Any person, including the beneficiary, may bid at the sale. Every bid shall be deemed an irrevocable offer. If the purchaser refuses to pay the amount bid by him or her for the property struck off to him or her at the sale, the trustee may again sell the property at any time to the highest bidder, except that notice of the sale shall be given again in the same manner as the original notice of sale was required to be given. The party refusing to pay shall be liable for any loss occasioned thereby, and the trustee may also, in his or her discretion, thereafter reject any other bid of such person.
The person conducting the sale may, for any cause he or she deems expedient, postpone the sale of all or any portion of the property from time to time until it is completed, and in every such case, notice of postponement shall be given by public declaration thereof by such person at the time and place last appointed for the sale. The public declaration of the notice of postponement shall include the new date, time, and place of sale. No other notice of the postponed sale need be given unless the sale is postponed for longer than forty-five days beyond the day designated in the notice of sale, in which event notice thereof shall be given in the same manner as the original notice of sale is required to be given.
Source
Laws 1965, c. 451, § 9, p. 1428;
Laws 2004, LB 999, § 45;
Laws 2010, LB732, § 4.
Annotations
Portions of this section are sound rules not only for auctions of trust property, but also for judicial sales. Commercial Fed. Sav. & Loan v. ABA Corp., 230 Neb. 317, 431 N.W.2d 613 (1988).
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-1010 - Sale of trust property; bid; payment; delivery of deed; recitals; effect; rights of trustor; terminated, when.

76-1010.
Sale of trust property; bid; payment; delivery of deed; recitals; effect; rights of trustor; terminated, when.
(1) The purchaser at the sale shall forthwith pay the price bid, and upon receipt of payment, the trustee shall execute and deliver his or her deed to such purchaser. The trustee's deed may contain recitals of compliance with the requirements of the Nebraska Trust Deeds Act relating to the exercise of the power of sale and sale of the property described therein, including recitals concerning any mailing, personal delivery, and publication of the notice of default, any mailing and the publication and posting of notice of sale, and the conduct of sale. Such recitals shall constitute prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchasers and encumbrancers for value and without notice.
(2) The trustee's deed shall operate to convey to the purchaser, without right of redemption, the trustee's title and all right, title, interest, and claim of the trustor and his or her successors in interest and of all persons claiming by, through, or under them, in and to the property sold, including all such right, title, interest, and claim in and to such property acquired by the trustor or his or her successors in interest subsequent to the execution of the trust deed. All right, title, interest, and claim of the trustor and his or her successors in interest, and of all persons claiming by, through, or under them, in and to the property sold, including all such right, title, interest, and claim in and to such property acquired by the trustor or his or her successors in interest subsequent to the execution of the trust deed, shall be deemed to be terminated as of the time the trustee or the attorney for the trustee accepts the highest bid at the time of the sale.
Source
Laws 1965, c. 451, § 10, p. 1429;
Laws 2004, LB 999, § 46.
Annotations
The term "forthwith" as used in subsection (1) of this section requires the purchaser at a trustee's sale to pay the amount of its bid within a reasonable time under the circumstances of the case. Gilroy v. Ryberg, 266 Neb. 617, 667 N.W.2d 544 (2003).
This section allows for an affirmative defense whereby bona fide purchasers and encumbrancers for value and without notice can use the recitals in the trustee's deed to defeat any claim that the trustee's sale did not comply with the requirements of the Nebraska Trust Deeds Act relating to the exercise of the power of sale and sale of the property described therein. Gilroy v. Ryberg, 266 Neb. 617, 667 N.W.2d 544 (2003).
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-1011 - Sale of trust property; proceeds of sale; disposition.

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:
(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.
Annotations
Under this section of the Nebraska Trust Deeds Act, a fee "actually incurred" means a fee that is based on services rendered. Under this section of the Nebraska Trust Deeds Act, a trustee has a duty to disburse proceeds to junior lienholders according to priority and, therefore, holds sale proceeds in trust for distribution to lienholders whose interests are junior to the interest of the beneficiary designated in the deed of trust. Arizona Motor Speedway v. Hoppe, 244 Neb. 316, 506 N.W.2d 699 (1993).
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-1011.01 - Sale of trust property; proceeds of sale; disposition; objecting party; attorney's fees and costs.

76-1011.01.
Sale of trust property; proceeds of sale; disposition; objecting party; attorney's fees and costs.
If a court enters a judgment in favor of the holder of a trust deed, mortgage, or other lien in any interpleader action, action for declaratory judgment, or any other similar action resulting from an objection to or the uncertainty of the proposed payment of proceeds of the trustee's sale by the trustee to such holders of trust deeds, mortgages, or other liens, the court shall order the objecting party or parties who, without a good-faith reason, objected to the proposed payment of proceeds of the trustee's sale by the trustee, to pay the reasonable attorney's fees and court costs of any such holder.
Source
Laws 2021, LB503, § 1.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-1014.01 - Trust deed; reconveyance; beneficiary's obligation and liability.

76-1014.01.
Trust deed; reconveyance; beneficiary's obligation and liability.
Section 76-2803 shall govern the beneficiary's obligation to record or cause to be recorded a deed of reconveyance and the liability of the beneficiary for failure to timely record or cause to be recorded a deed of reconveyance.
Source
Laws 1994, LB 1275, § 9;
Laws 1995, LB 396, § 3;
Laws 2002, LB 957, § 32;
Laws 2003, LB 218, § 19;
Laws 2018, LB750, § 4.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-1015 - Sale of trust property; limitation of action.

76-1015.
Sale of trust property; limitation of action.
The trustee's sale of property under a trust deed shall be made within the period prescribed in section 25-205 for the commencement of an action on the obligation secured by the trust deed unless the beneficiary elects to foreclose a trust deed in the manner provided for by law for the foreclosure of mortgages on real estate as provided in section 76-1005, in which case the statute of limitations for the commencement of such action shall be the same as the statute of limitations for mortgages pursuant to section 25-202.
Source
Laws 1965, c. 451, § 15, p. 1432;
Laws 1997, LB 284, § 2.
Annotations
The 10-year statute of limitations governing foreclosure of mortgages or deeds of trust as mortgages, rather than the 5-year statute of limitations governing trust deed foreclosure in which a trustee exercises power of sale upon default, applied to a claim brought by a holder of a promissory note secured by a deed of trust on property seeking foreclosure of the deed of trust, because the claim was not for trustee foreclosure. Bel Fury Invest. Group v. Palisades Collection, 19 Neb. App. 883, 814 N.W.2d 394 (2012).
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-1017 - Trust deed; instruments entitled to be recorded; assignment of beneficial interest.

76-1017.
Trust deed; instruments entitled to be recorded; assignment of beneficial interest.
Any trust deed, substitution of trustee, assignment of a beneficial interest under a trust deed, notice of default, trustee's deed, reconveyance of the trust property and any instrument by which any trust deed is subordinated or waived as to priority, when acknowledged as provided by law, shall be entitled to be recorded, and shall, from the time of filing the same with the register of deeds for record, impart notice of the contents thereof, to all persons, including subsequent purchasers and encumbrancers for value, except that the recording of an assignment of a beneficial interest in the trust deed shall not in itself be deemed notice of such assignment to the trustor, his heirs or personal representatives, so as to invalidate any payment made by them, or any of them, to the person holding the note, bond or other instrument evidencing the obligation by the trust deed.
Source
Laws 1965, c. 451, § 17, p. 1433.
2023 Nebraska Revised Statutes › Chapter 76 - Real Property › 76-1018 - Act, how cited.

76-1018.
Act, how cited.
Sections 76-1001 to 76-1018 shall be known and may be cited as Nebraska Trust Deeds Act.
Source
Laws 1965, c. 451, § 17, p. 1433;
Laws 1994, LB 1275, § 8;
Laws 2021, LB503, § 3.
Annotations
A guaranty that was not secured by a trust deed was not subject to the provisions of the Nebraska Trust Deeds Act. Mutual of Omaha Bank v. Murante, 285 Neb. 747, 829 N.W.2d 676 (2013).
The Nebraska Trust Deeds Act results in a fiduciary relationship between the trustee and the creditors secured by a deed of trust. Arizona Motor Speedway v. Hoppe, 244 Neb. 316, 506 N.W.2d 699 (1993).
The Nebraska Trust Deeds Act provides a specific statutory plan to obtain performance of an obligation, prescribes a distinct procedure to dispose of security for performance of an obligation, and, generally, authorizes a form of financing quite apart from other methods recognized under Nebraska law. Sports Courts of Omaha v. Meginnis, 242 Neb. 768, 497 N.W.2d 38 (1993).
Nebraska Trust Deeds Act did not violate Article III, section 14, Constitution of Nebraska. Blair Co. v. American Savings Co., 184 Neb. 557, 169 N.W.2d 292 (1969).