Nebraska Revised Statute 76-1011

Chapter 76 Section 1011

76-1011.

Sale of trust property; proceeds of sale; disposition.

The trustee shall apply the proceeds of the trustee's sale, first, 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, second, to payment of the obligation secured by the trust deed, third, to the payment of junior trust deeds, mortgages, or other lienholders, and the balance, if any, to the person or persons legally entitled thereto.

Source

  • Laws 1965, c. 451, § 11, p. 1430;
  • Laws 1984, LB 679, § 22.

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).