2. Statute of limitations
As used in this section, the language “as hereinabove provided” refers to the statutory procedures for trustee’s sale as set forth in the Nebraska Trust Deeds Act. First Nat. Bank of Omaha v. Davey, 285 Neb. 835, 830 N.W.2d 63 (2013).
The judicial foreclosure of a trust deed does not result in the “sale of property under a trust deed” as that language is used in this section. First Nat. Bank of Omaha v. Davey, 285 Neb. 835, 830 N.W.2d 63 (2013).
When a promissory note was secured by both a trust deed and a guaranty, this section applied to the promissory note, but did not apply to the guaranty. The guaranty was an independent contract, and the guaranty was not secured by a trust deed. Mutual of Omaha Bank v. Murante, 285 Neb. 747, 829 N.W.2d 676 (2013).
An order deciding fair market value of real estate for purposes of this section, which order determined that the fair market value was greater than the trustee’s sale price, was not a final, appealable order when the trial court did not resolve all affirmative defenses raised by the defendants or whether this section applied to guarantors of the underlying debt. Selma Development v. Great Western Bank, 285 Neb. 37, 825 N.W.2d 215 (2013).
The phrase "sale of property under a trust deed" contained in this section clearly refers to the exercise of the power of sale conferred by the trust deed upon the trustee pursuant to the statutory authority contained in section 76-1005. Bank of Papillion v. Nguyen, 252 Neb. 926, 567 N.W.2d 166 (1997).
The amount of a deficiency judgment is limited to the difference between the total indebtedness and the greater of the sale price or the fair market value. If the trial court finds no deficiency, the underlying obligation is satisfied. Pantano v. Maryland Plaza Partnership, 244 Neb. 499, 507 N.W.2d 484 (1993).
In determining the amount of deficiency under the Nebraska Trust Deeds Act, it is appropriate for a trial court to consider a tax lien in determining the fair market value of the property. Douglas Cty. Bank & Trust v. Stamper, 244 Neb. 226, 505 N.W.2d 693 (1993).
2. Statute of limitations
The 3-month statute of limitations set forth in this section does not apply to deficiency actions brought following the judicial foreclosure of a trust deed, but only to deficiency actions filed after the sale of prop¬erty pursuant to the trustee’s power of sale. First Nat. Bank of Omaha v. Davey, 285 Neb. 835, 830 N.W.2d 63 (2013).
The obligation secured by a deed of trust, not the title to the security, determines applicability of the 3-month statute of limitations. Sports Courts of Omaha v. Meginnis, 242 Neb. 768, 497 N.W.2d 38 (1993).
A suit to collect on a contract that is from the foreclosed deed of trust is governed by the statute of limitations found in section 25-205, rather than the 3-month statute of limitations found in this section. Boxum v. Munce, 16 Neb. App. 731, 751 N.W.2d 657 (2008).
The 3-month statute of limitations in this section applies only when the suit for deficiency is on the obligation for which the foreclosed trust deed was given as security. Boxum v. Munce, 16 Neb. App. 731, 751 N.W.2d 657 (2008).