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.
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).