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 .
Neb. Rev. Stat. § 76-1015
Sale of trust property; limitation of action
Applied in 2 court decisions — leading case PSB Credit Services, Inc. v. Rich (1997)
Most recently applied in PSB Credit Services, Inc. v. Rich (January 1997)
Laws 1965, c. 451, § 15, p. 1432; Laws 1997, LB 284, § 2.
Official source: Nebraska Legislature. Reproduced from public-domain Nebraska statutes; confirm against the official source for the current text. Not legal advice.