Law Office of Hayes & Welsh

April 2019 Archives

Recent Nevada Supreme Court Foreclosure Decisions

IMG_0431.jpgIn Wells Fargo Bank v. Radecki, Case No. 71405, 134 Nev., Adv. Op. 74 (Sept. 13, 2018), the Nevada Supreme Court held that a foreclosure sale that complied with the relevant provisions of NRS Chapter 116 was not a fraudulent transfer under NRS 112.190(1), even if the purchase price was not "reasonably equivalent" to the property's value.  Id. at *4 - 5.  The third element of an NRS 112.190(1) claim was not met because of the safe harbor provision contained in NRS 112.170(2), which provides in pertinent part: "a person gives a reasonably equivalent value if the person acquires an interest of the debtor in an asset pursuant to a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor upon default under a mortgage, deed of trust or security agreement."  Id. at *5.  HOA foreclosure sales are included in the definition of a "regularly conducted, noncollusive foreclosure sale."  Id. at *6.  Additionally, "[a]lleged inaccuracies in a foreclosure deed do not invalidate the foreclosure sale."  Id.

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Law Office of Hayes & Welsh

Law Office of Hayes & Welsh
199 North Arroyo Grande Blvd
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Henderson, NV 89074

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