Branch Banking and Trust Company v. Windhaven & Tollway, LLC

Summary

The Supreme Court of Nevada held that NRS 40.455(1) does not bar a deficiency judgment in Nevada following a nonjudicial foreclosure of out-of-state property conducted under the other state's law rather than NRS 107.080. The court reversed summary judgment for the borrowers and guarantors and remanded for further proceedings, also reversing the related award of attorney fees and costs. Three justices dissented, concluding that the statute required compliance with NRS 107.080 for a deficiency judgment following a trustee's sale.

Holdings

1. NRS 40.455(1) does not require an out-of-state trustee's sale to comply with NRS 107.080 and does not preclude a Nevada deficiency judgment when the nonjudicial foreclosure sale was conducted pursuant to another state's laws.
2. The district court's post-judgment award of attorney fees and costs was premature and must be reversed.

Questions Presented

1. Whether NRS 40.455(1) bars a Nevada deficiency judgment after a nonjudicial foreclosure sale of out-of-state property conducted under the other state's law rather than pursuant to NRS 107.080.
2. Whether the district court properly granted summary judgment to Windhaven and the guarantors based on that interpretation of NRS 40.455(1).
3. Whether the district court's award of attorney fees and costs could stand after reversal of the summary judgment.

Disposition

reversed_and_remanded