33-729. Purchase money mortgage; limitation on
liability
A. Except as provided in subsection B, if a mortgage is given to secure the payment
of the balance of the purchase price, or to secure a loan to pay all or part of the
purchase price, of a parcel of real property of two and one-half acres or less which is
limited to and utilized for either a single one-family or single two-family dwelling, the
lien of judgment in an action to foreclose such mortgage shall not extend to any other
property of the judgment debtor, nor may general execution be issued against the judgment
debtor to enforce such judgment, and if the proceeds of the mortgaged real property sold
under special execution are insufficient to satisfy the judgment, the judgment may not
otherwise be satisfied out of other property of the judgment debtor, notwithstanding any
agreement to the contrary.
B. The balance due on a mortgage foreclosure judgment after sale of the mortgaged
property shall constitute a lien against other property of the judgment debtor, general
execution may be issued thereon, and the judgment may be otherwise satisfied out of other
property of the judgment debtor, if the court determines, after sale upon special
execution and upon written application and such notice to the judgment debtor as the
court may require, that the sale price was less than the amount of the judgment because
of diminution in the value of such real property while such property was in the
ownership, possession, or control of the judgment debtor because of voluntary waste
committed or permitted by the judgment debtor, not to exceed the amount of diminution in
value as determined by such court.
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