State Codes and Statutes

Statutes > Nebraska > Chapter76 > 76-1006

76-1006. Sale of trust property; notice of default.The power of sale conferred in the Nebraska Trust Deeds Act upon the trustee shall not be exercised until:(1) The trustee or the attorney for the trustee shall first file for record in the office of the register of deeds of each county wherein the trust property or some part or parcel thereof is situated a notice of default identifying the trust deed by stating the name of the trustor named therein and giving the book and page or computer system reference where the same is recorded and a description of the trust property, containing a statement that a breach of an obligation for which the trust property was conveyed as security has occurred, and setting forth the nature of such breach and of his or her election to sell or cause to be sold such property to satisfy the obligation;(2) If the trust property is used in farming operations carried on by the trustor, not in any incorporated city or village, the notice of default also sets forth:(a) A statement that the default may be cured within two months of the filing for record of the notice of default and the obligation and trust deed may be thereby reinstated as provided in section 76-1012;(b) A statement of the amount of the entire unpaid principal sum secured by the trust deed, the amount of interest accrued thereon to and including the date the notice of default is signed by the trustee or the trustee's attorney, and the dollar amount of the per diem interest accruing from and after such date; and(c) A statement of the amount of the unpaid principal which would not then be due had no default occurred; and(3) After the lapse of not less than one month, or two months if the notice of default is subject to subdivision (2) of this section, the trustee or the attorney for the trustee shall give notice of sale as provided in section 76-1007. SourceLaws 1965, c. 451, § 6, p. 1426; Laws 1971, LB 645, § 1; Laws 1984, LB 679, § 20; Laws 1986, Third Spec. Sess., LB 3, § 17; Laws 2004, LB 999, § 44; Laws 2006, LB 876, § 52. AnnotationsThe phrase "the nature of such breach" as used in subsection (1) of this section requires the notice of default to describe the event that has triggered the use of the power of sale in the trust deed. Gilroy v. Ryberg, 266 Neb. 617, 667 N.W.2d 544 (2003).