Nebraska § 76-1740 - Rights under foreclosure.
Full text of Nebraska Revised Statutes of Nebraska § 76-1740 — Rights under foreclosure., with citation guidance and answers to common questions.
§ 76-1740. Rights under foreclosure.
The developer whose project is subject to an underlying blanket lien or encumbrance shall protect nondefaulting purchasers from foreclosure by the lienholder by obtaining from the lienholder a nondisturbance clause, subordination agreement, or partial release of the lien as the time-share intervals are sold. In the alternative, the developer may obtain the agreement of the lienholder to take the project, in the event of default by the developer, subject to the rights of the nondefaulting purchasers by (1) posting a bond, equal to fifty percent of the amount owed to the lienholder, (2) making an assignment of receivables equal to one hundred twenty-five percent of the principal amounts due from purchasers, (3) pledging collateral security equal to one hundred percent of the amount owed to the lienholder, or (4) entering into any other financing plan or escrow agreement acceptable to the lienholder.
Frequently Asked Questions About Nebraska § 76-1740
What does Revised Statutes of Nebraska § 76-1740 cover?
Section 76-1740 ("Rights under foreclosure.") is part of the Revised Statutes of Nebraska, the codified statutory law of Nebraska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nebraska § 76-1740?
A common citation format is "Revised Statutes of Nebraska § 76-1740" (Nebraska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nebraska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nebraska official source linked on this page or consult a licensed Nebraska attorney.
How does Nebraska § 76-1740 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nebraska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nebraska.