Nevada § 40.458 - Deficiency judgment: Award to judgment creditor or beneficiary of deed of trust prohibited under certain circumstances
Full text of Nevada Nevada Revised Statutes § 40.458 — Deficiency judgment: Award to judgment creditor or beneficiary of deed of trust prohibited under certain circumstances, with citation guidance and answers to common questions.
§ 40.458. Deficiency judgment: Award to judgment creditor or beneficiary of deed of trust prohibited under certain circumstances
1. If the judgment creditor or the beneficiary of the deed of trust who applies for
a deficiency judgment is a banking or other financial institution, the court may not
award a deficiency judgment to the judgment creditor or the beneficiary of the deed
of trust if: (a) The real property is a single-family dwelling and the debtor or the grantor of
the deed of trust was the owner of the real property at the time of the sale in lieu
of a foreclosure sale; (b) The debtor or grantor used the amount for which the real property was secured
by the mortgage or deed of trust to purchase the real property; (c) The debtor or grantor continuously occupied the real property as the debtor's
or grantor's principal residence after securing the mortgage or deed of trust; (d) The debtor or grantor and the banking or other financial institution entered into
an agreement to sell the real property secured by the mortgage or deed of trust to
a third party for an amount less than the indebtedness secured thereby; and (e) The agreement entered into pursuant to paragraph (d): (1) Does not state the amount of money still owed to the banking or other financial
institution by the debtor or grantor or does not authorize the banking or other financial
institution to recover that amount from the debtor or grantor; and (2) Contains a conspicuous statement that has been acknowledged by the signature of
the banking or other financial institution and the debtor or grantor which provides
that the banking or other financial institution has waived its right to recover the
amount owed by the debtor or grantor and which sets forth the amount of recovery that
is being waived. 2. As used in this section, “ banking or other financial institution ” means any bank, savings and loan association, savings bank, thrift company, credit
union or other financial institution that is licensed, registered or otherwise authorized
to do business in this State.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 40.458
What does Nevada Revised Statutes § 40.458 cover?
Section 40.458 ("Deficiency judgment: Award to judgment creditor or beneficiary of deed of trust prohibited under certain circumstances") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. 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 Nevada § 40.458?
A common citation format is "Nevada Revised Statutes § 40.458" (Nevada). 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 Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 40.458 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada 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 Nevada.