On May 28, 2015, Nevada Governor Brian Sandoval signed into law Senate Bill 306, which will fundamentally alter the HOA foreclosure sale landscape in Nevada. Following the Nevada Supreme Court’s decision in September 2014 in SFR Investments Pool 1, LLC v. U.S. Bank (holding that NRS 116.3116 was a true priority lien and an HOA foreclosure sale could extinguish a first deed of trust), the Nevada legislature took action to remedy a serious issue facing the lending community in Nevada. Bradley Arant provided guidance to the lending industry in the review and comment phase of the new legislation. Read the article………
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