Nebraska Revised Statute 25-1530

Chapter 25 Section 1530

25-1530.

Foreclosure; redemption of land from levy and sale; rights of mortgagor; terminated, when.

(1) The owners of any real estate against which a decree of foreclosure has been rendered in any court of record, or any real estate levied upon to satisfy any judgment or decree of any kind, may redeem the same from the lien of such decree or levy at any time before the sale of the same shall be confirmed by a court of competent jurisdiction by paying into court the amount of such decree or judgment together with all interests and costs. If such real estate has been sold to any person not a party plaintiff to the suit, the person so redeeming the same shall pay to such purchaser twelve percent interest on the amount of the purchase price from the date of the sale to the date of redemption or deposit the same with the clerk of the court where the decree or judgment was rendered.

(2) Subject to the right of redemption under subsection (1) of this section and the confirmation of the sale under section 25-1531, all right, title, interest, and claim of the mortgagor and his or her successors in interest, and of all persons claiming by, through, and under the mortgagor and his or her successors in interest, in and to the property sold, including all such right, title, interest, and claim in and to such property acquired by the mortgagor or his or her successors in interest subsequent to the execution of the mortgage, shall be deemed terminated as of the time the sheriff or master commissioner accepts the highest bid at the sale.

Source

  • Laws 1875, § 1, p. 57;
  • R.S.1913, § 8076;
  • C.S.1922, § 9012;
  • C.S.1929, § 20-1530;
  • R.S.1943, § 25-1530;
  • Laws 2004, LB 999, § 22.

Annotations

  • 1. Rights of purchaser

  • 2. Rights to redeem

  • 3. Time to redeem

  • 1. Rights of purchaser

  • Owner may redeem at any time before confirmation by payment of decree, interest and costs, and where land is sold to a person not a party plaintiff, interest to the purchaser at twelve per cent per annum on the purchase price. County of Madison v. Crippen, 143 Neb. 474, 10 N.W.2d 260 (1943).

  • Owner of foreclosed real estate has right to redeem before sale by paying amount of decree, but after sale must, in addition, pay to bidder twelve percent interest on amount of bid. Knox County v. Perry, 142 Neb. 678, 7 N.W.2d 475 (1943).

  • 2. Rights to redeem

  • Equity of redemption of defendant is an interest in the land which judgment creditor has right to sell on execution to satisfy its lien. Farmers Security Bank of Maywood v. Wood, 132 Neb. 175, 271 N.W. 349 (1937).

  • After decree of foreclosure of a prior mortgage, in action to which junior encumbrancer was a party, the latter cannot then redeem from the prior mortgage and claim a decree of subrogation; his rights are sufficiently protected by the opportunity to purchase at the sale, or pay off prior encumbrance before sale. Keller v. Boehmer, 130 Neb. 763, 266 N.W. 577 (1936).

  • Redemption is allowable by Supreme Court pending appeal; amount party seeking must pay and what he must do to redeem stated; right is not affected by discharge in bankruptcy. Lincoln Savings & Loan Assn. v. Anderson, 115 Neb. 199, 212 N.W. 210 (1927).

  • Mortgagor owing duty to pay taxes, cannot purchase property at tax foreclosure sale. Pitman v. Boner, 81 Neb. 736, 116 N.W. 778 (1908).

  • Supreme Court on appeal may entertain application to redeem, and determine amount due. Thesing v. Westergren, 75 Neb. 387, 106 N.W. 438 (1905).

  • Plaintiff in action for redemption may redeem his interest by paying his equitable proportion of debt. Dougherty v. Kubat, 67 Neb. 269, 93 N.W. 317 (1903).

  • Upon redemption from lien, cotenant is subrogated to rights of lien creditor. Epp v. Bicknell, 138 F.2d 735 (8th Cir. 1943).

  • 3. Time to redeem

  • Owners of real estate may redeem from tax sale at any time prior to confirmation, and provision for redemption is not violative of the Constitution. Lincoln County v. Shuman, 138 Neb. 84, 292 N.W. 30 (1940).

  • Owner may redeem from sale under tax lien before final order on appeal in Supreme Court; amount payable is the same as for redemption from mortgage foreclosure. Mummert v. Grant, 118 Neb. 651, 225 N.W. 773 (1929).

  • Action to redeem may be brought any time before the statutory bar of ten years is complete. Dickson v. Stewart, 71 Neb. 424, 98 N.W. 1085 (1904).

  • When appeal from order of confirmation is taken and bond given, mortgagor may redeem any time prior to decision by Supreme Court. Philadelphia Mortgage & Trust Co. v. Gustus, 55 Neb. 435, 75 N.W. 1107 (1898).

  • An action to redeem from foreclosure by an owner, not a party and not served, may be brought any time within ten years after cause of action accrued. Dorsey v. Conrad, 49 Neb. 443, 68 N.W. 645 (1896).

  • Title to foreclosed land remains in mortgagor or his grantee until actual execution of sheriff's deed in foreclosure. In re Worley, 50 F.Supp. 611 (D. Neb. 1943).