Sale of trust property; limitation of action.
The trustee's sale of property under a trust deed shall be made within the period prescribed in section 25-205 for the commencement of an action on the obligation secured by the trust deed unless the beneficiary elects to foreclose a trust deed in the manner provided for by law for the foreclosure of mortgages on real estate as provided in section 76-1005, in which case the statute of limitations for the commencement of such action shall be the same as the statute of limitations for mortgages pursuant to section 25-202.
Source:Laws 1965, c. 451, § 15, p. 1432; Laws 1997, LB 284, § 2.
The 10-year statute of limitations governing foreclosure of mortgages or deeds of trust as mortgages, rather than the 5-year statute of limitations governing trust deed foreclosure in which a trustee exercises power of sale upon default, applied to a claim brought by a holder of a promissory note secured by a deed of trust on property seeking foreclosure of the deed of trust, because the claim was not for trustee foreclosure. Bel Fury Invest. Group v. Palisades Collection, 19 Neb. App. 883, 814 N.W.2d 394 (2012).