K&P Homes v. Christiana TrustAnnotate this Case
The Supreme Court’s holding in SFR Investments Pool 1, LLC v. U.S. Bank, N.A., 334 P.3d 408 (Nev. 2014) that foreclosures under Nev. Rev. Stat. 116.3116 extinguish first security interests applies to all foreclosures conducted since section 116.3116’s inception.
Respondent in this case employed the three-factor test established by the United States Supreme Court in Chevron Oil Co. v. Huson, 404 U.S. 97 (1971) and argued that SFR could not apply retroactively because this court established a new principle of law, a retroactive application would not further the purposes of section 116.3116, and a retroactive application would product inequitable results. The Supreme Court held (1) the Chevron Oil factors do not apply, but rather, that the court’s analysis in Nevada Yellow Cab Corp. v. Eighth Judicial District Court, 383 P.3d 246 (Nev. 2016), governs the present matter; and (2) SFR did not create new law or overrule existing precent, and therefore, that decision applies retroactively.