Vegas United Investment Series 105, Inc. v. Celtic Bank Corp.
Annotate this Case
The Supreme Court affirmed the judgment of the district court determining that Appellant took certain nonresidential property subject to Respondent's existing mortgage on the subject property, holding that Appellant took its interest subject to Respondent's deed of trust.
The conditions, covenants, and restrictions (CC&Rs) of the subject property stated that the property owners' association (POA) may enforce delinquent assessment liens pursuant to Nev. Rev. Stat. 116.3116-.31168 but not the entirety of Nev. Rev. Stat. chapter 116. Specifically, the CC&Rs did not incorporate the provisions of chapter 116 that might invalidate a mortgage savings clause or provide for assessments supporting a lien that would have superpriority status. Appellant purchased the property at a foreclosure sale conducted pursuant to the procedures set forth in section 116.3116. Thereafter, Respondent recorded a notice of default for nonpayment of mortgage payments and filed a complaint for judicial foreclosure of the property. Appellant counterclaimed to quiet title, alleging that the nonjudicial foreclosure extinguished Respondent's deed of trust. The district court entered judgment for Respondent, concluding that the foreclosure sale did not extinguish Respondent's deed of trust. The Supreme Court affirmed, holding that no portion of the delinquent POA assessment lien had superpriority status as against Respondent's first security interest.
Some case metadata and case summaries were written with the help of AI, which can produce inaccuracies. You should read the full case before relying on it for legal research purposes.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.