Federal National Mortgage Association v. Westland Liberty Village, LLC required the Nevada Supreme Court to clarify when a lender or its assignee is entitled to the appointment of a receiver after a borrower defaults on a real property loan agreement. In doing so, the Court interpreted two Nevada Statutes, NRS 32.260 and NRS 107A.260(1)(a)(1).2 Together, these statues provide when the appointment of a receiver is based on the discretion of the court or is a matter of right. Here, The Nevada Supreme Court held that the borrower, Westland Liberty Village (Westland) defaulted on their loan agreement with National Mortgage Association (National Mortgage), and pursuant to NRS 32.260(2)(b) and NRS 107A.260(1)(a)(1)3 , National Mortgage was entitled to appointment of a receiver. The Court reversed the case and remanded it back for further proceedings.
Scott, D'Ahna, "Federal National Mortgage Ass'n v. Westland Liberty Village, LLC, 138 Nev. Adv. Op. 57 (Aug 11, 2022)" (2022). Nevada Supreme Court Summaries. 1526.