Under the plain language of NRS 116.3116(4), “equal priority” is given to multiple HOA liens on the same property when those liens secure unpaid HOA charges and dues. When one lienholder of equal priority forecloses, all other liens are terminated. Nonetheless, all equal priority lienholders share in the foreclosure profit by either being paid in full when able to do so or, if sale profit is inadequate, through a pro-rata share of the proceeds. Thus, because the Foothills and Southern Highlands have equal priority liens, Foothills’ foreclosure terminated Southern Highlands lien, however Southern Highlands is entitled its allotment of the sale proceeds.
Matteoni, Kristen, "Southern Highlands v. San Florentine, 132 Nev. Adv. Op. 3 (Jan. 14, 2016)" (2016). Nevada Supreme Court Summaries. 947.