Existing law requires a sale of property under execution to be made: (1) at auction to the highest bidder; (2) between the hours of 9 a.m. and 5 p.m.; and (3) for sales of real property, at the courthouse of the county in which the property or some part thereof is situated. (NRS 21.150) Section 2 of this bill: (1) eliminates the requirement concerning the time of day at which a sale must be conducted; (2) authorizes the officer conducting a sale to conduct the sale on an Internet website or other electronic medium; (3) authorizes a person who operates such an Internet website or other electronic medium to engage in certain activities concerning a sale; and (4) revises certain procedures for the conduct of a sale to account for sales conducted on an Internet website or other electronic medium. Existing law requires a sale of property pursuant to a trustee's power of sale to be made: (1) at auction to the highest bidder; (2) between the hours of 9 a.m. and 5 p.m.; and (3) for sales of real property, at the public location in the county designated by the governing body of the county for that purpose. (NRS 107.081) Section 6 of this bill eliminates the requirement concerning the time of day at which a sale must be conducted. Section 6 also authorizes the governing body of a county to authorize: (1) a sale to be conducted on an Internet website or other electronic medium; and (2) a person who operates such an Internet website or other electronic medium to engage in certain activities concerning a sale. Existing law authorizes a deed of trust to adopt by reference certain covenants, including, among others, a covenant setting forth the process by which a sale of property pursuant to a trustee's power of sale may be conducted. (NRS 107.030) Section 3 of this bill revises the process set forth in that covenant to account for sales conducted on an Internet website or other electronic medium. Existing law sets forth certain requirements for a sale of property pursuant to a trustee's power of sale that is postponed by oral proclamation. (NRS 107.082) Section 7 of this bill applies the same requirements to a sale of property pursuant to a trustee's power of sale that is held on an Internet website or other electronic medium and which is postponed by publication of a proclamation on the Internet website or other electronic medium. Existing law requires certain actions to declare void a sale of property pursuant to a trustee's power of sale to be brought in the county in which the sale took place. (NRS 107.080, 107.0805) Sections 4 and 5 of this bill require such actions to be brought instead in the county in which the property is located, to account for sales held on an Internet website or other electronic medium. Existing law requires the sale of a unit in a common-interest community to satisfy a lien held by a unit-owners' association to be conducted: (1) between the hours of 9 a.m. and 5 p.m.; and (2) depending on the county in which the unit is located, at the courthouse in the county or at a public location in the county designated by the governing body of the county to conduct a sale of property pursuant to a trustee's power of sale. (NRS 116.31164) Section 9 of this bill eliminates the requirement concerning the time of day at which a sale must be held. Section 9 also authorizes the governing body of a county to authorize: (1) a sale to be conducted on an Internet website or other electronic medium; and (2) a person who operates an Internet website or other electronic medium to engage in certain activities concerning a sale. Finally, section 9 revises procedures for the conduct of a sale to account for sales conducted on an Internet website or other electronic medium. Sections 1, 4 and 8 of this bill revise certain requirements relating to the notice that is required before a sale of property under execution, a sale of property pursuant to a trustee's power of sale and a sale of a unit in a common-interest community to require the notice to include certain information concerning the Internet website or electronic medium on which the sale is to be held, if applicable. Sections 2, 6 and 9 prohibit certain persons from becoming a purchaser at or being interested in any purchase at a sale of property under execution, a sale of property pursuant to a trustee's power of sale and a sale of a unit in a common-interest community.

Statutes affected:
As Introduced: 21.130, 21.150, 107.030, 107.080, 107.0805, 107.081, 107.082, 116.311635, 116.31164
BDR: 21.130, 21.150, 107.030, 107.080, 107.0805, 107.081, 107.082, 116.311635, 116.31164