76-1009 Sale of trust property; public auction; bids; postponement of sale; notice. - Nebraska Statutes

76-1009. Sale of trust property;public auction; bids; postponement of sale;notice.On the date and at the timeand place designated in the notice of sale, the trustee shall sell the propertyat public auction to the highest bidder. The attorney for the trustee mayconduct the sale. Any person, including the beneficiary, may bid at the sale.Every bid shall be deemed an irrevocable offer. If the purchaser refuses topay the amount bid by him or her for the property struck off to him or herat the sale, the trustee may again sell the property at any time to the highestbidder, except that notice of the sale shall be given again in the same manneras the original notice of sale was required to be given. The party refusingto pay shall be liable for any loss occasioned thereby, and the trustee mayalso, in his or her discretion, thereafter reject any other bid of such person.The person conducting the sale may, for any cause he or shedeems expedient, postpone the sale of all or any portion of the property fromtime to time until it is completed, and in every such case, noticeof postponement shall be given by public declaration thereof by such personat the time and place last appointed for the sale. The public declaration of the notice of postponement shallinclude the new date, time, and place of sale. No other noticeof the postponed sale need be given unless the sale is postponed for longerthan forty-five days beyond the day designated in the notice of sale, in which event notice thereofshall be given in the same manner as the original notice of sale is requiredto be given. SourceLaws 1965, c. 451, § 9, p. 1428; Laws 2004, LB 999, § 45; Laws 2010, LB732, § 4.Effective Date: July 15, 2010AnnotationsPortions of this section are sound rules not only for auctions of trust property, but also for judicial sales. Commercial Fed. Sav. & Loan v. ABA Corp., 230 Neb. 317, 431 N.W.2d 613 (1988).