First Nat. Bank of Omaha v. Davey, 285 Neb. 835

Nebraska Trust Deeds Act authorizes two foreclosure methods: nonjudicial trustee sale and judicial foreclosure by court.
Daveys pledged real property under a trust deed to secure their promissory note to First National Bank of Omaha.
Bank foreclosed via district court action in Washington County; sheriff's sale occurred April 28, 2011 and sale was confirmed May 17.
Proceeds from the sheriff's sale were insufficient to satisfy the debt, prompting a deficiency action in Douglas County.
District court held § 76-1013’s 3-month limit applied to deficiency after trustee’s sale, barring First National’s action.
Court must determine whether § 76-1013 applies after judicial foreclosure; holding later clarifies that § 76-1013 applies only after trustee’s sale, not after judicial foreclosure.

Issue	Plaintiff's Argument	Defendant's Argument	Held
Does §76-1013 apply to deficiency actions after judicial foreclosure?	Davey	First National	No; §76-1013 only after trustee’s sale.
What does the phrase sale of property under a trust deed cover?	Davey	First National	Applies only to trustee’s sale, not judicial foreclosure.

Bank of Papillion v. Nguyen, 252 Neb. 926 (1997) (defines sale under a trust deed as trustee’s sale under §76-1013)
Sports Courts of Omaha v. Meginnis, 242 Neb. 768 (1993) (deficiency action on underlying obligation; aids interpreting §76-1013 scope)
Boxum v. Munce, 16 Neb. App. 731 (2008) (limits §76-1013 to actions on the obligation secured by the foreclosed trust deed)