1st Sub. S.B. 42
         LIMITATION ON ACTION TO RECOVER DEFICIENCY FOLLOWING SHORT SALE

Senate Floor Amendments

Amendment 1 February 8, 2012 9:56 AM



Senator Wayne L. Niederhauser proposes the following amendments:

1.    Page 2, Line 34 :    

             34          (d) "Secured loan" means
{   an obligation evidenced by a note and   }        a loan or other credit for personal, family, or household purposes       secured by a mortgage


2.    Page 2, Line 48 :    

             48          (3) Subsection (2) does not apply if the obligor
{   has   }        or owner       engaged in fraud in connection with


3.    Page 2, Lines 50 through 55 :    

             50          (4)
{   The limitation under   } Subsection (2) does not apply to      {   an obligation evidenced by   } an

             51      agreement that:
             52          
{   (a) is separate from the secured loan;   }

             53          
{   (b)   }        (a)       is executed        :

    (i)  
between      {   an obligor   }        one or more obligors under a secure loan       and      {   a   }        the       secured lender        ; and

    (ii)  
in connection with a short sale;

             54      and
             55          
{   (c)   }        (b)       obligates      {   the   }        an       obligor to pay some or all of a deficiency.


Page 1 of 1
LRGC rrees rrees