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.
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