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ID S1097

Bill

Official Source

Status

Introduced

2/12/2021

Primary Sponsor

Commerce and Human Resources Committee

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Origin

Senate

2021 Regular Session

AI Summary

  • Changes the timeframe for seeking a money judgment on a deed of trust obligation from 3 months to 90 days after sale
  • Requires the plaintiff to specify the total indebtedness secured by the deed of trust, the sale price, fair market value at time of sale, interest, costs, and attorney's fees in the complaint
  • Limits court judgment to the lesser of: (1) indebtedness minus fair market value plus interest and costs, or (2) the difference between sale price and total indebtedness
  • Establishes a 90-day deadline from the sale date for promissory note holders to file an action for money judgment when the deed of trust or other lien is extinguished by the sale
  • Makes technical corrections to terminology in Idaho Code Section 45-1512

Legislative Description

Amends existing law to provide that a certain action for a money judgment on a promissory note shall be filed within 90 days.

TRUST DEEDS

Last Action

Reported Printed; referred to Commerce & Human Resources

2/15/2021

Committee Referrals

Commerce and Human Resources2/15/2021
Judiciary and Rules2/12/2021

Full Bill Text

No bill text available