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FEDERAL NAT. MORTG. v. WESTLAND LIBERTY

No. 82174.

515 P.3d 329 (2022)

138 Nev. Adv. Opn. 57

FEDERAL NATIONAL MORTGAGE ASSOCIATION; and Grandbridge Real Estate Capital, LLC, Appellants, v. WESTLAND LIBERTY VILLAGE, LLC, a Nevada Limited Liability Company; and Westland Village Square, LLC, a Nevada Limited Liability Company, Respondents.

Supreme Court of Nevada.

Filed August 11, 2022.

Attorney(s) appearing for the Case

Snell & Wilmer LLP and Kelly H. Dove , Nathan G. Kanute , and Bob L. Olson , Las Vegas, for Appellant Federal National Mortgage Association.

Holland & Hart LLP and Joseph G. Went , Lars K. Evensen , and Sydney R. Gambee , Las Vegas, for Appellant Grandbridge Real Estate Capital, LLC.

Campbell & Williams and J. Colby Williams and Philip R. Erwin , Las Vegas; Law Offices of John Benedict and John Benedict , Las Vegas; and Westland Real Estate Group and John W. Hofsaess , Long Beach, California, for Respondents.

Fennemore Craig, P.C., and Leslie Bryan Hart and John D. Tennert , Reno, for Amicus Curiae Federal Housing Finance Agency.

BEFORE THE SUPREME COURT, EN BANC.

OPINION

This appeal permits us to clarify when a lender or its assignee is entitled to the appointment of a receiver after a borrower defaults on a real property loan agreement. The borrower here owns properties housing multi-family apartment complexes, and the lender observed a significant decrease in...

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