33-748. Seller's right to foreclose
A. If a contract provides that the seller may elect to accelerate the unpaid principal balance due to seller on the purchaser's failure to pay the monies due under the contract, the seller may only enforce the acceleration by foreclosing the contract in the manner provided by law for foreclosure of mortgages upon real property. If a purchaser is in default under the contract for reasons other than failing to pay amounts due under the contract, the seller may only foreclose the contract as a mortgage in the manner provided by law for foreclosure of mortgages upon real property.
B. If an action to foreclose a contract has been filed, a forfeiture, by judicial process as provided by section 33-744 or by notice as provided by section 33-745, shall not thereafter be completed unless the foreclosure action is first dismissed and a notice of election to forfeit is served in the manner and on the persons provided for in section 33-743.
Section: Previous 33-741 33-742 33-743 33-744 33-745 33-746 33-747 33-748 33-749 33-750 33-801 33-802 33-803 33-803.01 33-804 NextLast modified: October 13, 2016