Legal Question in Credit and Debt Law in Nebraska

Sheriff's Sale

My partner in a bar & grill left 4 years ago - I've paid him everything I will ever pay him. He has signed off of everything except the q-claim deed at the courthouse. Now, he is being sued for $5000 and they have listed HIS name and the legal descrip of the 2 lots the bar sits on. We have agreed I come to the Sheriff's Sale, pay $1750, they would settle. Can someone out-bid me for more than the $5000? Can they accept more than $5000? If so, where does the extra $ go? My name is on the other half of the deed and ALL of the bar and it's belongings.


Asked on 2/03/08, 1:44 am

1 Answer from Attorneys
Katherine Owen

Re: Sheriff's Sale

Why is his name still on the deed? You should remedy that situation.

Any property interest he holds in the real estate is subject to execution if he cannot exempt it. The extent of his interest depends on how he holds the property (joint tenants, tenants in common, e.g.) with you. A creditor of his can execute on his interest, not yours. The "buyer" would take the property subject to whatever our interest is in it.

The creditor is only entitled to the amount of its judgment lien. If there were any proceeds from the sale in excess of the lien, those proceeds go to the former property owner.

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Answered on 2/04/08, 12:25 pm


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