McMillan v. United Mortgage Co.

OPINION

The narrow question for decision in this case is whether, under the “One-action Rule” announced in NRS 40.430, 1 the holder of 27 promissory notes totaling $52,650, which were secured by a second deed of trust, may maintain a personal action on the notes against the maker after the security has been lost by the foreclosure of a first deed of trust without any participation or wrongdoing on the part of the holder of the promissory notes which the second deed of trust secures.

We answer in the affirmative and hold that the “One Form of Action Rule” does not apply to a sold-out junior…