580 Parkson Road, LLC v. Waiyan Ventures LLC et al

Filing 25

ORDER. IT IS HEREBY ORDERED that plaintiff's 23 motion for a deficiency judgment is GRANTED. FURTHER ORDERED that the clerk shall enter judgment in favor of plaintiff against defendants in the amount of $1,725,485.19 Signed by Judge Larry R. Hicks on 3/5/2011. (Copies have been distributed pursuant to the NEF - KO)

580 Parkson Road, LLC v. Waiyan Ventures LLC et al

Doc. 25

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UNITED STATES DISTRICT COURT DISTRICT OF NEVADA *** ) ) ) ) ) ) ) ) ) ) )

580 PARKSON ROAD, LLC, Plaintiff, v. WAIYAN VENTURES, LLC, et al., Defendants.

3:10-cv-0096-LRH-VPC ORDER

Before the court is plaintiff 580 Parkson Road, LLC's ("Parkson") motion for a deficiency judgment filed on December 16, 2010. Doc. #23.1 Defendants did not file an opposition to the motion. See Doc. #24. I. Facts and Background In October 2007, defendants Waiyan Ventures, LLC ("Waiyan"); Rick S Louie ("Louie"); and Stephanie Chan ("Chan") (collectively "defendants") purchased real property located at 580 Parkson Road, Henderson, Nevada through a loan issued by non-party Standard Insurance Company ("Standard"), plaintiff Parkson's predecessor in interest. Defendants defaulted on the loan and the property was ultimately sold at a Trustee's sale for $2,016,000.00. See Doc. #23, Exhibit 1. At the time of the Trustee's sale, Parkson was the beneficiary of the deed of trust. Id.

Refers to the court's docket number.

Dockets.Justia.com

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On January 19, 2010, Parkson filed a complaint against defendants in state court for a deficiency judgment. See Doc. #1, Exhibit A. Defendants Louie and Chan removed the action to federal court (Doc. #1) and filed an answer to the complaint (Doc. #9). Defendant Waiyan did not answer the complaint and default was entered against Waiyan on June 7, 2010. Doc. #14. After discovery concluded, Parkson filed the present motion for a deficiency judgment in the amount of $1,725,485.19 pursuant to NRS 40.451, et seq. Doc. #23. Defendants Louie and Chan did not file an opposition to the motion. II. Discussion The court has reviewed the documents and pleadings on file in this matter and finds that Parkson is entitled to a deficiency judgment in this action. Initially, the court notes that the failure of an opposing party to file points and authorities in response to any motion shall constitute a consent to the granting of the motion under LR 7-2(d). Further, Parkson is entitled to a deficiency judgment as a matter of law. NRS 40.451, et seq. governs the procedures for foreclosure sales and any award of a deficiency judgment. Pursuant to NRS 40.455, the court shall award a deficiency judgment to a beneficiary of the deed of trust if it appears that there is a deficiency of the proceeds of the sale and the balance remaining due to the beneficiary. NRS 40.455(1). The award of a deficiency judgment is limited to "the amount which is the difference between the amount for which the property was actually sold and the amount of the indebtedness which was secured, with interest from the date of sale." NRS 40.459. Here, the undisputed evidence establishes that the debt owed by defendants on the loan as of the date of the Trustee's sale on October 29, 2009, was $3,508,115.10. See Doc. #23, Exhibit 1, p.57. Subtracting the sale amount of the property, $2,016,000.00, that leaves a deficiency of $1,492,115.10 from the amount owed on the loan. Id. Interest, fees and costs accruing through the motion for deficiency judgment brings the total deficiency value to $1,725,485.19. Doc. #23. Therefore, Parkson is entitled to a deficiency judgment against defendants in this action in the 2

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amount of $1,725,485.19. Accordingly, the court shall grant Parkson's motion.

IT IS THEREFORE ORDERED that plaintiff's motion for a deficiency judgment (Doc. #23) is GRANTED. IT IS FURTHER ORDERED that the clerk of court shall enter judgment in favor of plaintiff against defendants in the amount of $1,725,485.19. IT IS SO ORDERED. DATED this 5th day of March, 2011.

__________________________________ LARRY R. HICKS UNITED STATES DISTRICT JUDGE

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