48. Mortgage
1. "(W)hen property subject to a mortgage or deed of trust
is taken in eminent domain proceedings, the condemnation award becomes a substitute
for the property, and the mortgagee or beneficiary has an equitable lien on the
award. (cite) The secured party, however, is only entitled to that portion of
the condemnation award necessary to satisfy his lien." Halfon
v. Title Ins. & Trust Co., 97 Nev. 421, 423, 424, 634 P.2d 660 (1981)
(#65)
2. Mortgage/Assignment of Award: "Despite a clause...purporting
to assign an entire condemnation award to a mortgagee or beneficiary of a deed
of trust, the effectiveness of such a contract term is limited by the legal and
equitable interest of the mortgagee or beneficiary in the award." "The effectiveness
of such a clause is limited to the extent to which a mortgagee or beneficiary
can demonstrate that its security has actually been impaired." First
Western v. Vegas Continental, 100 Nev. 710, 712, 692 P.2d 1279 (1984) (#69)
3. Mortgage/Assignment of Award: Where a taking in eminent
domain reduces the value of the property, the holder of a trust deed (securing
a debt) is entitled to a part of the compensation award that will maintain the
same ratio or margin (value of property to the amount of the secured debt). Id.
(#69)