Shawn G. Pearson’s Answers

Shawn G. Pearson

Reno Business Attorney.

Contributor Level 11
  1. Foreclosed home and second loan

    Answered over 2 years ago.

    1. Shawn G. Pearson
    2. Dorothy G Bunce
    3. Steven Anderson Leahy
    3 lawyer answers

    Prior to the 2011 Legislative Session, sold out junior lienholders had six years to bring a deficiency action after foreclosure by the first lienholder. However, that rule changed significantly beginning July 1, 2011. Assuming that the foreclosure sale was completed in September 2011, you should have the benefit of NRS 40.4639, which provides that a deficiency action must be initiated within six months of the foreclosure sale. If the second lender does not file suit within that timeframe,...

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  2. What happens if I don't pay back fees on my inactive LLC? Will it hurt my credit??

    Answered over 2 years ago.

    1. Shawn G. Pearson
    2. J. Charles Coons
    3. Bryant Keith Martin
    3 lawyer answers

    That's a great question. To my knowledge, the Nevada Secretary of State does not make any reports to any credit reporting agencies for delinquent entity filings. It is quite typical in Nevada that an entity might be "let go" (abandoned, as you are suggesting) rather than formally dissolved, and I've never heard of an adverse credit impact from taking that approach. There are some different potential liability consequences to each option, with formal dissolution (at least potentially)...

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  3. Are these legal "Actions"? Lender tried Non-Judicial Foreclosure twice, now is trying to collect during Judicial Foreclosure.

    Answered about 2 years ago.

    1. Shawn G. Pearson
    2. William C. Devine II
    2 lawyer answers

    To answer your question, take a look at NRS 40.430, specifically subsection 6(e), which provides that exercising the power of sale under a deed of trust does not constitute an action for the purposes of Nevada's one action rule.

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  4. In Nevada, does a a single-member LLC have to provide workers' compensation insurance? This seems ridiculous if you own it.

    Answered over 1 year ago.

    1. Shawn G. Pearson
    2. Nancy J Wallace
    3. Brett A. Borah
    3 lawyer answers

    Not always. NRS 616B.624 does allow a manager or officer to waive workers compensation coverage under certain circumstances.

    3 lawyers agreed with this answer

  5. Can they auction my home while waiting for mediation? How do I handle the notice of auction?

    Answered over 2 years ago.

    1. Shawn G. Pearson
    2. Dorothy G Bunce
    2 lawyer answers

    The short answer is no, assuming a homeowner makes a valid election to participate in foreclosure mediation, that election stays foreclosure proceedings until the mediation is completed and the foreclosure mediation program issues a certificate of completion to the lender. However, you will need to check to see what happened to your election to participate in the mediation program. Contact information for the program is attached in a link below. Of course if the sale was noticed for 30...

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  6. Commercial lease contract, Does Nevada Law protect parties (Tenant and the Landlord) if not signed an extension of a renewal?

    Answered almost 2 years ago.

    1. Shawn G. Pearson
    2. Michael T Millar
    3. Arthur A. Zorio
    3 lawyer answers

    There are a few different issues going on here, and I'd expect that any lawyer reviewing this issue would have several questions before giving a reasonably definitive answer. What does the renewal option of the lease say? Did the tenant properly exercise the lease option? If not, did the tenant ever ratify a defective exercise of the lease option through later conduct? if the tenant was aware of the defective exercise of the lease option, what actions were taken to disavow...

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  7. I am planning a merger w/my company and another. What is the cost to have an attorney assist with the paperwork require

    Answered over 2 years ago.

    1. Shawn G. Pearson
    2. J. Charles Coons
    2 lawyer answers

    It's really hard to say how much a merger will cost to complete, but somewhere in the range of $1500-$3000 would not be unreasonable depending on the scope of the transaction. It is certainly possible to have a "three way" merger where the two existing corporations would be merged with and into a newly formed survivor. Your best bet is to speak with a Nevada corporate attorney. Many won't charge for an initial consultation.

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  8. Can I sell my house, with people who are delinquent on the payments, to someone who is willing to do the eviction themselves?

    Answered over 2 years ago.

    1. Shawn G. Pearson
    2. James T. Weiner
    2 lawyer answers

    HOLY COW. There are many many missing facts here, but the facts you have presented make it sound like a real mess. If you already sold the home, you cannot sell it again to someone else unless you still have (or reaquire) title to the property. Just because the tenant / purchaser did not record the deed does not make the deed ineffective as between you and the buyer. Was the purchase agreement (and hopefully promissory note) secured by a lien on the property and a deed of trust? If so,...

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  9. I did a short sale 3 years and have received the 1099 cancellation of debt form.

    Answered over 2 years ago.

    1. Shawn G. Pearson
    2. J. Charles Coons
    2 lawyer answers

    A 1099-C *is not a waiver of deficiency rights*. It is an indication that the lender has written off bad debt as uncollectable for tax purposes. There are cases that say that a lender can still bring suit after issuing a 1099-C. Short selling borrowers are not truly "safe" in Nevada without a waiver of deficiency rights (though sales occurring after July 1, 2011 do get the benefit of an accelerated statute of limitations -- 6 months -- but applicable to deficiency actions by second lenders...

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  10. I live in las vegas/nv. My tenant had dish network to install a dish in common area which is against CC&Rs.

    Answered about 3 years ago.

    1. Shawn G. Pearson
    2. Matthew T. Cecil
    2 lawyer answers

    First, I'd look to the practical solution -- can the dish simply be relocated off of the common area to your premises? You don't give many specifics about your CC&Rs and the basis for your HOA to fine you. Nonetheless, the Telecommunications Act of 1996 will often prohibit restrictions on placement of direct broadcast satellite dishes. I'd start by determining whether your HOA's rule restricting the placement of the dish is compliant with this federal law first. Of course if the dish is...

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