Omnibus banking measure approved

Lawmakers gave final approval April 17 to a bill related to the processing of tangible and intangible property.

Among other provisions, LB788, originally introduced by Columbus Sen. Paul Schumacher:
• creates an acquired or integrated business records exception to Nebraska’s hearsay rule;
• provides an exception to the disclosure of confidential information rules to allow banks and other corporations to release information regarding date of death valuation and beneficiary designations for property in their possession;
• prohibits local ordinances or resolutions from interfering with the enforcement or servicing of any real estate loan agreement or any mortgage, deed of trust or other security instrument by which the loan is secured;
• brings state law regarding the pledging of securities for trust funds awaiting investment or distribution into conformity with federal law;
• conforms the way debts or obligations and future advances may be secured pursuant to a mortgage or trust deed covering an interest in real property; and
• creates a process for entry into a decedent’s safe deposit box for the limited purposes of locating a will, deed to a burial plot or burial instructions.

The bill passed on a 45-0 vote.