reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.095 - Definitions.

As used in NRS 100.095 to 100.180, inclusive:
1. "Closed-end vehicle lease" means a vehicle lease, other than an open-end vehicle lease, commonly referred to as a walk-away lease, in which the lessee is not responsible for the residual value of the leased vehicle at the end of the term of the lease.
2. "Commercial vehicle lease" means a bailment or lease of a single vehicle by a person for a period of more than 4 months for a total contractual obligation not exceeding $25,000, primarily for business or commercial purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the vehicle at the termination or expiration of the lease. The term includes a bailment or lease where the lessee becomes or may become owner of the vehicle by payment to the lessor of an amount which is substantially equal to the residual value or the unamortized capitalized cost, if the payment is not nominal. The term does not include a bailment or lease where the lessee contracts to pay as compensation for use of the vehicle a sum substantially equivalent to or in excess of the capitalized cost of the vehicle and it is agreed that the lessee may become the owner for no other consideration or for a nominal consideration.
3. "Consumer vehicle lease" means a contract in the form of a bailment or lease of a single vehicle by a person for a period of more than 4 months, primarily for personal, family or household purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the vehicle at the expiration of the lease. The term includes:
(a) A closed-end vehicle lease;
(b) An open-end vehicle lease; and
(c) A bailment or lease entered into primarily for personal, family or household purposes where the lessee becomes or may become owner of the vehicle by payment to the lessor of an amount which is substantially equal to the residual value or the unamortized capitalized cost, if the payment is not nominal.
4. "Dealer" has the meaning ascribed to it in NRS 482.020.
5. "Open-end vehicle lease" means a vehicle lease where the lessee’s obligation upon termination or expiration of the lease is based on the difference between the residual value of the leased vehicle and its realized value.
6. "Person" includes any governmental entity.
7. "Vehicle" means every device in, upon or by which any person or property is or may be transported upon a public highway, except devices:
(a) Moved by human power;
(b) Used exclusively upon stationary rails or tracks; or
(c) Having a gross vehicle weight of more than 10,000 pounds, exclusive of the weight of any slide-in camper as defined in NRS 482.113 which may be on it.
The term does not include electric personal assistive mobility devices as defined in NRS 482.029.
(Added to NRS by 1979, 1259; A 2003, 1206; 2021, 1429)
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.115 - Liability of lessor for failure to disclose.

1. Except as otherwise provided in this section, any lessor under a commercial vehicle lease who fails to comply with the requirements of NRS 100.105 with respect to any lessee is liable to the lessee for the sum of:
(a) Any actual damage sustained by such person as a result of the failure;
(b) Twenty-five percent of the total amount of monthly payments under the lease, but not less than $100 nor more than $1,000; and
(c) In the case of any successful action to enforce the foregoing liability, the costs of the action, together with a reasonable attorney’s fee as determined by the court.
2. A lessor has no liability under this section for any failure to comply with any requirement imposed under NRS 100.105 if within 15 days after discovering an error, and prior to the institution of an action under this section or the receipt of written notice of the error, the lessor notifies the lessee of the error and makes whatever adjustments in the appropriate account are necessary to insure that the lessee will not be required to pay a charge in excess of the amount actually disclosed or correctly determined.
3. A lessor may not be held in any action brought under this section for a violation of NRS 100.105 if the lessor shows by a preponderance of evidence that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such error.
4. No provision of this section imposing any liability applies to any act done or omitted in good faith in conformity with any rule, regulation or interpretation by the Board of Governors of the Federal Reserve System or in conformity with any interpretation or approval by an official or employee of the Federal Reserve System duly authorized by the Board to issue such interpretation or approvals under such procedures as the Board may prescribe therefor, even if after the act or omission has occurred, the rule, regulation, interpretation or approval is amended, rescinded or determined by judicial or other authority to be invalid for any reason.
5. The multiple failure to disclose to any lessee any information required to be disclosed in connection with a single commercial vehicle lease entitles the lessee to a single recovery under this section but continued failure to disclose after a recovery has been granted gives rise to rights to additional recoveries.
6. A lessee may not take any action to offset any amount for which a lessor is potentially liable against any amount owing to the lessor by the lessee unless the amount of the lessor’s liability to the lessee has been determined by judgment of a court of competent jurisdiction.
(Added to NRS by 1979, 1261)
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.125 - Reasonableness of estimated residual value of vehicle.

1. Where the commercial vehicle lease contains an amount identified as the lessee’s liability upon expiration of the lease based on the estimated residual value of the vehicle, the estimated residual value must be a reasonable approximation of the actual residual value of the vehicle upon expiration of the lease.
2. There is a rebuttable presumption that the estimated residual value is unreasonable to the extent that it exceeds the actual residual value by more than three times the average payment allocable to a monthly period under the lease. The lessor shall not collect from the lessee the amount of that excess liability on expiration of a commercial vehicle lease unless the lessor brings a successful action with respect to that excess liability, and if the lessor’s action is unsuccessful the lessor must pay the lessee’s costs and reasonable attorney’s fees. This presumption does not apply to the extent the excess of estimated residual value over actual residual value is due to physical damage to the vehicle beyond reasonable wear and use, or to excessive use. The lease must set reasonable standards for wear and use if the lessor establishes such standards.
(Added to NRS by 1979, 1262; A 1987, 1105)
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.135 - Appraisal of vehicle when lease terminates or expires.

If the commercial vehicle lease provides that the lessee is liable for an amount based on the residual value of the vehicle at the termination or expiration of the lease, the lessee may obtain, at his or her expense, a professional appraisal of the vehicle by an independent third party agreed to by both parties. An appraisal obtained pursuant to this section is final and binding on the parties.
(Added to NRS by 1979, 1262)
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.137 - Enforceability of default by lessee.

Default on the part of the lessee in a consumer vehicle lease is only enforceable to the extent that:
1. The lessee fails to make a payment as required by the lease agreement, but in no case less than 30 days after the date required by the lease agreement; or
2. The prospect of payment, performance or realization of collateral is significantly impaired. The burden of establishing the prospect of significant impairment is on the lessor.
(Added to NRS by 2021, 1426)
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.141 - Single document required; format requirements.

1. Except as otherwise provided in NRS 598.9715, every consumer vehicle lease must be contained in a single document which must contain the entire agreement of the parties, including any promissory notes or other evidences of indebtedness between the parties relating to the transaction.
2. The consumer vehicle lease must be dated, signed by the lessor and completed as to all essential provisions, except as otherwise provided in NRS 100.143. The printed or typed portion of the lease, other than instructions for completion, must be in a size equal to at least 8-point type.
(Added to NRS by 2021, 1428)
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.145 - Obtaining bids to establish residual value of vehicle when value or method of establishing value not agreed upon.

1. Where the lessee’s liability on the date any open-end consumer vehicle lease or commercial vehicle lease terminates or expires is based on the residual value of the vehicle at that time and the lessor and lessee do not agree in writing on that value or on another method of establishing it, the lessor may, subject to the provisions of NRS 100.165, for the purpose of establishing residual value and thereby providing the basis for determining the lessee’s liability, obtain written bids from third persons.
2. The lessor shall act in good faith and in a commercially reasonable manner in obtaining bids for the vehicle. The fact that a better price could have been obtained at a different time or in a different method from that selected by the lessor is not of itself sufficient to establish that the lessor did not act in a commercially reasonable manner. If the lessor obtains bids at the price current in any recognized market for such a vehicle at the time of the bidding, the lessor has acted in a commercially reasonable manner.
3. The highest effective bid obtained pursuant to this section or NRS 100.165, where applicable, or the actual sale price, whichever is higher, establishes the residual value of the vehicle.
(Added to NRS by 1979, 1262; A 2021, 1430)
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.155 - Notice of lessor’s intention to establish residual value of vehicle.

1. The lessor shall give the lessee written notice of his or her intention to establish the residual value of the vehicle under the open-end consumer vehicle lease or commercial vehicle lease at least 15 days before that action is taken. The notice must be given in person to the lessee or sent by mail to the address of the lessee shown on the lease, or to the lessee’s last known address, unless the lessee has notified the lessor in writing of a different address.
2. The notice must:
(a) List separately any actual or estimated charges due under the open-end consumer vehicle lease or commercial vehicle lease as of the date of the notice, notwithstanding any possible limitations on the liability of the lessee provided by the Consumer Leasing Act of 1976 (15 U.S.C. § 1667b);
(b) Inform the lessee that the lessee has the right to submit a written bid for the purchase of the vehicle before its value is established; and
(c) Inform the lessee of the probable residual value of comparable vehicles on the date of the notice as estimated in the then current version of the Kelley Blue Book or its equivalent.
3. If the lease is not in default and has not been terminated before its scheduled expiration, the notice must also inform the lessee that his or her maximum total liability under the open-end consumer vehicle lease or commercial vehicle lease is limited to three times the average payment allocable to a monthly period under the lease if the estimated residual value exceeds the actual residual value and the difference is not the result of physical damage to the vehicle beyond reasonable wear and use or to excessive use.
(Added to NRS by 1979, 1263; A 1987, 1105; 1989, 719; 2021, 1430)
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.165 - Lessee’s right to submit bid for purchase of vehicle; effect of lessee’s bid.

1. The lessee has the right at any time before the lessor establishes the value of the vehicle to submit a written bid for its purchase.
2. If the lessor accepts the lessee’s bid as the highest bid, the lessee has 5 days from the date of such acceptance within which to tender the full amount of the purchase price, and:
(a) If the lessee tenders the full amount within the prescribed time and the lessor nevertheless elects not to sell the vehicle to the lessee, the bid establishes the residual value of the vehicle and the lessor must credit the amount of the bid against the lessee’s liability under the lease.
(b) If the lessee fails to tender the full amount of the purchase price within the prescribed time, the lessee’s bid does not establish the residual value of the vehicle and the lessor must credit against the lessee’s liability the amount of the next highest bid.
(Added to NRS by 1979, 1263)
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.175 - Penalty on lessor for failure to comply with NRS 100.145 to 100.165, inclusive.

If the lessor under an open-end consumer vehicle lease or a commercial vehicle lease fails to comply with NRS 100.145 to 100.165, inclusive, the lessor may not recover any deficiency from the lessee.
(Added to NRS by 1979, 1264; A 2021, 1431)
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.180 - Violation constitutes deceptive trade practice; civil action by lessee, debtor or secondary obligor under consumer vehicle lease.

1. A violation of NRS 100.095 to 100.180, inclusive, constitutes a deceptive trade practice for the purposes of NRS 598.0903 to 598.0999, inclusive. A lessee or other person who is a debtor or secondary obligor under the consumer vehicle lease may bring a civil action in any court of competent jurisdiction for such violation.
2. If the person bringing the action pursuant to subsection 1 is the prevailing party, the court shall award the person:
(a) Any damages that the person has sustained;
(b) Any equitable relief that the court deems appropriate; and
(c) The person’s costs in the action and reasonable attorney’s fees.
(Added to NRS by 2021, 1429)
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.210 - Definitions.

1. As used in NRS 100.200 to 100.230, inclusive, unless the context otherwise requires, the terms "securitization" and "securitization transaction" include, without limitation, the pooling and repackaging by a special purpose entity of assets or other credit exposures that may be sold to investors.
2. The terms include transactions that create stratified credit risk positions whose performance is dependent upon an underlying pool of credit exposures, including, without limitation, loans and commitments.
3. The terms must be construed broadly.
(Added to NRS by 2005, 2207)
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.220 - Effect of securitization transaction on property, assets and rights of transferor.

Notwithstanding any other provision of law, including, without limitation, NRS 104.9623, to the extent set forth in the transaction documents relating to a securitization transaction:
1. Any property, assets or rights purported to be transferred, in whole or in part, in the securitization transaction shall be deemed to be no longer the property, assets or rights of the transferor;
2. A transferor in the securitization transaction, its creditors or, in any insolvency proceeding with respect to the transferor or property of the transferor, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person, to the extent that the issue is governed by the laws of this State, has no rights, legal or equitable, to reacquire, reclaim, recover, repudiate, disaffirm, redeem or recharacterize as property of the transferor any property, assets or rights purported to be transferred, in whole or in part, by the transferor; and
3. In the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor or property of the transferor, to the extent that the issue is governed by the laws of this State, such property, assets and rights shall be deemed not to be part of the property, assets, rights or estate of the transferor.
(Added to NRS by 2005, 2207)
2023 Nevada Revised Statutes › Chapter 100 - Special Relations of Debtor and Creditor; Suretyship › NRS 100.230 - Restrictions on construction and interpretation of Asset-Backed Securities Facilitation Act.

The provisions of NRS 100.200 to 100.230, inclusive, must not be construed or interpreted to:
1. Require any securitization transaction to be treated as a sale for federal or state tax purposes or to preclude the treatment of any securitization transaction as debt for federal or state tax purposes;
2. Alter or amend any applicable laws relating to the perfection and priority of security ownership interests of persons other than the transferor, hypothetical lien creditor or, in the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor or property of the transferor, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person; or
3. Alter or amend the tax treatment of securitization transactions that take place pursuant to NRS 100.200 to 100.230, inclusive.
(Added to NRS by 2005, 2208)
2023 Nevada Revised Statutes › Chapter 101 - Joint Obligations (Uniform Act) › NRS 101.020 - Terms defined.

In this chapter, unless otherwise expressly stated:
1. "Obligation" includes a liability in tort.
2. "Obligee" includes a person having a right based on a tort.
3. "Obligor" includes a person liable for a tort.
[1:35:1927; NCL § 3700]
2023 Nevada Revised Statutes › Chapter 101 - Joint Obligations (Uniform Act) › NRS 101.030 - Discharge of coobligor by judgment.

A judgment against one or more of several obligors, or against one or more of joint, or of joint and several obligors, shall not discharge a coobligor who was not a party to the proceedings wherein the judgment was rendered.
[2:35:1927; NCL § 3701]
2023 Nevada Revised Statutes › Chapter 101 - Joint Obligations (Uniform Act) › NRS 101.040 - Payments credited to coobligors.

The amount or value of any consideration received by the obligee from one or more of several obligors, or from one or more of joint, or of joint and several obligors, in whole or in partial satisfaction of their obligations, shall be credited to the extent of the amount received on the obligations of all coobligors to whom the obligor or obligors giving the consideration did not stand in the relation of a surety.
[3:35:1927; NCL § 3702]
2023 Nevada Revised Statutes › Chapter 101 - Joint Obligations (Uniform Act) › NRS 101.050 - Release with reservation of rights.

Subject to the provisions of NRS 101.040, the obligee’s release or discharge of one or more of several obligors, or of one or more of joint, or of joint and several obligors, shall not discharge coobligors, against whom the obligee in writing and as part of the same transaction as the release or discharge expressly reserves his or her rights; and in the absence of such a reservation of rights shall discharge coobligors only to the extent provided in NRS 101.060.
[4:35:1927; NCL § 3703]
2023 Nevada Revised Statutes › Chapter 101 - Joint Obligations (Uniform Act) › NRS 101.060 - Release without reservation of rights.

1. If an obligee releasing or discharging an obligor without express reservation of rights against a coobligor, then knows or has reason to know that the obligor released or discharged did not pay so much of the claim as the obligor was bound by his or her contract or relation with that coobligor to pay, the obligee’s claim against that coobligor shall be satisfied to the amount which the obligee knew or had reason to know that the released or discharged obligor was bound to such coobligor to pay.
2. If an obligee so releasing or discharging an obligor has not then such knowledge or reason to know, the obligee’s claim against the coobligor shall be satisfied to the extent of the lesser of two amounts, namely, (1) the amount of the fractional share of the obligor released or discharged, or (2) the amount that such obligor was bound by his contract or relation with the coobligor to pay.
[5:35:1927; NCL § 3704]
2023 Nevada Revised Statutes › Chapter 102 - Interparty Agreements (Uniform Act) › NRS 102.020 - Interparty transactions validated.

A conveyance, release, or sale may be made to or by two or more persons acting jointly and one or more, but less than all, of these persons acting either by himself, herself or themselves or with other persons; and a contract may be made between such parties.
[1:36:1927; NCL § 3660]
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1101 - Short titles.

1. This chapter, together with chapters 104A, 104B and 104C of NRS, may be cited as the Uniform Commercial Code.
2. This Article may be cited as the Uniform Commercial Code—General Provisions.
(Added to NRS by 2005, 824)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1103 - Construction of Uniform Commercial Code to promote underlying purposes and policies; applicability of supplemental principles of law.

1. The Uniform Commercial Code must be liberally construed and applied to promote its underlying purposes and policies, which are:
(a) To simplify, clarify and modernize the law governing commercial transactions;
(b) To permit the continued expansion of commercial practices through custom, usage and agreement of the parties; and
(c) To make uniform the law among the various jurisdictions.
2. Unless displaced by the particular provisions of the Uniform Commercial Code, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, and other validating or invalidating cause supplement its provisions.
(Added to NRS by 2005, 824)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1105 - Severability.

If any provision or clause of the Uniform Commercial Code or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of the Uniform Commercial Code which can be given effect without the invalid provision or application, and to this end the provisions of the Uniform Commercial Code are severable.
(Added to NRS by 2005, 825)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1106 - Use of singular and plural; gender.

In the Uniform Commercial Code, unless the statutory context otherwise requires:
1. Words in the singular number include the plural, and those in the plural include the singular; and
2. Words of any gender also refer to any other gender.
(Added to NRS by 2005, 825)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1108 - Relation to Electronic Signatures in Global and National Commerce Act.

This Article modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. §§ 7001 et seq., but does not modify, limit or supersede Section 101(c) of that act, 15 U.S.C. § 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of that act, 15 U.S.C. § 7003(b).
(Added to NRS by 2005, 825)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1202 - Notice; knowledge.

1. Subject to subsection 6, a person has "notice" of a fact if the person:
(a) Has actual knowledge of it;
(b) Has received a notice or notification of it; or
(c) From all the facts and circumstances known to the person at the time in question, has reason to know that it exists.
2. "Knowledge" means actual knowledge. "Knows" has a corresponding meaning.
3. "Discover," "learn" or words of similar import refer to knowledge rather than to reason to know.
4. A person "notifies" or "gives" a notice or notification to another person by taking such steps as may be reasonably required to inform the other person in ordinary course, whether or not the other person actually comes to know of it.
5. Subject to subsection 6, a person "receives" a notice or notification when:
(a) It comes to that person’s attention; or
(b) It is duly delivered in a form reasonable under the circumstances at the place of business through which the contract was made or at another location held out by that person as the place for receipt of such communications.
6. Notice, knowledge, or a notice or notification received by an organization is effective for a particular transaction from the time it is brought to the attention of the natural person conducting that transaction and, in any event, from the time it would have been brought to the natural person’s attention if the organization had exercised due diligence. An organization exercises due diligence if it maintains reasonable routines for communicating significant information to the person conducting the transaction and there is reasonable compliance with the routines. Due diligence does not require a natural person acting for the organization to communicate information unless the communication is part of the natural person’s regular duties or the natural person has reason to know of the transaction and that the transaction would be materially affected by the information.
(Added to NRS by 2005, 829)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1203 - Lease distinguished from security interest.

1. Whether a transaction in the form of a lease creates a lease or security interest is determined by the facts of each case.
2. A transaction in the form of a lease creates a security interest if the consideration that the lessee is to pay the lessor for the right to possession and use of the goods is an obligation for the term of the lease and is not subject to termination by the lessee, and:
(a) The original term of the lease is equal to or greater than the remaining economic life of the goods;
(b) The lessee is bound to renew the lease for the remaining economic life of the goods or is bound to become the owner of the goods;
(c) The lessee has an option to renew the lease for the remaining economic life of the goods for no additional consideration or for nominal additional consideration upon compliance with the lease agreement; or
(d) The lessee has an option to become the owner of the goods for no additional consideration or for nominal additional consideration upon compliance with the lease agreement.
3. A transaction in the form of a lease does not create a security interest merely because:
(a) The present value of the consideration the lessee is obligated to pay the lessor for the right to possession and use of the goods is substantially equal to or is greater than the fair market value of the goods at the time the lease is entered into;
(b) The lessee assumes risk of loss of the goods;
(c) The lessee agrees to pay, with respect to the goods, taxes, insurance, filing, recording or registration fees, or service or maintenance costs;
(d) The lessee has an option to renew the lease or to become the owner of the goods;
(e) The lessee has an option to renew the lease for a fixed rent that is equal to or greater than the reasonably predictable fair market rent for the use of the goods for the term of the renewal at the time the option is to be performed; or
(f) The lessee has an option to become the owner of the goods for a fixed price that is equal to or greater than the reasonably predictable fair market value of the goods at the time the option is to be performed.
4. Additional consideration is nominal if it is less than the lessee’s reasonably predictable cost of performing under the lease agreement if the option is not exercised. Additional consideration is not nominal if:
(a) When the option to renew the lease is granted to the lessee, the rent is stated to be the fair market rent for the use of the goods for the term of the renewal determined at the time the option is to be performed; or
(b) When the option to become the owner of the goods is granted to the lessee, the price is stated to be the fair market value of the goods determined at the time the option is to be performed.
5. The "remaining economic life of the goods" and "reasonably predictable" fair market rent, fair market value or cost of performing under the lease agreement must be determined with reference to the facts and circumstances at the time the transaction is entered into.
(Added to NRS by 2005, 829)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1204 - Value.

Except as otherwise provided in Articles 3, 4, 5 and 12, a person gives value for rights if the person acquires them:
1. In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection;
2. As security for, or in total or partial satisfaction of, a preexisting claim;
3. By accepting delivery under a preexisting contract for purchase; or
4. In return for any consideration sufficient to support a simple contract.
(Added to NRS by 2005, 830; A 2023, 3180)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1205 - Reasonable time; seasonableness.

1. Whether a time for taking an action required by the Uniform Commercial Code is reasonable depends on the nature, purpose and circumstances of the action.
2. An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.
(Added to NRS by 2005, 830)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1206 - Presumptions.

Whenever the Uniform Commercial Code creates a "presumption" with respect to a fact, or provides that a fact is "presumed," the trier of fact must find the existence of the fact unless and until evidence is introduced that supports a finding of its nonexistence.
(Added to NRS by 2005, 830)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1301 - Territorial applicability; parties’ power to choose applicable law.

1. Except as otherwise provided in this section, when a transaction bears a reasonable relation to this State and also to another state or nation the parties may agree that the law either of this State or of such other state or nation shall govern their rights and duties.
2. In the absence of an agreement effective under subsection 1, and except as otherwise provided in subsection 3, the Uniform Commercial Code applies to transactions bearing an appropriate relation to this State.
3. If one of the following provisions of the Uniform Commercial Code specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law so specified:
(a) NRS 104.2402;
(b) NRS 104.4102;
(c) NRS 104.5116;
(d) NRS 104.8110;
(e) NRS 104.9301 to 104.9307, inclusive;
(f) NRS 104A.2105 and 104A.2106;
(g) NRS 104A.4507; and
(h) NRS 104B.12107.
(Added to NRS by 2005, 831; A 2023, 3180)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1302 - Variation by agreement.

1. Except as otherwise provided in subsection 2 or elsewhere in the Uniform Commercial Code, the effect of provisions of the Uniform Commercial Code may be varied by agreement.
2. The obligations of good faith, diligence, reasonableness and care prescribed by the Uniform Commercial Code may not be disclaimed by agreement. The parties, by agreement, may determine the standards by which the performance of those obligations is to be measured if those standards are not manifestly unreasonable. Whenever the Uniform Commercial Code requires an action to be taken within a reasonable time, a time that is not manifestly unreasonable may be fixed by agreement.
3. The presence in certain provisions of the Uniform Commercial Code of the phrase "unless otherwise agreed," or words of similar import, does not imply that the effect of other provisions may not be varied by agreement under this section.
(Added to NRS by 2005, 831)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1303 - Course of performance, course of dealing and usage of trade.

1. A "course of performance" is a sequence of conduct between the parties to a particular transaction that exists if:
(a) The agreement of the parties with respect to the transaction involves repeated occasions for performance by a party; and
(b) The other party, with knowledge of the nature of the performance and opportunity for objection to it, accepts the performance or acquiesces in it without objection.
2. A "course of dealing" is a sequence of conduct concerning previous transactions between the parties to a particular transaction that is fairly to be regarded as establishing a common basis of understanding for interpreting their expressions and other conduct.
3. A "usage of trade" is any practice or method of dealing having such regularity of observance in a place, vocation or trade as to justify an expectation that it will be observed with respect to the transaction in question. The existence and scope of such a usage must be proved as facts. If it is established that such a usage is embodied in a trade code or similar record, the interpretation of the record is a question of law.
4. A course of performance or course of dealing between the parties or usage of trade in the vocation or trade in which they are engaged or of which they are or should be aware is relevant in ascertaining the meaning of the parties’ agreement, may give particular meaning to specific terms of the agreement, and may supplement or qualify the terms of the agreement. A usage of trade applicable in the place in which part of the performance under the agreement is to occur may be so utilized as to that part of the performance.
5. Except as otherwise provided in subsection 6, the express terms of an agreement and any applicable course of performance, course of dealing or usage of trade must be construed whenever reasonable as consistent with each other. If such a construction is unreasonable:
(a) Express terms prevail over course of performance, course of dealing and usage of trade;
(b) Course of performance prevails over course of dealing and usage of trade; and
(c) Course of dealing prevails over usage of trade.
6. Subject to NRS 104.2209, a course of performance is relevant to show a waiver or modification of any term inconsistent with the course of performance.
7. Evidence of a relevant usage of trade offered by one party is not admissible unless that party has given the other party notice that the court finds sufficient to prevent unfair surprise to the other party.
(Added to NRS by 2005, 831)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1305 - Remedies to be liberally administered.

1. The remedies provided by the Uniform Commercial Code must be liberally administered to the end that the aggrieved party may be put in as good a position as if the other party had fully performed but neither consequential or special damages nor penal damages may be had except as specifically provided in the Uniform Commercial Code or by other rule of law.
2. Any right or obligation declared by the Uniform Commercial Code is enforceable by action unless the provision declaring it specifies a different and limited effect.
(Added to NRS by 2005, 832)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1306 - Waiver or renunciation of claim or right after breach.

A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in a signed record.
(Added to NRS by 2005, 832; A 2023, 3180)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1307 - Prima facie evidence by third-party documents.

A document in due form purporting to be a bill of lading, policy or certificate of insurance, official weigher’s or inspector’s certificate, consular invoice, or any other document authorized or required by the contract to be issued by a third party is prima facie evidence of its own authenticity and genuineness and of the facts stated in the document by the third party.
(Added to NRS by 2005, 832)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1308 - Performance or acceptance under reservation of rights.

1. A party that with explicit reservation of rights performs or promises performance or assents to performance in a manner demanded or offered by the other party does not thereby prejudice the rights reserved. Such words as "without prejudice," "under protest," or the like are sufficient.
2. Subsection 1 does not apply to an accord and satisfaction.
(Added to NRS by 2005, 832)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1309 - Option to accelerate at will.

A term providing that one party or that party’s successor in interest may accelerate payment or performance or require collateral or additional collateral "at will" or when the party "deems itself insecure," or words of similar import, means that the party has power to do so only if that party in good faith believes that the prospect of payment or performance is impaired. The burden of establishing lack of good faith is on the party against which the power has been exercised.
(Added to NRS by 2005, 832)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.1310 - Subordinated obligations.

An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated. Subordination does not create a security interest as against either the common debtor or a subordinated creditor.
(Added to NRS by 2005, 833)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.2102 - Scope; certain security and other transactions excluded from this article.

1. Unless the context otherwise requires, and except as provided in subsection 3, this article applies to transactions in goods and, in the case of a hybrid transaction, it applies to the extent provided in subsection 2.
2. In a hybrid transaction:
(a) If the sale-of-goods aspects do not predominate, only the provisions of this Article which relate primarily to the sale-of-goods aspects of the transactions apply, and the provisions that relate primarily to the transaction as a whole do not apply.
(b) If the sale-of-goods aspects predominate, this Article applies to the transaction but does not preclude application in appropriate circumstances of other law to the aspects of the transaction which do not relate to the sale of goods.
3. This Article does not:
(a) Apply to a transaction that, even though in the form of an unconditional contract to sell or present sale, operates only to create a security interest; or
(b) Impair or repeal any statute regulating sales to consumers, farmers or other specified classes of buyers.
(Added to NRS by 1965, 784; A 2023, 3180)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.2103 - Definitions and index of definitions.

1. In this Article unless the context otherwise requires:
(a) "Buyer" means a person who buys or contracts to buy goods.
(b) "Receipt" of goods means taking physical possession of them.
(c) "Seller" means a person who sells or contracts to sell goods.
2. Other definitions applying to this Article or to specified parts thereof, and the sections in which they appear are:
"Acceptance." NRS 104.2606.
"Banker’s credit." NRS 104.2325.
"Between merchants." NRS 104.2104.
"Cancellation." Subsection 4 of NRS 104.2106.
"Commercial unit." NRS 104.2105.
"Confirmed credit." NRS 104.2325.
"Conforming to contract." NRS 104.2106.
"Contract for sale." NRS 104.2106.
"Cover." NRS 104.2712.
"Entrusting." NRS 104.2403.
"Financing agency." NRS 104.2104.
"Future goods." NRS 104.2105.
"Goods." NRS 104.2105.
"Identification." NRS 104.2501.
"Installment contract." NRS 104.2612.
"Letter of credit." NRS 104.2325.
"Lot." NRS 104.2105.
"Merchant." NRS 104.2104.
"Overseas." NRS 104.2323.
"Person in position of seller." NRS 104.2707.
"Present sale." NRS 104.2106.
"Sale." NRS 104.2106.
"Sale on approval." NRS 104.2326.
"Sale or return." NRS 104.2326.
"Termination." NRS 104.2106.
3. "Control" as provided in NRS 104.7106 and the following definitions in other Articles apply to this Article:
"Check." NRS 104.3104.
"Consignee." NRS 104.7102.
"Consignor." NRS 104.7102.
"Consumer goods." NRS 104.9102.
"Draft." NRS 104.3104.
4. In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
(Added to NRS by 1965, 784; A 1999, 372; 2005, 847)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.2104 - Definitions: "Merchant"; "between merchants"; "financing agency."

1. "Merchant" means a person who deals in goods of the kind or otherwise by his or her occupation holds himself or herself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed by his or her employment of an agent or broker or other intermediary who by his or her occupation holds himself or herself out as having such knowledge or skill.
2. "Financing agency" means a bank, finance company or other person who in the ordinary course of business makes advances against goods or documents of title or who by arrangement with either the seller or the buyer intervenes in ordinary course to make or collect payment due or claimed under the contract for sale, as by purchasing or paying the seller’s draft or making advances against it or by merely taking it for collection whether or not documents of title accompany or are associated with the draft. "Financing agency" includes also a bank or other person who similarly intervenes between persons who are in the position of seller and buyer in respect to the goods (NRS 104.2707).
3. "Between merchants" means in any transaction with respect to which both parties are chargeable with the knowledge or skill of merchants.
(Added to NRS by 1965, 785; A 2005, 848)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.2105 - Definitions: Transferability; "goods"; "future" goods; "lot"; "commercial unit."

1. "Goods" means all things (including specially manufactured goods) which are movable at the time of identification to the contract for sale other than the money in which the price is to be paid, investment securities (Article 8) and things in action. "Goods" also includes the unborn young of animals and growing crops and other identified things attached to realty as described in the section on goods to be severed from realty (NRS 104.2107).
2. Goods must be both existing and identified before any interest in them can pass. Goods which are not both existing and identified are "future" goods. A purported present sale of future goods or of any interest therein operates as a contract to sell.
3. There may be a sale of a part interest in existing identified goods.
4. An undivided share in an identified bulk of fungible goods is sufficiently identified to be sold although the quantity of the bulk is not determined. Any agreed proportion of such a bulk or any quantity thereof agreed upon by number, weight or other measure may to the extent of the seller’s interest in the bulk be sold to the buyer who then becomes an owner in common.
5. "Lot" means a parcel or a single Article which is the subject matter of a separate sale or delivery, whether or not it is sufficient to perform the contract.
6. "Commercial unit" means such a unit of goods as by commercial usage is a single whole for purposes of sale and division of which materially impairs its character or value on the market or in use. A commercial unit may be a single Article (as a machine) or a set of Articles (as a suite of furniture or an assortment of sizes) or a quantity (as a bale, gross or carload) or any other unit treated in use or in the relevant market as a single whole.
(Added to NRS by 1965, 785)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.2106 - Definitions: "Contract"; "agreement"; "contract for sale"; "sale"; "present sale"; "conforming" to contract; "termination"; "cancellation"; "hybrid transaction."

1. In this article unless the context otherwise requires "contract" and "agreement" are limited to those relating to the present or future sale of goods. "Contract for sale" includes both a present sale of goods and a contract to sell goods at a future time. A "sale" consists in the passing of title from the seller to the buyer for a price (NRS 104.2401). A "present sale" means a sale which is accomplished by the making of the contract.
2. Goods or conduct including any part of a performance are "conforming" or conform to the contract when they are in accordance with the obligations under the contract.
3. "Termination" occurs when either party pursuant to a power created by agreement or law puts an end to the contract otherwise than for its breach. On "termination" all obligations which are still executory on both sides are discharged but any right based on prior breach or performance survives.
4. "Cancellation" occurs when either party puts an end to the contract for breach by the other and its effect is the same as that of "termination" except that the cancelling party also retains any remedy for breach of the whole contract or any unperformed balance.
5. "Hybrid transaction" means a single transaction involving a sale of goods and:
(a) The provision of services;
(b) A lease of other goods; or
(c) A sale, lease or license of property other than goods.
(Added to NRS by 1965, 786; A 2023, 3181)