reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 106 - Real Mortgages › NRS 106.290 - Recording of discharge of mortgage by mortgagee; liability for failure to record discharge; requirements for release of mortgage when discharge not recorded; liability for improperly recording release; criminal penalty.

1. Within 21 calendar days after receiving written notice that a debt secured by a mortgage has been paid or otherwise satisfied or discharged, the mortgagee shall cause a discharge of the mortgage to be recorded pursuant to NRS 106.260 or 106.270 if the mortgagor, the mortgagor’s heirs or assigns have fully performed the conditions of the mortgage.
2. If a mortgagee fails to comply with the provisions of this section, the mortgagee is liable in a civil action to the mortgagor, the mortgagor’s heirs or assigns for:
(a) The sum of $1,000;
(b) Any actual damages caused by the failure of the mortgagee to comply with the provisions of this section; and
(c) Reasonable attorney’s fees and the costs of bringing the action.
3. Except as otherwise provided in this subsection, if a mortgagee fails to cause a discharge of the mortgage to be recorded pursuant to subsection 1 within 75 calendar days, a title insurer may prepare and cause to be recorded a release of the mortgage. At least 30 calendar days before the recording of a release pursuant to this subsection, the title insurer shall mail, by first-class mail, postage prepaid, notice of the intention to record the release of the mortgage to the mortgagor and mortgagee, or their successors in interest, at the last known address of each such person. A release prepared and recorded pursuant to this subsection shall be deemed a discharge of the mortgage. The title insurer shall not cause a release to be recorded pursuant to this subsection if the title insurer receives written instructions to the contrary from the mortgagor, the mortgagee or a successor in interest.
4. The release prepared pursuant to subsection 3 must set forth:
(a) The name of the mortgagor;
(b) The name of the mortgagee;
(c) The recording reference to the mortgage;
(d) A statement that the debt secured by the mortgage has been paid in full or otherwise satisfied or discharged;
(e) The date and amount of payment or other satisfaction or discharge; and
(f) The name and address of the title insurer issuing the release.
5. A release prepared and recorded pursuant to subsection 3 does not relieve a mortgagee of the requirements imposed by subsections 1 and 2.
6. In addition to any other remedy provided by law, a title insurer who improperly causes to be recorded a release of a mortgage pursuant to this section is liable in a civil action for actual damages and for a reasonable attorney’s fee and the costs of bringing the action to any person who is injured because of the improper recordation of the release.
7. Any person who willfully violates this section is guilty of a misdemeanor.
8. As used in this section, "title insurer" has the meaning ascribed to it in NRS 692A.070.
[38:9:1861; A 1935, 253; 1931 NCL § 1510]—(NRS A 1999, 56; 2011, 328, 1748)
2023 Nevada Revised Statutes › Chapter 106 - Real Mortgages › NRS 106.295 - Request by mortgagor for certified copy of note, mortgage and assignments.

1. A mortgagor may submit a written request to the servicer of the mortgage for a certified copy of the note, the mortgage and all assignments of the note and mortgage if:
(a) The real property subject to the mortgage is a single-family dwelling;
(b) The mortgagor is the owner of record of the real property;
(c) The mortgagor currently occupies the real property as his or her principal residence; and
(d) The servicer or mortgagee is a banking or financial institution or any other business entity that is licensed, registered or otherwise authorized to do business in this State.
2. Not more than 10 days after receipt of a written request pursuant to subsection 1, the servicer of the mortgage shall provide to the mortgagor the identity, address and any other contact information of the current owner or assignee of the note and mortgage.
3. If the servicer of the mortgage does not provide a certified copy of each document requested pursuant to subsection 1 within 30 days after receipt of the request, or if the documents provided by the servicer indicate that the mortgagee does not have a recorded interest in or lien on the real property which is subject to the mortgage:
(a) The mortgagor may report the servicer and the mortgagee to the Division of Mortgage Lending or the Division of Financial Institutions of the Department of Business and Industry, whichever is appropriate; and
(b) The appropriate division may take whatever actions it deems necessary and proper, including, without limitation, enforcing any applicable laws or regulations or adopting any additional regulations.
4. As used in this section, "banking or financial institution" means any bank, savings and loan association, savings bank, thrift company, credit union or other financial institution that is licensed, registered or otherwise authorized to do business in this State.
(Added to NRS by 2013, 2773)
2023 Nevada Revised Statutes › Chapter 106 - Real Mortgages › NRS 106.300 - Definitions.

As used in NRS 106.300 to 106.400, inclusive, unless the context otherwise requires, the words and terms defined in NRS 106.310 to 106.345, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1985, 725; A 1989, 492)
2023 Nevada Revised Statutes › Chapter 106 - Real Mortgages › NRS 106.345 - "Principal" defined.

"Principal" means the money a lender advances to a borrower as a loan which, separately or together with other advances, is intended to be evidenced by the face amount of a note, bond or other similar document. The term does not include any interest, advances made to protect security or advances which would not have been made if the borrower and all other parties to the agreement relating to the loan or future advances had complied with its terms even if the obligations contained in the agreement were secured by an instrument.
(Added to NRS by 1989, 492)
2023 Nevada Revised Statutes › Chapter 106 - Real Mortgages › NRS 106.360 - Execution, enforceability, contents and amendment of instrument.

1. A borrower may execute an instrument encumbering the borrower’s real property to secure future advances from a lender within a mutually agreed maximum amount of principal. The instrument or an amendment to the instrument is enforceable only if the instrument or the amendment is recorded in the office of the county recorder of the county in which the real property is located and the party seeking to enforce the instrument or the amendment is an original party to the instrument or amendment or the current assignee of record.
2. The instrument must state clearly:
(a) That it secures future advances; and
(b) The maximum amount of principal to be secured.
3. The maximum amount of advances of principal to be secured by the instrument may increase or decrease from time to time by amendment of the instrument.
(Added to NRS by 1985, 725; A 1989, 492; 2011, 328, 1748)
2023 Nevada Revised Statutes › Chapter 106 - Real Mortgages › NRS 106.370 - Priority of lien.

1. The priority of a lien for future advances dates from the time that the instrument is recorded in the office of the county recorder of the county in which the property is located, whether or not the:
(a) Future advances are obligatory or at the option of the lender; or
(b) Lender has notice of an intervening lien.
2. If an amendment to an instrument is recorded which increases the maximum amount of indebtedness secured by the instrument, the priority of any lien for future advances of principal thereafter which exceed the maximum amount of principal of the original indebtedness dates from the time the amendment is recorded in the office of the county recorder of the county in which the property is located.
(Added to NRS by 1985, 725; A 1989, 493)
2023 Nevada Revised Statutes › Chapter 106 - Real Mortgages › NRS 106.380 - Notice of election to terminate operation of instrument; recording of statement by lender or borrower; change of notice address by lender.

1. A borrower may at any time personally deliver or send by certified mail, return receipt requested, written notice to the lender stating that the borrower elects to terminate the operation of an instrument as security for future advances of principal made after the lender receives the notice. The notice:
(a) Must be delivered or sent to the lender at each address provided for the lender in the instrument or, if applicable, at each address provided for the lender in a document which is effective pursuant to subsection 5; and
(b) Does not become effective until it is received by the lender.
2. Within 4 business days after receiving the notice, the lender must record in the office of the county recorder in which the instrument was recorded a statement that:
(a) Expressly refers to the instrument by:
(1) The date on which the instrument was recorded in the office of the county recorder; and
(2) The book, page and document number, as applicable, of the instrument as recorded;
(b) Contains the legal description of the encumbered real property;
(c) Affirms that the notice given pursuant to subsection 1 was received by the lender, and identifies the date of that receipt; and
(d) Separately sets forth:
(1) The amount of principal owed that is secured by the instrument; and
(2) The outstanding interest accrued on the principal described in subparagraph (1) as of the date the statement of the lender is recorded.
3. If the lender does not record the statement required by subsection 2 within the period set forth in subsection 2, the borrower may record a similar statement. The borrower’s statement has the same effect as the lender’s statement would have had if the lender had recorded the statement required by subsection 2.
4. If a lender wishes to receive notices pursuant to this section at an address other than the address for the lender provided in the instrument, if any, the lender must:
(a) Record, in the office of the county recorder in which the instrument was recorded, a document entitled "Change of Notice Address" that includes, without limitation, the address at which the lender wishes to receive notices pursuant to this section; and
(b) Personally deliver or send by certified mail, return receipt requested, a copy of the document to the borrower at each address provided for the borrower in the instrument, if any.
5. A document recorded pursuant to subsection 4 does not become effective until it is received by the borrower.
(Added to NRS by 1985, 726; A 1989, 493; 2009, 1670)
2023 Nevada Revised Statutes › Chapter 106 - Real Mortgages › NRS 106.400 - Advances made after notice of termination.

Future advances of principal made to a borrower after the receipt of the notice of termination by the lender are not secured by the instrument. The principal amount of indebtedness secured by the instrument is limited to the amount stated by the lender in the lender’s recorded statement.
(Added to NRS by 1985, 726; A 1989, 493)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.015 - Definitions.

As used in this chapter:
1. "Association" and "unit-owners’ association" have the meanings ascribed to them in NRS 116.011.
2. "Beneficiary" means the beneficiary of the deed of trust or the successor in interest of the beneficiary or any person designated or authorized to act on behalf of the beneficiary or its successor in interest.
3. "Cooperative" has the meaning ascribed to it in NRS 116.031.
4. "Facsimile machine" means a device which receives and copies a reproduction or facsimile of a document or photograph which is transmitted electronically or telephonically by telecommunications lines.
5. "Noncommercial lender" means a lender which makes a loan secured by a deed of trust on owner-occupied housing and which is not a bank, financial institution or other entity regulated pursuant to title 55 of NRS.
6. "Owner-occupied housing" means housing that is occupied by an owner as the owner’s primary residence. The term does not include vacant land or any time share or other property regulated under chapter 119A of NRS.
7. "Person with an interest" means any person who has or claims any right, title or interest in, or lien or charge upon, the real property described in a deed of trust, as evidenced by any document or instrument recorded in the office of the county recorder of the county in which any part of the real property is situated.
8. "Proprietary lease" has the meaning ascribed to it in NRS 116.077.
9. "Residential foreclosure" means the sale of a single-family residence under a power of sale granted by NRS 107.0805.
10. "Sale in lieu of a foreclosure sale" has the meaning ascribed to it in NRS 40.429.
11. "Single-family residence" means a structure that is comprised of not more than four units. The term does not include vacant land or any time share or other property regulated under chapter 119A of NRS.
12. "Title insurer" has the meaning ascribed to it in NRS 692A.070.
13. "Trustee" means the trustee of record.
14. "Unit" has the meaning ascribed to it in NRS 116.093.
(Added to NRS by 1995, 1518; A 2019, 1344; 2023, 604)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.020 - Transfers in trust of real property to secure obligations.

Transfers in trust of any estate in real property may be made after March 29, 1927, to secure the performance of an obligation or the payment of any debt.
[Part 1:173:1927; A 1949, 70; 1943 NCL § 7710]
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.025 - Estate for years: Encumbrance by deed of trust; foreclosure by exercise of power of sale.

A deed of trust may encumber an estate for years however created, including a proprietary lease in a cooperative, unless prohibited by the instrument creating the estate, and foreclosure may be had by the exercise of a power of sale in accordance with the provisions of this chapter.
(Added to NRS by 1967, 954; A 1979, 708; 1989, 506; 2019, 1344)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.026 - Priority of certain deeds of trust over other liens.

Except as otherwise provided in NRS 104.9335, a deed of trust given to secure a loan made to purchase the real property on which the deed of trust is given has priority over all other liens created against the purchaser before the purchaser acquires title to the real property.
(Added to NRS by 1995, 1522; A 1999, 387)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.027 - Lease of unit of cooperative: Ownership interest and votes in cooperative association appurtenant to proprietary lease; encumbrances.

1. The ownership interest and votes in the cooperative association entitling the unit’s owner to lease a unit in a cooperative are appurtenant to the proprietary lease. Any security interest in or lien on the proprietary lease encumbers the ownership interest and votes in the cooperative association whether or not the instrument creating the interest or lien expressly includes such interests and votes.
2. No security interest in or lien on the ownership interest or votes in a cooperative association is effective unless the instrument which purports to create the interest or lien encumbers the proprietary lease to which the ownership interest and votes pertain.
(Added to NRS by 1979, 708; A 2019, 1345)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.029 - Trustees: Declaration of nonmonetary status; objection to declaration.

1. If the trustee under a deed of trust is named in an action in which the deed of trust is the subject and the trustee has a reasonable belief that he or she has been named in the action solely in his or her capacity as trustee and not as a result of any wrongful act or omission made in the performance of his or her duties as trustee, the trustee may, at any time, file a declaration of nonmonetary status. The declaration must be served on the parties in the manner prescribed by Rule 5 of the Nevada Rules of Civil Procedure and must include:
(a) The status of the trustee as trustee under the deed of trust; and
(b) The basis for the trustee’s reasonable belief that he or she has been named as a defendant in the action solely in his or her capacity as trustee and not as a result of any wrongful act or omission made in the performance of his or her duties as trustee.
2. Upon the filing of a declaration of nonmonetary status pursuant to subsection 1, the time in which the trustee is required to file an answer or any other responsive pleading is tolled until notice is given of an order granting an objection to the declaration of nonmonetary status, from which date the trustee has 30 days to file an answer or any other responsive pleading to the complaint.
3. Any party that has appeared in an action described in subsection 1 has 15 days after the date of service of the declaration of nonmonetary status to file an objection. Any objection filed pursuant to this subsection must set forth the factual basis on which the objection is based and must be served on the trustee.
4. If a timely objection is made pursuant to subsection 3, the court shall promptly examine the declaration of nonmonetary status and the objection and shall issue an order as to the validity of the objection. If the court determines the objection is valid, the trustee is required to participate in the action.
5. If no objection is raised within the 15-day period pursuant to subsection 3 or if the court determines the objection is invalid, the trustee is not required to participate any further in the action and is not subject to any money damages or attorney’s fees or costs, except that the trustee is required to respond to any discovery request as a nonparty participant and is bound by any court order relating to the deed of trust.
6. If, at any time during the proceedings under this section, the parties to the action acquire newly discovered evidence indicating the trustee should be made a participant in the action as a result of the trustee’s performance of his or her duties as trustee, the parties may file a motion to amend the pleadings pursuant to Rule 15 of the Nevada Rules of Civil Procedure.
7. For the purposes of this section, "trustee" includes any agent or employee of the trustee who performs some or all the duties of a trustee under this chapter and includes substitute trustees and agents of the beneficiary or trustee.
(Added to NRS by 2015, 1612)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.040 - Adoption of covenants by reference in instrument.

1. In order to adopt by reference any of the covenants, agreements, obligations, rights and remedies in NRS 107.030, it shall only be necessary to state in the deed of trust the following: "The following covenants, Nos. ................, ................ and ................ (inserting the respective numbers) of NRS 107.030 are hereby adopted and made a part of this deed of trust."
2. A deed of trust, in order to fix the amount of insurance to be carried, need not reincorporate the provisions of Covenant No. 2 of NRS 107.030, but may merely state the following: "Covenant No. 2," and set out thereafter the amount of insurance to be carried or, if no amount is set out, the amount must be the full replacement value of the buildings and improvements which are now or shall hereafter be erected upon the premises.
3. In order to fix the rate of interest under Covenant No. 4 of NRS 107.030, it shall only be necessary to state in such deed of trust the following: "Covenant No. 4," and set out thereafter the rate of interest to be charged thereunder or, if no rate of interest is set out, the rate of interest must be at the highest applicable rate set forth in the note secured by such deed of trust.
4. In order to fix the amount or percent of counsel fees under Covenant No. 7 of NRS 107.030, it shall only be necessary to state in such deed of trust, the following: "Covenant No. 7," and set out thereafter the percentage to be allowed or, if no percentage is set out, the amount to be allowed must be reasonable counsel fees and costs actually incurred.
[3:173:1927; NCL § 7712] + [4:173:1927; NCL § 7713]—(NRS A 2013, 1015; 2019, 1347)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.050 - Parties may enter into different or additional covenants.

Nothing in NRS 107.030 and 107.040 shall prevent the parties to any deed of trust from entering into other, different or additional covenants or agreements than those set out in NRS 107.030.
[5:173:1927; NCL § 7714]—(NRS A 2019, 1348)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.055 - Amount must be stated in instrument.

If a party to a deed of trust, executed after July 1, 1971, desires to charge an assumption fee for a change in parties, the amount of such charge must be clearly set forth in the deed of trust at the time of execution. Without limiting or prohibiting any other method by which the amount of the charge may be clearly set forth in the deed of trust, the charge may be set forth as:
1. A fixed sum;
2. A percentage of the amount secured by the deed of trust and remaining unpaid at the time of assumption; or
3. The lesser of, the greater of or some combination of the amounts determined by subsections 1 and 2.
(Added to NRS by 1971, 314; A 2013, 1015)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.070 - Recording of assignments of beneficial interests and instruments subordinating or waiving priority of deeds of trust.

The provisions of NRS 106.210 and 106.220 apply to deeds of trust as therein specified.
[Part 1:120:1935; 1931 NCL § 2122.31]—(NRS A 1965, 926)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.071 - Request by grantor of deed of trust for certified copy of note, deed of trust and assignments.

1. A grantor of a deed of trust may submit a written request to the servicer of the deed of trust for a certified copy of the note, the deed of trust and all assignments of the note and deed of trust if:
(a) The real property subject to the deed of trust is a single-family dwelling;
(b) The grantor is the owner of record of the real property;
(c) The grantor currently occupies the real property as his or her principal residence; and
(d) The servicer or beneficiary of the deed of trust is a banking or financial institution or any other business entity that is licensed, registered or otherwise authorized to do business in this State.
2. Not more than 10 days after receipt of a written request pursuant to subsection 1, the servicer of the deed of trust shall provide to the grantor the identity, address and any other contact information of the current owner or assignee of the note and deed of trust.
3. If the servicer of the deed of trust does not provide a certified copy of each document requested pursuant to subsection 1 within 30 days after receipt of the request, or if the documents provided by the servicer indicate that the beneficiary of the deed of trust does not have a recorded interest in or lien on the real property which is subject to the deed of trust:
(a) The grantor of the deed of trust may report the servicer and the beneficiary of the deed of trust to the Division of Mortgage Lending or the Division of Financial Institutions of the Department of Business and Industry, whichever is appropriate; and
(b) The appropriate division may take whatever actions it deems necessary and proper, including, without limitation, enforcing any applicable laws or regulations or adopting any additional regulations.
4. As used in this section, "banking or financial institution" has the meaning ascribed to it in NRS 106.295.
(Added to NRS by 2013, 2774)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.073 - Marginal entries; reconveyance must be recorded if deed of trust recorded by photographic process; presentation of certificate executed by trustee or trustee’s personal representative or assignee.

1. Except as otherwise provided in subsection 2, a recorded deed of trust may be discharged by an entry on the margin of the record thereof, signed by the trustee or the trustee’s personal representative or assignee in the presence of the recorder or the recorder’s deputy, acknowledging the satisfaction of or value received for the deed of trust and the debt secured thereby. The recorder or the recorder’s deputy shall subscribe the entry as witness. The entry has the same effect as a reconveyance of the deed of trust acknowledged and recorded as provided by law. The recorder shall properly index each marginal discharge.
2. If the deed of trust has been recorded by a microfilm or other photographic process, a marginal release may not be used and an acknowledged reconveyance of the deed of trust must be recorded.
3. If the recorder or the recorder’s deputy is presented with a certificate executed by the trustee or the trustee’s personal representative or assignee, specifying that the deed of trust has been paid or otherwise satisfied or discharged, the recorder or the recorder’s deputy shall discharge the deed of trust upon the record.
(Added to NRS by 1991, 1103; A 1993, 2335)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.081 - Time and place of sale; agent holding sale not to be purchaser.

1. All sales of property pursuant to NRS 107.080 must be made at auction to the highest bidder and must be made between the hours of 9 a.m. and 5 p.m. The agent holding the sale must not become a purchaser at the sale or be interested in any purchase at such a sale.
2. All sales of real property must be made at the public location in the county designated by the governing body of the county for that purpose.
(Added to NRS by 2005, 1620; A 2017, 545)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.082 - Oral postponement of sale.

1. If a sale of property pursuant to NRS 107.080 is postponed by oral proclamation, the sale must be postponed to a later date at the same time and location.
2. If such a sale has been postponed by oral proclamation three times, any new sale information must be provided by notice as provided in NRS 107.080.
(Added to NRS by 2005, 1621)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.083 - Proceedings after purchaser refuses to pay amount bid.

1. If a purchaser refuses to pay the amount the purchaser bid for the property struck off at a sale pursuant to NRS 107.080, the agent may again sell the property to the highest bidder, after again giving the notice previously provided.
2. If any loss is incurred from the purchaser refusing to pay the amount of the bid, the agent may recover the amount of the loss, with costs, for the benefit of the party aggrieved, by motion upon previous notice of 5 days to the purchaser, before any court of competent jurisdiction.
3. The court shall proceed in a summary manner in the hearing and disposition of such a motion, and give judgment and issue execution therefor forthwith, but the refusing purchaser may request a jury. The same proceedings may be had against any subsequent purchaser who refuses to pay, and the agent may, in the agent’s discretion, thereafter reject the bid of any person so refusing.
4. An agent is not liable for any amount other than the amount bid by the second or subsequent purchaser and the amount collected from the purchaser who refused to pay.
(Added to NRS by 2005, 1621)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.084 - Penalty for removing or defacing notice of sale.

It is unlawful for a person to willfully remove or deface a notice posted pursuant to subsection 4 of NRS 107.080, if done before the sale or, if the default is satisfied before the sale, before the satisfaction of the default. In addition to any other penalty, any person who violates this section is liable in the amount of $500 to any person aggrieved by the removal or defacing of the notice.
(Added to NRS by 2005, 1620; A 2009, 2791)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.095 - Notice of default: Mailing to guarantor or surety of debt; effect of failure to give.

1. The notice of default required by NRS 107.080 must also be sent by registered or certified mail, return receipt requested and with postage prepaid or, if authorized by the parties, by electronic transmission to each guarantor or surety of the debt. If the address of the guarantor or surety is unknown, the notice must be sent to the address of the trust property. Failure to give the notice, except as otherwise provided in subsection 3, releases the guarantor or surety from his or her obligation to the beneficiary, but does not affect the validity of a sale conducted pursuant to NRS 107.080 or the obligation of any guarantor or surety to whom the notice was properly given.
2. Failure to give the notice of default required by NRS 107.090, except as otherwise provided in subsection 3, releases the obligation to the beneficiary of any person who has complied with NRS 107.090 and who is or may otherwise be held liable for the debt or other obligation secured by the deed of trust, but such a failure does not affect the validity of a sale conducted pursuant to NRS 107.080 or the obligation of any person to whom the notice was properly given pursuant to this section or to NRS 107.080 or 107.090.
3. A guarantor, surety or other obligor is not released pursuant to this section if:
(a) The required notice is given at least 15 days before the later of:
(1) The expiration of the 15- or 35-day period described in paragraph (a) of subsection 2 of NRS 107.080;
(2) In the case of any deed of trust which concerns owner-occupied housing, the expiration of the period described in paragraph (a) of subsection 1 of NRS 107.0805; or
(3) Any extension of the applicable period by the beneficiary; or
(b) The notice is rescinded before the sale is advertised.
(Added to NRS by 1989, 1770; A 2009, 1758; 2015, 3327; 2017, 4097, 4105, 4106; 2019, 1368)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.100 - Receiver: Appointment after filing notice of breach and election to sell.

1. At any time after the filing of a notice of breach and election to sell real property under a power of sale contained in a deed of trust, the trustee or beneficiary of the deed of trust may apply to the district court for the county in which the property or any part of the property is located for the appointment of a receiver of such property.
2. A receiver shall be appointed where it appears that personal property subject to the deed of trust is in danger of being lost, removed, materially injured or destroyed, that real property subject to the deed of trust is in danger of substantial waste or that the income therefrom is in danger of being lost, or that the property is or may become insufficient to discharge the debt which it secures.
(Added to NRS by 1965, 252)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.140 - Sale in lieu of foreclosure sale: Limitations.

No provision of the laws of this State may be construed to require a sale in lieu of a foreclosure sale to be an arm’s length transaction or to prohibit a sale in lieu of a foreclosure sale that is not an arm’s length transaction.
(Added to NRS by 2013, 2195; A 2015, 3345; 2019, 1371)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.200 - Contents of statement regarding debt secured by deed of trust.

Except as otherwise provided in NRS 107.230, the beneficiary of a deed of trust secured on or after October 1, 1995, shall, within 21 days after receiving a request from a person authorized to make such a request pursuant to NRS 107.220, cause to be mailed, postage prepaid, or sent by facsimile machine to that person a statement regarding the debt secured by the deed of trust. The statement must include:
1. The amount of the unpaid balance of the debt secured by the deed of trust, the rate of interest on the unpaid balance and the total amount of principal and interest which is due and has not been paid.
2. The amount of the periodic payments, if any, required under the note.
3. The date the payment of the debt is due.
4. The period for which real estate taxes and special assessments have been paid, if that information is known to the beneficiary.
5. The amount of property insurance covering the real property and the term and premium of that insurance, if that information is known to the beneficiary.
6. The amount in an account, if any, maintained for the accumulation of money for the payment of taxes and insurance premiums.
7. The amount of any additional charges, costs or expenses paid or incurred by the beneficiary which is a lien on the real property described in the deed of trust.
8. Whether the debt secured by the deed of trust may be transferred to a person other than the grantor.
(Added to NRS by 1995, 1519)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.210 - Contents of statement of amount necessary to discharge debt secured by deed of trust.

Except as otherwise provided in NRS 107.230 and 107.240, the beneficiary of a deed of trust secured on or after October 1, 1995, shall, within 21 days after receiving a request from a person authorized to make such a request pursuant to NRS 107.220, cause to be mailed, postage prepaid, or sent by facsimile machine to that person a statement of the amount necessary to discharge the debt secured by the deed of trust. The statement must set forth:
1. The identity of the trustee or the trustee’s personal representative or assignee, the current holder of the note secured by the deed of trust, the beneficiary of record and the servicers of the obligation or debt secured by the deed of trust;
2. The amount of money necessary to discharge the debt secured by the deed of trust on the date the statement is prepared by the beneficiary;
3. The information necessary to determine the amount of money required to discharge the debt on a per diem basis for a period, not to exceed 30 days, after the statement is prepared by the beneficiary; and
4. If the debt is in default, the amount in default, the principal amount of the obligation or debt secured by the deed of trust, the interest accrued and unpaid on the obligation or debt secured by the deed of trust, all fees imposed because of the default and the costs and fees charged to the debtor in connection with the exercise of the power of sale.
(Added to NRS by 1995, 1519; A 2011, 336, 1748)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.220 - Persons authorized to request statement from beneficiary; proof of identity of successor in interest.

1. A statement described in NRS 107.200 or 107.210 may be requested by:
(a) The grantor of, or a successor in interest in, the property which is the subject of the deed of trust;
(b) A person who has a subordinate lien or encumbrance of record on the property which is secured by the deed of trust;
(c) A title insurer; or
(d) An authorized agent of any person described in paragraph (a), (b) or (c).
A written statement signed by any person described in paragraph (a), (b) or (c) which appoints a person to serve as agent if delivered personally to the beneficiary or delivered by mail, return receipt requested, is proof of the identity of an agent.
2. For the purposes of paragraph (a) of subsection 1, a policy of title insurance, preliminary report issued by a title company, certified copy of letters testamentary or letters of guardianship, or an original or photographic copy of a deed, if delivered personally to the beneficiary or delivered by mail, return receipt requested, is proof of the identity of a successor in interest of the grantor, if the person demanding the statement is named as successor in interest in the document.
(Added to NRS by 1995, 1519)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.230 - Proof of authorization to request statement.

A beneficiary may, before mailing a statement described in NRS 107.200 or 107.210, require the person who requested the statement to prove that the person is authorized to request that statement pursuant to NRS 107.220. If the beneficiary requires such proof, the beneficiary must mail the statement within 21 days after receiving proof from the requester.
(Added to NRS by 1995, 1520)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.240 - Grounds for refusal to deliver statement.

If the debt secured by a deed of trust for which a statement described in NRS 107.210 has been requested is subject to a recorded notice of default or a filed complaint commencing a judicial foreclosure, the beneficiary may refuse to deliver the statement unless the written request for the statement is received before the publication of a notice of sale or the notice of the date of sale established by a court.
(Added to NRS by 1995, 1520)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.250 - Reliance upon accuracy of statement and amended statement; notification of amended statement; recovery of money by beneficiary if statement is deficient.

1. A person who receives a statement pursuant to NRS 107.200 or 107.210 may rely upon the accuracy of the information contained in the statement. If the beneficiary notifies the person who requested the statement of any amendment to the statement, the amended statement may be relied upon by that person in the same manner as the original statement.
2. If notification of an amendment to a statement is not given in writing, a written amendment to the statement must be delivered to the person who requested the original statement not later than the next business day after notification.
3. If a statement prepared by the beneficiary pursuant to NRS 107.200 does not contain the entire amount necessary to discharge the debt secured by the deed of trust and:
(a) A transaction has occurred which has resulted in the transfer of title or recordation of a lien; or
(b) A trustee’s sale or a sale supervised by a court has taken place,
the beneficiary may recover that money as an unsecured debt of the grantor pursuant to the terms of the note.
(Added to NRS by 1995, 1520)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.260 - Copy of note or deed of trust for authorized requester.

If a person who is authorized pursuant to NRS 107.220 to request a statement described in NRS 107.200 or 107.210 includes in the request for such a statement a request for a copy of the note or deed of trust, the beneficiary shall mail a copy of the note or deed of trust with the statement at no additional charge.
(Added to NRS by 1995, 1520)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.270 - Address to which request for statement must be mailed.

If the beneficiary has more than one place of business, a request for a statement described in NRS 107.200 or 107.210 must be made to the address to which the periodic payments under the note are made. If no periodic payments are made under the note, the request must be mailed to the address of the beneficiary listed on the note or deed of trust.
(Added to NRS by 1995, 1520)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.280 - Debt to which information contained in statement is applicable.

Except as otherwise provided in a statement described in NRS 107.200 or 107.210, the information contained in the statement applies only to the debt secured by the deed of trust which is payable at the address to which the periodic payments are made. If periodic payments are not made under the note, the statement applies only to the entire debt secured by the deed of trust.
(Added to NRS by 1995, 1520)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.290 - Unclear request for statement deemed to be request for amount necessary to discharge debt.

If a person requests a statement described in NRS 107.200 or 107.210 and it is not clear from the request which statement is requested, the request shall be deemed a request for a statement of the amount necessary to discharge the debt secured by a deed of trust.
(Added to NRS by 1995, 1521)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.300 - Penalty for failure to deliver statement; bar to recovery of certain damages.

1. A beneficiary who willfully fails to deliver a statement requested pursuant to NRS 107.200 or 107.210 within 21 days after it is requested is liable to the person who requested the statement in an amount of $300 and any actual damages suffered by the person who requested the statement.
2. A judgment awarded to a person who requested a statement pursuant to NRS 107.200 or 107.210 for failure to deliver a statement bars recovery of damages for any other failure to deliver that statement pursuant to a demand made within 6 months before or after the demand for which the judgment was awarded.
3. As used in this section, "willfully" means an intentional failure to comply with the requirements of NRS 107.200 or 107.210 without just cause.
(Added to NRS by 1995, 1521)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.400 - Definitions.

As used in NRS 107.400 to 107.560, inclusive, unless the context otherwise requires, the words and terms defined in NRS 107.410 to 107.450, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2013, 2185)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.410 - "Borrower" defined.

"Borrower" means a natural person who is a mortgagor or grantor of a deed of trust under a residential mortgage loan. The term does not include a natural person who:
1. Has surrendered the secured property as evidenced by a letter confirming the surrender or the delivery of the keys to the property to the mortgagee, trustee, beneficiary of the deed of trust or an authorized agent of such a person.
2. Has filed a case under 11 U.S.C. Chapter 7, 11, 12 or 13 and the bankruptcy court has not entered an order closing or dismissing the bankruptcy case, or granting relief from a stay of foreclosure or trustee’s sale.
(Added to NRS by 2013, 2185)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.420 - "Foreclosure prevention alternative" defined.

"Foreclosure prevention alternative" means a modification of a loan secured by the most senior residential mortgage loan on the property or any other loss mitigation option. The term includes, without limitation, a sale in lieu of a foreclosure sale.
(Added to NRS by 2013, 2185; A 2015, 3345; 2019, 1371)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.440 - "Mortgage servicer" defined.

"Mortgage servicer" means a person who directly services a residential mortgage loan, or who is responsible for interacting with a borrower, managing a loan account on a daily basis, including, without limitation, collecting and crediting periodic loan payments, managing any escrow account or enforcing the note and security instrument, either as the current owner of the promissory note or as the authorized agent of the current owner of the promissory note. The term includes a person providing such services by contract as a subservicing agent to a master servicer by contract. The term does not include a trustee under a deed of trust, or the trustee’s authorized agent, acting under a power of sale pursuant to a deed of trust.
(Added to NRS by 2013, 2185)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.450 - "Residential mortgage loan" defined.

"Residential mortgage loan" means a loan which is primarily for personal, family or household use and which is secured by a mortgage or deed of trust on owner-occupied housing.
(Added to NRS by 2013, 2185; A 2015, 3327; 2017, 4105, 4106; 2019, 1371)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.460 - Applicability.

The provisions of NRS 107.400 to 107.560, inclusive, do not apply to a financial institution, as defined in NRS 660.045, that, during its immediately preceding annual reporting period, as established with its primary regulator, has foreclosed on 100 or fewer real properties located in this State which constitute owner-occupied housing.
(Added to NRS by 2013, 2185; A 2015, 3327; 2017, 4105, 4106; 2019, 1371)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.470 - Right of borrower to pursue more than one foreclosure prevention alternative.

The provisions of NRS 107.400 to 107.560, inclusive, must not be construed to authorize a mortgage servicer, a mortgagee or a beneficiary of a deed of trust to restrict a borrower from pursuing concurrently more than one foreclosure prevention alternative.
(Added to NRS by 2013, 2185)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.480 - Restrictions on trustee’s power of sale and civil actions for foreclosure sales.

1. In addition to the requirements of NRS 40.439, 40.4395, 107.085 and 107.086, the exercise of a trustee’s power of sale pursuant to NRS 107.080 with respect to a deed of trust securing a residential mortgage loan is subject to the provisions of NRS 107.400 to 107.560, inclusive.
2. In addition to the requirements of NRS 40.430 to 40.4639, inclusive, a civil action for a foreclosure sale pursuant to NRS 40.430 involving a failure to make a payment required by a residential mortgage loan is subject to the requirements of NRS 107.400 to 107.560, inclusive.
(Added to NRS by 2013, 2186; A 2015, 3327; 2017, 1116, 4105, 4106; 2019, 3181)
2023 Nevada Revised Statutes › Chapter 107 - Deeds of Trust › NRS 107.490 - Duties of mortgage servicer.

1. Any duty of a mortgage servicer to maximize net present value under a pooling and servicing agreement is owed to all parties in a loan pool, or to all investors under a pooling and servicing agreement, not to any particular party in the loan pool or investor under a pooling and servicing agreement.
2. A mortgage servicer acts in the best interests of all parties to the loan pool or investors in the pooling and servicing agreement if the mortgage servicer agrees to or implements a foreclosure prevention alternative for which both of the following apply:
(a) The residential mortgage loan is in payment default or payment default is reasonably foreseeable.
(b) Anticipated recovery under the foreclosure prevention alternative exceeds the anticipated recovery through foreclosure on a net present value basis.
(Added to NRS by 2013, 2186)