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Nevada Statutes, Title 3

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Nevada/Statutes

← All Nevada coverage

Title 3

20 chapters · 1,127 sections in this title.

All chapters in Title 31,127 Ch 41, ACTIONS AND PROCEEDINGS IN PARTICULA…199 Ch 40, ACTIONS AND PROCEEDINGS IN PARTICULA…151 Ch 31, ATTACHMENT, GARNISHMENT AND OTHER EX…113 Ch 34, WRITS; PETITION TO ESTABLISH FACTUAL…99 Ch 38, MEDIATION AND ARBITRATION85 Ch 33, INJUNCTIONS; PROTECTION ORDERS81 Ch 39, PARTITION OF REAL PROPERTY AND MININ…78 Ch 32, RECEIVERS53 Ch 42, DAMAGES47 Ch 37, EMINENT DOMAIN45 Ch 31A, ENFORCEMENT OF OBLIGATIONS FOR SUPPO…43 Ch 35, QUO WARRANTO27 Ch 41B, ACTION AGAINST KILLER OF DECEDENT FO…27 Ch 28, GENERAL PROVISIONS17

47 sections·Filtered byTitle 3✕Ch 42✕

NRS 42.001 Definitions; exceptions.
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NRS 42.001 Definitions; exceptions. As used in this chapter, unless the context otherwise requires and except as otherwise provided in subsection 5 of NRS 42.005: 1. “Conscious disregard” means the knowledge of the probable harmful consequences of a wrongful act and a willful and…
NRS 42.005 Exemplary and punitive damages: In general; limitations on amount of award; determination in subsequent proceeding.
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NRS 42.005 Exemplary and punitive damages: In general; limitations on amount of award; determination in subsequent proceeding. 1. Except as otherwise provided in NRS 42.007, in an action for the breach of an obligation not arising from contract, where it is proven by clear and co…
NRS 42.007 Exemplary and punitive damages: Limitations on liability by employer for wrongful act of employee; exception.
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NRS 42.007 Exemplary and punitive damages: Limitations on liability by employer for wrongful act of employee; exception. 1. Except as otherwise provided in subsection 2, in an action for the breach of an obligation in which exemplary or punitive damages are sought pursuant to sub…
NRS 42.010 Exemplary and punitive damages: Injury caused by operation of vehicle after consumption or use of alcohol or another substance.

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NRS 42.010 Exemplary and punitive damages: Injury caused by operation of vehicle after consumption or use of alcohol or another substance. 1. In an action for the breach of an obligation, where the defendant caused an injury by the operation of a motor vehicle in violation of NRS…

NRS 42.021 Actions based on professional negligence of providers of health care: Introduction of certain evidence relating to collateral benefits; restrictions on source of collateral benefits; payment of future damages by periodic payments.

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NRS 42.021 Actions based on professional negligence of providers of health care: Introduction of certain evidence relating to collateral benefits; restrictions on source of collateral benefits; payment of future damages by periodic payments. 1. In an action for injury or death ag…

NRS 42.200 Short title.

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NRS 42.200 Short title. NRS 42.200 to 42.400, inclusive, may be known and cited as the Structured Settlement Protection Act. (Added to NRS by 2021, 1720; A 2023, 1957)

NRS 42.205 Definitions.

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NRS 42.205 Definitions. As used in NRS 42.200 to 42.400, inclusive, unless the context otherwise requires, the words and terms defined in NRS 42.210 to 42.335, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2021, 1720)

NRS 42.210 “Annuity issuer” defined.

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NRS 42.210 “Annuity issuer” defined. “Annuity issuer” means an insurer that has issued a contract to fund periodic payments under a structured settlement. (Added to NRS by 2021, 1720)

NRS 42.215 “Assignee” defined.

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NRS 42.215 “Assignee” defined. “Assignee” means a person acquiring or proposing to acquire structured settlement payments from a structured settlement purchase company or transferee after, or concurrently with, the transfer of the structured settlement payment rights by the payee…

NRS 42.220 “Dependents” defined.

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NRS 42.220 “Dependents” defined. “Dependents” include a payee’s spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including, without limitation, alimony. (Added to NRS by 2021, 1720)

NRS 42.225 “Discounted present value” defined.

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NRS 42.225 “Discounted present value” defined. “Discounted present value” means the present value of future payments determined by discounting such payments to the present using the most recently published Applicable Federal Rate for determining the present value of an annuity, a…

NRS 42.230 “Gross advance amount” defined.

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NRS 42.230 “Gross advance amount” defined. “Gross advance amount” means the sum payable to the payee or for the payee’s account as consideration for a transfer of structured settlement payment rights, before any reductions for transfer expenses or other deductions to be made from…

NRS 42.235 “Independent professional advice” defined.

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NRS 42.235 “Independent professional advice” defined. “Independent professional advice” means advice of an attorney, certified public accountant, actuary or other licensed professional adviser. (Added to NRS by 2021, 1720)

NRS 42.240 “Interested party” defined.

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NRS 42.240 “Interested party” defined. “Interested party” means, with respect to any structured settlement, the payee, any beneficiary irrevocably designated under the annuity contract to receive payments following the payee’s death, the annuity issuer, the structured settlement …

NRS 42.245 “Net advance amount” defined.

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NRS 42.245 “Net advance amount” defined. “Net advance amount” means the gross advance amount, less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under NRS 42.380. (Added to NRS by 2021, 1720)

NRS 42.250 “Payee” defined.

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NRS 42.250 “Payee” defined. “Payee” means a natural person who: 1. Is receiving tax-free payments under a structured settlement which resolved a settled claim; and 2. Proposes to make a transfer of the structured settlement payment rights. (Added to NRS by 2021, 1720)

NRS 42.255 “Periodic payments” defined.

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NRS 42.255 “Periodic payments” defined. “Periodic payments” includes both recurring payments and scheduled future lump-sum payments. (Added to NRS by 2021, 1720)

NRS 42.260 “Qualified assignment agreement” defined.

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NRS 42.260 “Qualified assignment agreement” defined. “Qualified assignment agreement” means an agreement providing for a qualified assignment within the meaning of section 130 of the Internal Revenue Code, 26 U.S.C. § 130. (Added to NRS by 2021, 1721)

NRS 42.265 “Renewal date” defined.

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NRS 42.265 “Renewal date” defined. “Renewal date” means the date on which a registered structured settlement purchase company is required to renew its registration pursuant to NRS 42.340, which date is 1 year after the initial registration or any subsequent renewal. (Added to NRS…

NRS 42.270 “Settled claim” defined.

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NRS 42.270 “Settled claim” defined. “Settled claim” means the tort claim resolved by a structured settlement. (Added to NRS by 2021, 1721)

NRS 42.275 “Structured settlement” defined.

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NRS 42.275 “Structured settlement” defined. “Structured settlement” means an arrangement for periodic payment of damages for personal injuries or sickness established by settlement or judgment in resolution of a tort claim. (Added to NRS by 2021, 1721)

NRS 42.280 “Structured settlement agreement” defined.

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NRS 42.280 “Structured settlement agreement” defined. “Structured settlement agreement” means the agreement, judgment, stipulation or release embodying the terms of a structured settlement. (Added to NRS by 2021, 1721)

NRS 42.285 “Structured settlement obligor” defined.

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NRS 42.285 “Structured settlement obligor” defined. “Structured settlement obligor” means, with respect to any structured settlement, the party that has the continuing obligation to make periodic payments to the payee under a structured settlement agreement or qualified assignmen…

NRS 42.290 “Structured settlement payment rights” defined.

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NRS 42.290 “Structured settlement payment rights” defined. “Structured settlement payment rights” means rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, where the payee is domiciled in this St…

NRS 42.295 “Structured settlement purchase company” defined.

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NRS 42.295 “Structured settlement purchase company” defined. “Structured settlement purchase company” means a person that acts as a transferee in this State and who is registered with the Unit pursuant to NRS 42.340. (Added to NRS by 2021, 1721)

NRS 42.300 “Structured settlement transfer proceeding” defined.

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NRS 42.300 “Structured settlement transfer proceeding” defined. “Structured settlement transfer proceeding” means a court proceeding filed by a structured settlement purchase company seeking court approval of a transfer in accordance with NRS 42.385. (Added to NRS by 2021, 1721)

NRS 42.305 “Terms of the structured settlement” defined.

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NRS 42.305 “Terms of the structured settlement” defined. “Terms of the structured settlement,” with respect to any structured settlement, includes, without limitation, the terms of the structured settlement agreement, the annuity contract, any qualified assignment agreement and a…

NRS 42.310 “Transfer” defined.

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NRS 42.310 “Transfer” defined. “Transfer” means any sale, assignment, pledge, hypothecation or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration. The term does not include the creation or perfection of a security interest in…

NRS 42.315 “Transfer agreement” defined.

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NRS 42.315 “Transfer agreement” defined. “Transfer agreement” means the agreement providing for a transfer of structured settlement payment rights. (Added to NRS by 2021, 1721)

NRS 42.320 “Transfer expense” defined.

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NRS 42.320 “Transfer expense” defined. “Transfer expense” means all expenses of a transfer that are required under the transfer agreement to be paid by the payee or deducted from the gross advance amount, including, without limitation, court filing fees, attorney’s fees, escrow f…

NRS 42.325 “Transfer order” defined.

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NRS 42.325 “Transfer order” defined. “Transfer order” means an order approving a transfer in accordance with NRS 42.385. (Added to NRS 2021, 1722)

NRS 42.330 “Transferee” defined.

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NRS 42.330 “Transferee” defined. “Transferee” means a party acquiring or proposing to acquire structured settlement payment rights through a transfer. (Added to NRS by 2021, 1722)

NRS 42.335 “Unit” defined.

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NRS 42.335 “Unit” defined. “Unit” means the Consumer Affairs Unit of the Department of Business and Industry. (Added to NRS by 2021, 1720)

NRS 42.337 Regulations.

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NRS 42.337 Regulations. The Commissioner of Consumer Affairs of the Unit may, in consultation with the Director of the Department of Business and Industry, adopt regulations to carry out the provisions of NRS 42.200 to 42.400, inclusive. (Added to NRS by 2023, 1957)

NRS 42.340 Requirement to register as structured settlement purchase company; application; fees; certification of surety bond or letter of credit that meets certain requirements.

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NRS 42.340 Requirement to register as structured settlement purchase company; application; fees; certification of surety bond or letter of credit that meets certain requirements. 1. A person shall not act as a transferee, attempt to acquire structured settlement payment rights th…

NRS 42.345 Statement concerning obligation for child support required for issuance or renewal of registration as structured settlement purchase company. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]

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NRS 42.345 Statement concerning obligation for child support required for issuance or renewal of registration as structured settlement purchase company. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for wi…

NRS 42.350 Suspension of registration as structured settlement purchase company; reinstatement of registration. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]

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NRS 42.350 Suspension of registration as structured settlement purchase company; reinstatement of registration. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the…

NRS 42.355 Notice of judgment against structured settlement purchase company; contents of notice.

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NRS 42.355 Notice of judgment against structured settlement purchase company; contents of notice. Not later than 10 days after a judgment is obtained against a structured settlement purchase company by a payee, the structured settlement purchase company shall file a notice with t…

NRS 42.360 Surety bond: Liability of surety not affected by certain acts; notice required before cancellation or modification; automatic expiration of registration for cancellation or noncomplying modification; modification or cancellation does not affect liability incurred previously.

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NRS 42.360 Surety bond: Liability of surety not affected by certain acts; notice required before cancellation or modification; automatic expiration of registration for cancellation or noncomplying modification; modification or cancellation does not affect liability incurred previ…

NRS 42.365 Certain persons exempt from registration.

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NRS 42.365 Certain persons exempt from registration. 1. An assignee is not required to register as a structured settlement purchase company to acquire structured settlement payment rights or to take a security interest in structured settlement payment rights that were transferred…

NRS 42.370 Prohibited acts; remedies for violation.

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NRS 42.370 Prohibited acts; remedies for violation. 1. A transferee, a structured settlement purchase company and an employee or other representative of a transferee or structured settlement purchase company shall not engage in any of the following actions: (a) Pursue or complete…

NRS 42.375 Applicant for approval of transfer of structured settlement payment rights required to provide evidence of registration; transfer order signed by court constitutes qualified order under federal law if transferee is registered.

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NRS 42.375 Applicant for approval of transfer of structured settlement payment rights required to provide evidence of registration; transfer order signed by court constitutes qualified order under federal law if transferee is registered. 1. At the time an application is made unde…

NRS 42.380 Required disclosures to payee.

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NRS 42.380 Required disclosures to payee. Not less than 3 days before the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement, in bold type no smaller than 14-point font, setting forth the following: 1. The a…

NRS 42.385 Approval of transfers of structured settlement payment rights.

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NRS 42.385 Approval of transfers of structured settlement payment rights. A direct or indirect transfer of structured settlement payment rights is not effective, and a structured settlement obligor or annuity issuer is not required to make any payment directly or indirectly to an…

NRS 42.390 Effects of transfer of structured settlement payment rights.

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NRS 42.390 Effects of transfer of structured settlement payment rights. Following a transfer of structured settlement payment rights: 1. The structured settlement obligor and the annuity issuer may rely on the transfer order in redirecting periodic payments to an assignee or tran…

NRS 42.395 Procedure for approval of transfer of structured settlement payment rights.

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NRS 42.395 Procedure for approval of transfer of structured settlement payment rights. 1. An application under NRS 42.200 to 42.400, inclusive, for approval of a transfer of structured settlement payment rights must be made by the transferee. The application must be brought in th…

NRS 42.400 General provisions; construction.

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NRS 42.400 General provisions; construction. 1. The provisions of NRS 42.200 to 42.400, inclusive, may not be waived by a payee. 2. Any transfer agreement entered into by a payee who is domiciled in this State must provide that disputes under the transfer agreement, including, wi…