Title 9

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 pursu…

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 …

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…

NRS 107.500 Requirements before recording of notice of default and election to sell or commencing civil action for foreclosure sale: Notice; contents. 1. At least 30 calendar days before recording a notice of default and election to sell pursuant to subsection 2 of NRS 107.080 or…

NRS 107.510 Recording of notice of default and election to sell or commencing civil action for foreclosure sale prohibited in certain circumstances; mortgage servicer required to contact borrower; exceptions. 1. A mortgage servicer, mortgagee, trustee, beneficiary of a deed of tr…

NRS 107.520 Application for foreclosure prevention alternative; acknowledgment of receipt required; contents of acknowledgment; deficiencies in application. 1. Not later than 5 business days after receiving an application for a foreclosure prevention alternative or any document i…

NRS 107.530 Effect of submitting application for foreclosure prevention alternative; offer, acceptance and rejection of foreclosure prevention alternative; denial of application; appeal; fees prohibited. 1. If a borrower submits an application for a foreclosure prevention alterna…

NRS 107.540 Single point of contact required to be established by mortgage servicer for foreclosure prevention alternative; responsibilities. 1. If a borrower requests a foreclosure prevention alternative, the mortgage servicer must promptly establish a single point of contact an…

NRS 107.550 Dismissal of civil action for foreclosure sale, rescission of notice of default and election to sell or notice of sale and cancellation of pending foreclosure sale required in certain circumstances; effect on mortgagee or beneficiary of deed of trust. 1. A civil actio…

NRS 107.560 Injunctive relief for violation; civil action to recover economic damages; award of costs and attorney’s fees to prevailing party. 1. If a trustee’s deed upon sale has not been recorded, a borrower may bring an action for injunctive relief to enjoin a material violati…

NRS 107A.010 Short title. This chapter may be cited as the Uniform Assignment of Rents Act. (Added to NRS by 2007, 297)

NRS 107A.020 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 107A.030 to 107A.210, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2007, 298)

NRS 107A.030 “Assignee” defined. “Assignee” means a person entitled to enforce an assignment of rents. (Added to NRS by 2007, 298)

NRS 107A.040 “Assignment of rents” defined. “Assignment of rents” means a transfer of an interest in rents in connection with an obligation secured by real property located in this State and from which the rents arise. (Added to NRS by 2007, 298)

NRS 107A.050 “Assignor” defined. “Assignor” means a person that makes an assignment of rents or the successor owner of the real property from which the rents arise. (Added to NRS by 2007, 298)

NRS 107A.060 “Cash proceeds” defined. “Cash proceeds” means proceeds that are money, checks, deposit accounts or the like. (Added to NRS by 2007, 298)

NRS 107A.070 “Day” defined. “Day” means calendar day. (Added to NRS by 2007, 298)

NRS 107A.080 “Deposit account” defined. “Deposit account” means a demand, time, savings, passbook or similar account maintained with a bank, savings bank, savings and loan association, credit union or trust company. (Added to NRS by 2007, 298)

NRS 107A.090 “Document” defined. “Document” means information that is inscribed on a tangible medium or that is stored on an electronic or other medium and is retrievable in perceivable form. (Added to NRS by 2007, 298)

NRS 107A.100 “Notification” defined. “Notification” means a document containing information that this chapter requires a person to provide to another, signed by the person required to provide the information. (Added to NRS by 2007, 298)

NRS 107A.110 “Person” defined. “Person” means an individual, corporation, business trust, estate, trust, partnership, limited-liability company, association, joint venture, public corporation, government or governmental subdivision, agency or instrumentality or any other legal or…

NRS 107A.120 “Proceeds” defined. “Proceeds” means personal property that is received or collected on account of a tenant’s obligation to pay rents. (Added to NRS by 2007, 298)

NRS 107A.130 “Purchase” defined. “Purchase” means to take by sale, lease, discount, negotiation, mortgage, pledge, lien, security interest, issue or reissue, gift or any other voluntary transaction creating an interest in property. (Added to NRS by 2007, 298)

NRS 107A.140 “Rents” defined. “Rents” means: 1. Sums payable for the right to possess or occupy, or for the actual possession or occupation of, real property of another person; 2. Sums payable to an assignor under a policy of rental interruption insurance covering real property; …

NRS 107A.150 “Secured obligation” defined. “Secured obligation” means an obligation the performance of which is secured by an assignment of rents. (Added to NRS by 2007, 298)

NRS 107A.160 “Security instrument” defined. “Security instrument” means a document, however denominated, that creates or provides for a security interest in real property, whether or not it also creates or provides for a security interest in personal property. (Added to NRS by 20…

NRS 107A.170 “Security interest” defined. “Security interest” means an interest in property that arises by agreement and secures performance of an obligation. (Added to NRS by 2007, 299)

NRS 107A.180 “Sign” defined. “Sign” means, with present intent to authenticate or adopt a document: 1. To execute or adopt a tangible symbol; or 2. To attach to or logically associate with the document an electronic sound, symbol or process. (Added to NRS by 2007, 299)

NRS 107A.190 “State” defined. “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. (Added to NRS by 2007, 299)

NRS 107A.200 “Submit for recording” defined. “Submit for recording” means to submit a document complying with applicable legal standards, with required fees and taxes, to the appropriate governmental office pursuant to NRS 111.310 to 111.3655, inclusive. (Added to NRS by 2007, 29…

NRS 107A.210 “Tenant” defined. “Tenant” means a person that has an obligation to pay sums for the right to possess or occupy, or for possessing or occupying, the real property of another person. (Added to NRS by 2007, 299) ASSIGNMENT OF RENTS

NRS 107A.220 Manner of giving notification. 1. Except as otherwise provided in subsections 3 and 4, a person gives a notification or a copy of a notification under this chapter: (a) By depositing it with the United States Postal Service or with a commercially reasonable delivery …

NRS 107A.230 Security instrument creates assignment of rents; assignment of rents creates security interest. 1. An enforceable security instrument creates an assignment of rents arising from the real property described in the security instrument, unless the security instrument pr…

NRS 107A.240 Recordation; perfection of security interest in rents; priority of conflicting interests in rents. 1. A document creating an assignment of rents may be submitted for recording in the office of the recorder of the county in which the real property is located in the sa…

NRS 107A.250 Enforcement of security interest in rents. 1. An assignee may enforce an assignment of rents using one or more of the methods specified in NRS 107A.260, 107A.270 and 107A.280 or any other method sufficient to enforce the assignment under law of this State other than …

NRS 107A.260 Enforcement by appointment of receiver. 1. An assignee is entitled to the appointment of a receiver for the real property subject to the assignment of rents if: (a) The assignor is in default and: (1) The assignor has agreed in a signed document to the appointment of…

NRS 107A.270 Enforcement by notification to assignor. 1. Upon the assignor’s default, or as otherwise agreed by the assignor, the assignee may give the assignor a notification demanding that the assignor pay over the proceeds of any rents that the assignee is entitled to collect …

NRS 107A.280 Enforcement by notification to tenant. 1. Upon the assignor’s default, or as otherwise agreed by the assignor, the assignee may give to a tenant of the real property a notification demanding that the tenant pay to the assignee all unpaid accrued rents and all unaccru…

NRS 107A.290 Notification to tenant: Form. No particular phrasing is required for the notification specified in NRS 107A.280. However, the following form of notification, when properly completed, is sufficient to satisfy the requirements of NRS 107A.280: NOTIFICATION TO PAY RENTS…

NRS 107A.300 Effect of enforcement. The enforcement of an assignment of rents by one or more of the methods identified in NRS 107A.260, 107A.270 and 107A.280, the application of proceeds by the assignee under NRS 107A.310 after enforcement, the payment of expenses under NRS 107A.…

NRS 107A.310 Application of proceeds. Unless otherwise agreed, an assignee that collects rents under this chapter or collects upon a judgment in an action under subsection 3 of NRS 107A.330 shall apply the sums collected in the following order to: 1. The assignee’s reasonable exp…

NRS 107A.320 Application of proceeds to expenses of protecting real property; claims and defenses of tenant. 1. Unless otherwise agreed by the assignee, and subject to subsection 3, an assignee that collects rents following enforcement under NRS 107A.270 or 107A.280 need not appl…

NRS 107A.330 Turnover of rents; commingling and identifiability of rents; liability of assignor. 1. If an assignor collects rents that the assignee is entitled to collect under this chapter: (a) The assignor shall turn over the proceeds to the assignee, less any amount representi…

NRS 107A.340 Perfection and priority of assignee’s security interest in proceeds. 1. An assignee’s security interest in identifiable cash proceeds is perfected if its security interest in rents is perfected. An assignee’s security interest in identifiable noncash proceeds is perf…

NRS 107A.350 Priority subject to subordination. This chapter does not preclude subordination by agreement as to rents or proceeds. (Added to NRS by 2007, 306) MISCELLANEOUS PROVISIONS

NRS 107A.360 Uniformity of application and construction. In applying and construing the Uniform Assignment of Rents Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Added to NRS by 2007, …