Title 3

NRS 32.020 Reversion and disposition of unclaimed dividends in receivership. 1. In any receivership proceeding instituted in which a dividend has been declared and ordered paid to creditors, any dividend which remains unclaimed for 3 years reverts to the general fund of the estat…

NRS 32.100 Short title. NRS 32.100 to 32.370, inclusive, may be cited as the Uniform Commercial Real Estate Receivership Act. (Added to NRS by 2017, 1221)

NRS 32.105 Definitions. As used in NRS 32.100 to 32.370, inclusive, unless the context otherwise requires, the words and terms defined in NRS 32.110 to 32.215, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2017, 1221)

NRS 32.110 “Affiliate” defined. “Affiliate” means: 1. With respect to an individual: (a) A companion of the individual; (b) A lineal ancestor or descendant, whether by blood or adoption, of: (1) The individual; or (2) A companion of the individual; (c) A companion of an ancestor …

NRS 32.115 “Companion” defined. “Companion” means: 1. The spouse of an individual; 2. The domestic partner, as defined in NRS 122A.030, of an individual; or 3. Another individual in a civil union with an individual. (Added to NRS by 2017, 1222)

NRS 32.120 “Court” defined. “Court” means a district court of this State. (Added to NRS by 2017, 1222)

NRS 32.125 “Executory contract” defined. “Executory contract” means a contract, including a lease, under which each party has an unperformed obligation and the failure of a party to complete performance would constitute a material breach. (Added to NRS by 2017, 1222)

NRS 32.130 “Governmental unit” defined. “Governmental unit” means an office, department, division, bureau, board, commission or other agency of this State or a subdivision of this State. (Added to NRS by 2017, 1222)

NRS 32.135 “Lien” defined. “Lien” means an interest in property which secures payment or performance of an obligation. (Added to NRS by 2017, 1222)

NRS 32.140 “Mortgage” defined. “Mortgage” means a record, however denominated, that creates or provides for a consensual lien on real property or rents, even if it also creates or provides for a lien on personal property. (Added to NRS by 2017, 1222)

NRS 32.145 “Mortgagee” defined. “Mortgagee” means a person entitled to enforce an obligation secured by a mortgage. (Added to NRS by 2017, 1222)

NRS 32.150 “Mortgagor” defined. “Mortgagor” means a person that grants a mortgage or a successor in ownership of the real property described in the mortgage. (Added to NRS by 2017, 1222)

NRS 32.155 “Owner” defined. “Owner” means the person for whose property a receiver is appointed. (Added to NRS by 2017, 1222)

NRS 32.160 “Person” defined. “Person” means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency or instrumentality, or other legal entity. (Added to NRS by 2017, 1222)

NRS 32.165 “Proceeds” defined. “Proceeds” means the following property: 1. Whatever is acquired on the sale, lease, license, exchange or other disposition of receivership property; 2. Whatever is collected on, or distributed on account of, receivership property; 3. Rights arising…

NRS 32.170 “Property” defined. “Property” means all of a person’s right, title and interest, both legal and equitable, in real and personal property, tangible and intangible, wherever located and however acquired. The term includes proceeds, products, offspring, rents or profits …

NRS 32.175 “Receiver” defined. “Receiver” means a person appointed by the court as the court’s agent, and subject to the court’s direction, to take possession of, manage and, if authorized by NRS 32.100 to 32.370, inclusive, or court order, transfer, sell, lease, license, exchang…

NRS 32.180 “Receivership” defined. “Receivership” means a proceeding in which a receiver is appointed. (Added to NRS by 2017, 1223)

NRS 32.185 “Receivership property” defined. “Receivership property” means the property of an owner that is described in the order appointing a receiver or a subsequent order. The term includes any proceeds, products, offspring, rents or profits of or from the property. (Added to …

NRS 32.190 “Record” defined. “Record,” used as a noun, 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 2017, 1223)

NRS 32.195 “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 a mortgagor under a policy of rental-interruption insurance covering real property; 3.…

NRS 32.200 “Secured obligation” defined. “Secured obligation” means an obligation the payment or performance of which is secured by a security agreement. (Added to NRS by 2017, 1223)

NRS 32.205 “Security agreement” defined. “Security agreement” means an agreement that creates or provides for a lien. (Added to NRS by 2017, 1223)

NRS 32.210 “Sign” defined. “Sign” means, with present intent to authenticate or adopt a record, to: 1. Execute or adopt a tangible symbol; or 2. Attach to or logically associate with the record an electronic sound, symbol or process. (Added to NRS by 2017, 1223)

NRS 32.215 “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 2017, 1223)

NRS 32.220 Scope; exclusions. 1. Except as otherwise provided in subsection 2 or 3, NRS 32.100 to 32.370, inclusive, apply to a receivership for an interest in real property and any personal property related to or used in operating the real property. 2. NRS 32.100 to 32.370, incl…

NRS 32.250 Notice and opportunity for hearing. 1. Except as otherwise provided in subsection 2, the court may issue an order under NRS 32.100 to 32.370, inclusive, only after notice and opportunity for a hearing appropriate in the circumstances. 2. The court may issue an order un…

NRS 32.255 Power of court. The court that appoints a receiver under NRS 32.100 to 32.370, inclusive, has exclusive jurisdiction to direct the receiver and determine any controversy related to the receivership or receivership property. (Added to NRS by 2017, 1224)

NRS 32.260 Appointment of receiver. 1. The court may appoint a receiver: (a) Before judgment, to protect a party that demonstrates an apparent right, title or interest in real property that is the subject of the action, if the property or its revenue-producing potential: (1) Is b…

NRS 32.265 Disqualification from appointment as receiver; disclosure of interest. 1. The court may not appoint a person as receiver unless the person submits to the court a statement under penalty of perjury that the person is not disqualified. 2. Except as otherwise provided in …

NRS 32.270 Adoption of rules governing ethics of receivers. 1. The Supreme Court shall adopt rules: (a) Governing the ethics and independence of receivers; and (b) Preventing self-dealing by a receiver. 2. As used in this section, “self-dealing” means any direct or indirect: (a) …

NRS 32.275 Receiver’s bond; alternative security. 1. Except as otherwise provided in subsection 2, a receiver shall post with the court a bond that: (a) Is conditioned on the faithful discharge of the receiver’s duties; (b) Has one or more sureties approved by the court; (c) Is i…

NRS 32.280 Status of receiver as lien creditor. On appointment of a receiver, the receiver has the status of a lien creditor under: 1. NRS 104.9101 to 104.9717, inclusive, as to receivership property that is personal property or fixtures; and 2. NRS 111.310 to 111.3655, inclusive…

NRS 32.285 Security agreement covering property acquired after appointment of receiver. Except as otherwise provided by law of this State other than NRS 32.100 to 32.370, inclusive, property that a receiver or owner acquires after appointment of the receiver is subject to a secur…

NRS 32.290 Collection and turnover of receivership property. 1. Unless the court orders otherwise, on demand by a receiver: (a) A person that owes a debt that is receivership property and is matured or payable on demand or on order shall pay the debt to or on the order of the rec…

NRS 32.295 Powers and duties of receiver. 1. Except as limited by court order or law of this State other than NRS 32.100 to 32.370, inclusive, a receiver may: (a) Collect, control, manage, conserve and protect receivership property; (b) Operate a business constituting receivershi…

NRS 32.300 Duties of owner. 1. An owner shall: (a) Assist and cooperate with the receiver in the administration of the receivership and the discharge of the receiver’s duties; (b) Preserve and turn over to the receiver all receivership property in the owner’s possession, custody …

NRS 32.305 Stay; injunction. 1. Except as otherwise provided in subsection 4 or ordered by the court, an order appointing a receiver operates as a stay, applicable to all persons, of an act, action or proceeding: (a) To obtain possession of, exercise control over or enforce a jud…

NRS 32.310 Engagement and compensation of professional. 1. With court approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall…

NRS 32.315 Use or transfer of receivership property not in ordinary course of business. 1. With court approval, a receiver may use receivership property other than in the ordinary course of business. 2. With court approval, a receiver may transfer receivership property other than…

NRS 32.320 Executory contract. 1. Except as otherwise provided in subsection 7, with court approval, a receiver may adopt or reject an executory contract of the owner relating to receivership property. The court may condition the receiver’s adoption and continued performance of t…

NRS 32.325 Defenses and immunities of receiver. 1. A receiver is entitled to all defenses and immunities provided by law of this State other than NRS 32.100 to 32.370, inclusive, for an act or omission within the scope of the receiver’s appointment. 2. A receiver may be sued pers…

NRS 32.330 Interim report of receiver. A receiver may file or, if ordered by the court, shall file an interim report that includes: 1. The activities of the receiver since appointment or a previous report; 2. Receipts and disbursements, including a payment made or proposed to be …

NRS 32.335 Notice of appointment; claim against receivership; distribution to creditors. 1. Except as otherwise provided in subsection 6, a receiver shall give notice of appointment of the receiver to creditors of the owner by: (a) Deposit for delivery through first-class mail or…

NRS 32.340 Fees and expenses. 1. The court may award a receiver from receivership property the reasonable and necessary fees and expenses of performing the duties of the receiver and exercising the powers of the receiver. 2. The court may order one or more of the following to pay…

NRS 32.345 Removal of receiver; replacement; termination of receivership. 1. The court may remove a receiver for cause. 2. The court shall replace a receiver that dies, resigns or is removed. 3. If the court finds that a receiver that resigns or is removed, or the representative …