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Secured Transactions: The State of Nevada generally adopts the provisions of the Uniform Commercial Code in secured transactions. (NRS 104.9101.) A creditor generally is entitled to recover possession of collateral upon the default of a debtor on a secured transaction. In obtaining possession of collateral, a creditor may do so without judicial process if it can be done without breach of the peace or by judicial action. (NRS 104.9503.) After a debtor's default, a secured creditor may sell, lease or otherwise dispose of the collateral in a commercially reasonable manner. (NRS 104.9504.) Any time before the disposition of the collateral, a debtor may have a right to redeem the collateral by tendering full payment of the obligation owed and all reasonable expenses incurred by the creditor. (NRS 104.9506.) The disposition of the collateral may be conducted by public or private sale. Reasonable notice of the time and place of the sale is generally required to be given to other secured creditors and the debtor. (NRS 104.9504(3).) A creditor must account to the debtor any surplus, and unless otherwise agreed, the debtor may be liable for any deficiency. (NRS 104.9502(2).)
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| See the on-line version of Nevada Revised Statutes linked here. Always discuss actual cases with your actual attorney or legal department. the Nevada State Bar is linked here. |
| Secretary of State Dean Heller's website is linked here. The UCC section is currently under construction,
but is linked from the top page. Lawdog assumes no responsibility for links away from this site. Copyright © 1998 by LAWDOG.COM Publishing, Inc |
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