Senate Bill No. 134–Senator Shaffer
February 14, 2001
____________
Referred to Committee on Judiciary
SUMMARY—Makes various changes pertaining to sales
of real property. (BDR 9‑454)
FISCAL NOTE: Effect on Local Government: No.
~
EXPLANATION
– Matter in bolded italics is new; matter
between brackets [omitted material] is material to be omitted.
Green numbers along
left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).
AN ACT relating to real property; providing a statutory foreclosure mechanism for
contracts of sale for the purchase of real property; making various changes
regarding statutory releases and deeds of trust; and providing other matters
properly relating thereto.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
1-1 Section 1. Chapter 107
of NRS is hereby amended by adding thereto
1-2 the provisions set forth as
sections 2 and 3 of this act.
1-3 Sec. 2. 1. In any deed conveyed to a trustee pursuant to an
1-4 installment sales contract entered into pursuant to this chapter, a
vendor
1-5 and vendee must:
1-6 (a) Irrevocably grant,
transfer and assign their respective rights, titles
1-7 and interests in the real property that is the subject of the deed
conveyed
1-8 to a trustee pursuant to an installment sales contract to the
trustee; and
1-9 (b) Confer upon the trustee
the authority:
1-10 (1) Of foreclosure under
power of sale with respect to the
1-11 nonjudicial foreclosure of a deed conveyed to a trustee pursuant to
an
1-12 installment sales contract; and
1-13 (2) To issue a deed upon
foreclosure and sale.
1-14 2. A deed issued upon foreclosure and sale
conveys title to the real
1-15 property without covenant or warranty.
1-16 3. A person, including a vendor, vendee or
trustee, may purchase at a
1-17 sale conducted pursuant to a foreclosure under power of sale.
1-18 Sec. 3. 1. Except as otherwise provided in a deed conveyed to a
1-19 trustee pursuant to an installment sales contract or an installment
sales
1-20 contract entered into pursuant to this chapter or the provisions of
this
1-21 chapter, the laws of this state pertaining to deeds of trusts,
where not
1-22 inconsistent with the provisions of this chapter, apply to an
installment
1-23 sales contract entered into pursuant to this chapter.
2-1 2. The provisions of NRS 107.015 to 107.311,
inclusive, and section 2
2-2 of this act apply only to an installment sales contract, or
supplement or
2-3 amendment to an installment sales contract which states clearly
that it is
2-4 to be governed by those provisions.
2-5 Sec. 4. NRS 107.015 is hereby amended to read as follows:
2-6 107.015 As used in this
chapter:
2-7 1. “Deed conveyed to a trustee pursuant to an
installment sales
2-8 contract” includes a contract between a vendor and vendee in which:
2-9 (a) A vendor agrees to sell
an interest in real property located in this
2-10 state to a vendee;
2-11 (b) A vendee agrees to pay
the purchase price of the real property in
2-12 installments;
2-13 (c) A vendor retains title
to the property as security for the obligations
2-14 of the vendee; and
2-15 (d) A vendor agrees to
convey or cause to be conveyed title to the real
2-16 property to the vendee upon payment of the purchase price.
2-17 The term does not include an option contract for the purchase of
real
2-18 property or a purchase and sale agreement entered into with the
good
2-19 faith expectation of a separate transaction in which a third party
or the
2-20 seller agrees to finance the purchase price in a single installment.
2-21 2. “Facsimile machine” means a device which receives and copies a
2-22 reproduction or facsimile of
a document or photograph which is
2-23 transmitted electronically
or telephonically by telecommunications lines.
2-24 [2.] 3. “Nonjudicial
foreclosure” means a foreclosure of a deed of
2-25 trust or deed conveyed to a trustee pursuant to an installment
sales
2-26 contract using a power of sale without judicial intervention or the
order,
2-27 approval or other action of any court, unless the jurisdiction of
the court
2-28 is invoked by an interested person or exercised as provided by
other law.
2-29 4. “Power of sale” means the power established
in a deed of trust,
2-30 deed conveyed to a trustee pursuant to an installment sales
contract or
2-31 other written instrument which confers upon a trustee, a vendor or
his
2-32 successor or assign, the power to sell certain real property that
secures
2-33 an obligation upon a breach or default in the performance of the
2-34 obligation.
2-35 5. “Title insurer” [has the meaning ascribed to it in NRS 692A.070.]
2-36 means a company organized under the laws of this state to transact
as
2-37 insurer the business of title insurance and any foreign or alien
company
2-38 licensed to transact business as an insurer engaged in title
insurance.
2-39 6. “Trustee” means the person appointed as
trustee in a deed of trust
2-40 or deed conveyed to a trustee pursuant to an installment sales
contract
2-41 who has the powers conferred by NRS 107.015 to 107.311, inclusive,
and
2-42 section 2 of this act.
2-43 7. “Vendee” means the purchaser of an interest
in real property
2-44 pursuant to an installment sales contract.
2-45 8. “Vendor” means the seller of an interest in
real property pursuant
2-46 to a deed conveyed to a trustee pursuant to an installment sales
contract.
3-1 Sec. 5. NRS 107.020 is hereby amended to read as follows:
3-2 107.020 1. Transfers in trust of any estate in real property
may be
3-3 made after March 29, 1927,
to secure the performance of an obligation or
3-4 the payment of any debt.
3-5 2. Transfers in trust of any estate in real
property may be made on or
3-6 after October 1, 2001, to secure the performance of an obligation
or the
3-7 payment of any debt created pursuant to a deed conveyed to a
trustee
3-8 pursuant to an installment sales contract.
3-9 Sec. 6. NRS 107.025 is hereby amended to read as follows:
3-10 107.025 A deed of trust or a deed conveyed to a trustee pursuant
to
3-11 an installment sales contract may encumber an estate for years however
3-12 created, including a lease
of a dwelling unit of a cooperative housing
3-13 corporation, unless
prohibited by the instrument creating the estate, and
3-14 foreclosure may be had by
the exercise of a power of sale in accordance
3-15 with the provisions of this
chapter.
3-16 Sec. 7. NRS 107.026 is hereby amended to read as follows:
3-17 107.026 Except as otherwise
provided in NRS 104.9335, a deed of
3-18 trust or a deed conveyed to a trustee pursuant to an installment
sales
3-19 contract given to secure a loan made to purchase the real property on
3-20 which the deed of trust or the deed conveyed to a trustee
pursuant to an
3-21 installment sales contract is given has priority over all other liens
created
3-22 against the purchaser or vendee before he
acquires title to the real property.
3-23 Sec. 8. NRS 107.027 is hereby amended to read as follows:
3-24 107.027 1. The shares which accompany a lease of a
dwelling unit in
3-25 a cooperative housing
corporation are appurtenant to the lease. Any
3-26 security interest in , [or]
lien on or deed conveyed to a
trustee pursuant to
3-27 an installment sales contract for the lease encumbers the
shares whether
3-28 or not the instrument
creating the interest ,
[or] lien or
deed conveyed to a
3-29 trustee pursuant to an installment sales contract expressly includes the
3-30 shares.
3-31 2. No security interest in , [or]
lien on or deed conveyed to a
trustee
3-32 pursuant to an installment sales contract for shares of a cooperative
3-33 housing corporation is
effective unless the instrument which purports to
3-34 create the interest , [or] lien or deed conveyed to a trustee pursuant to an
3-35 installment sales contract encumbers the lease to which the shares
pertain.
3-36 Sec. 9. NRS 107.055 is hereby amended to read as follows:
3-37 107.055 If a party to a
deed of trust [,] or an installment sales contract
3-38 executed after July 1, 1971,
desires to charge an assumption fee for a
3-39 change in parties, the
amount of such charge must be clearly set forth in the
3-40 deed of trust or installment sales contract at
the time of execution.
3-41 Sec. 10. NRS 107.073 is hereby amended to read as follows:
3-42 107.073 1. Except as otherwise provided in subsection 2,
a recorded
3-43 deed of trust or deed conveyed to a trustee pursuant
to an installment
3-44 sales contract may be discharged by an entry on the margin of the
record
3-45 thereof, signed by the
trustee or his personal representative or assignee in
3-46 the presence of the recorder
or his deputy, acknowledging the satisfaction
3-47 of or value received for the
deed of trust or deed conveyed to
a trustee
3-48 pursuant to an installment sales contract and the debt secured
thereby.
3-49 The recorder or his deputy
shall subscribe the entry as witness. The entry
4-1 has the same effect as a
reconveyance of the deed of trust
or deed conveyed
4-2 to a trustee pursuant to an installment sales contract which is
4-3 acknowledged and recorded as
provided by law. The recorder shall
4-4 properly index each marginal
discharge.
4-5 2. If the deed of trust or deed conveyed to a trustee pursuant
to an
4-6 installment sales contract has been recorded by a microfilm or other
4-7 photographic process, a
marginal release may not be used and an
4-8 acknowledged reconveyance of
the deed of trust or deed conveyed
to a
4-9 trustee pursuant to an installment sales contract must be recorded.
4-10 3. If the recorder or his
deputy is presented with a certificate executed
4-11 by the trustee or his
personal representative or assignee, specifying that the
4-12 deed of trust or deed conveyed to a trustee pursuant
to an installment
4-13 sales contract has been paid or otherwise satisfied or discharged,
the
4-14 recorder or his deputy shall
discharge the deed of trust or
deed conveyed to
4-15 a trustee pursuant to an installment sales contract upon the record.
4-16 Sec. 11. NRS 107.077 is hereby amended to read as follows:
4-17 107.077 1. Within 21 calendar days after receiving
written notice
4-18 that a debt secured by a
deed of trust [made on or after October
1, 1991,] or
4-19 a deed conveyed to a trustee pursuant to an installment sales
contract
has
4-20 been paid or otherwise
satisfied or discharged, the beneficiary shall deliver
4-21 to the trustee or the
trustor the original note and deed of trust, or the
4-22 original installment sales contract and deed conveyed to a trustee
4-23 pursuant to an installment sales contract, if he is in possession of
those
4-24 documents, and a properly
executed request to reconvey the estate in real
4-25 property conveyed to the
trustee by the grantor. If the beneficiary delivers
4-26 the original note and deed
of trust , or the original
installment sales
4-27 contract and deed conveyed to a trustee pursuant to an installment
sales
4-28 contract, to the trustee or the trustee has those documents in his possession,
4-29 the trustee shall deliver
those documents to the grantor.
4-30 2. Within 45 calendar days
after a debt secured by a deed of trust
4-31 [made on or after October 1, 1991,] or a deed conveyed to a
trustee
4-32 pursuant to an installment sales contract is paid or otherwise
satisfied or
4-33 discharged, and a properly
executed request to reconvey is received by the
4-34 trustee, the trustee shall
cause to be recorded a reconveyance of the deed of
4-35 trust [.] or the deed conveyed to a trustee pursuant to an
installment sales
4-36 contract.
4-37 3. If the beneficiary fails
to deliver to the trustee a properly executed
4-38 request to reconvey pursuant
to subsection 1, or if the trustee fails to cause
4-39 to be recorded a
reconveyance of the deed of trust
or the deed conveyed to
4-40 a trustee pursuant to an installment sales contract pursuant to subsection
4-41 2, the beneficiary or the
trustee, as the case may be, is liable in a civil
4-42 action to the grantor, his
heirs or assigns in the sum of $500, plus a
4-43 reasonable attorney’s fee
and the costs of bringing the action, and he is
4-44 liable in a civil action to
any party to the deed of trust or
the deed conveyed
4-45 to a trustee pursuant to an installment sales contract for any actual
4-46 damages caused by his
failure to comply with the provisions of this section
4-47 and for a reasonable
attorney’s fee and the costs of bringing the action.
4-48 4. Except as otherwise
provided in this subsection, if a reconveyance is
4-49 not recorded pursuant to
subsection 2 within [:
5-1 (a) Seventy-five calendar
days after the payment, satisfaction or
5-2 discharge of the debt, if the payment, satisfaction or discharge was
made
5-3 on or after October 1, 1993; or
5-4 (b) Ninety] 60
calendar days after the payment, satisfaction or discharge
5-5 of the debt, [if the payment, satisfaction or discharge was made before
5-6 October 1, 1993,] a title insurer may prepare
and cause to be recorded a
5-7 release of the deed of trust [.] or the deed conveyed to a trustee
pursuant
5-8 to an installment sales contract. At least 30 calendar days
before the
5-9 recording of a release
pursuant to this subsection, the title insurer shall
5-10 mail, by first-class mail,
postage prepaid, notice of the intention to record
5-11 the release of the deed of
trust or the deed conveyed to a
trustee pursuant
5-12 to an installment sales contract to the trustee [, trustor]
and beneficiary of
5-13 record, or their successors
in interest, at the last known address of each
5-14 such person. A release
prepared and recorded pursuant to this subsection
5-15 shall be deemed a
reconveyance of a deed of trust [.] or a deed conveyed to
5-16 a trustee pursuant to an installment sales contract. The title insurer shall
5-17 not cause a release to be
recorded pursuant to this subsection if the title
5-18 insurer receives written
instructions to the contrary from the trustee [, the
5-19 trustor, the owner of the land, the holder of the escrow or the
owner of the
5-20 debt secured by the deed of trust] or his agent, or the
beneficiary of record
5-21 or his agent.
5-22 5. The release prepared
pursuant to subsection 4 must set forth:
5-23 (a) The name of the beneficiary;
5-24 (b) The name of the trustor;
5-25 (c) The recording reference to the deed of trust [;] or the deed conveyed
5-26 to a trustee pursuant to an installment sales contract;
5-27 (d) A statement that the debt secured by the deed of trust or the deed
5-28 conveyed to a trustee pursuant to an installment sales contract has been
5-29 paid in full or otherwise
satisfied or discharged; and
5-30 (e) [The date and amount of
payment or other satisfaction or discharge;
5-31 and
5-32 (f)] The name and address of the title insurer issuing the release.
5-33 6. A release prepared and
recorded pursuant to subsection 4 does not
5-34 relieve a beneficiary or
trustee of the requirements imposed by subsections
5-35 1 and 2.
5-36 7. A trustee may charge a
reasonable fee to the trustor or the owner of
5-37 the land for services
relating to the preparation, execution or recordation of
5-38 a reconveyance or release
pursuant to this section. A trustee shall not
5-39 require the fees to be paid
before the opening of an escrow, or earlier than
5-40 60 calendar days before the
payment, satisfaction or discharge of the debt
5-41 secured by the deed of trust [.] or the deed conveyed to a trustee
pursuant
5-42 to an installment sales contract. If a fee charged pursuant to
this
5-43 subsection does not exceed [$100,]
$150, the fee is
conclusively presumed
5-44 to be reasonable.
5-45 8. In addition to any other
remedy provided by law, a title insurer who
5-46 improperly causes to be
recorded a release of a deed of trust or a deed
5-47 conveyed to a trustee pursuant to an installment sales contract pursuant
5-48 to this section is liable
for actual damages and for a reasonable attorney’s
6-1 fee and the costs of
bringing the action to any person who is injured
6-2 because of the improper
recordation of the release.
6-3 9. Any person who willfully
violates this section is guilty of a
6-4 misdemeanor.
6-5 Sec. 12. NRS 107.078 is hereby amended to read as follows:
6-6 107.078 1. If a deed of trust [made on or after October 1, 1995,] or a
6-7 deed conveyed to a trustee pursuant to an installment sales
contract
6-8 authorizes the grantor to
discharge in part the debt secured by the deed of
6-9 trust or the deed conveyed to a trustee pursuant to an
installment sales
6-10 contract and the deed of trust or
the deed conveyed to a trustee pursuant
6-11 to an installment sales contract authorizes a partial
reconveyance of the
6-12 estate in real property in
consideration of a partial discharge, the
6-13 beneficiary shall, within 21
calendar days after receiving notice that the
6-14 debt secured by the deed of
trust or the deed conveyed to a
trustee
6-15 pursuant to an installment sales contract has been partially
discharged,
6-16 deliver to the trustee a
properly executed request for a partial reconveyance
6-17 of the estate in real
property conveyed to the trustee by the grantor.
6-18 2. Within 45 calendar days
after a debt secured by a deed of trust
6-19 [made on or after October 1, 1995,] or a deed conveyed to a
trustee
6-20 pursuant to an installment sales contract is partially discharged and
a
6-21 properly executed request for
a partial reconveyance is received by the
6-22 trustee, the trustee shall
cause to be recorded a partial reconveyance of the
6-23 deed of trust [.] or the deed conveyed to a trustee
pursuant to an
6-24 installment sales contract.
6-25 3. If the beneficiary fails
to deliver to the trustee a properly executed
6-26 request for a partial
reconveyance pursuant to subsection 1, or if the trustee
6-27 fails to cause to be
recorded a partial reconveyance of the deed of trust or
6-28 the deed conveyed to a trustee pursuant to an installment sales
contract
6-29 pursuant to subsection 2,
the beneficiary or the trustee, as the case may be,
6-30 is liable in a civil action
to the grantor, his heirs or assigns in the amount of
6-31 $500, plus a reasonable
attorney’s fee and the costs of bringing the action,
6-32 and he is liable in a civil
action to any party to the deed of trust or the deed
6-33 conveyed to a trustee pursuant to an installment sales contract for any
6-34 actual damages caused by his
failure to comply with the provisions of this
6-35 section and for a reasonable
attorney’s fee and the costs of bringing the
6-36 action.
6-37 4. Except as otherwise
provided in this subsection, if a partial
6-38 reconveyance is not recorded
pursuant to subsection 2 within [75] 60
6-39 calendar days after the
partial satisfaction of the debt ,
[and if the
6-40 satisfaction was made on or after October 1, 1995,] a title insurer may
6-41 prepare and cause to be
recorded a partial release of the deed of trust [.] or
6-42 the deed conveyed to a trustee pursuant to an installment sales
contract.
6-43 At least 30 calendar days
before the recording of a partial release pursuant
6-44 to this subsection, the
title insurer shall mail, by first-class mail, postage
6-45 prepaid, notice of the
intention to record the partial release of the deed of
6-46 trust or the deed conveyed to a trustee pursuant to an installment
sales
6-47 contract to the trustee [, trustor]
and beneficiary of record, or their
6-48 successors in interest, at
the last known address of each such person. A
6-49 partial release prepared and
recorded pursuant to this subsection shall be
7-1 deemed a partial
reconveyance of a deed of trust [.] or a deed conveyed to
7-2 a trustee pursuant to an installment sales contract. The title insurer shall
7-3 not cause a partial release
to be recorded pursuant to this subsection if the
7-4 title insurer receives
written instructions to the contrary from the trustee [,
7-5 trustor, owner of the land, holder of the escrow or owner of the
debt
7-6 secured by the deed of trust] or his agent, or the beneficiary of record or
7-7 his agent.
7-8 5. The release prepared
pursuant to subsection 4 must set forth:
7-9 (a) The name of the beneficiary;
7-10 (b) The name of the trustor;
7-11 (c) The recording reference to the deed of trust [;] or the deed conveyed
7-12 to a trustee pursuant to an installment sales contract;
7-13 (d) A statement that the debt secured by the deed of trust or the deed
7-14 conveyed to a trustee pursuant to an installment sales contract has been
7-15 partially discharged;
7-16 (e) [The date and amount of
partial payment or other partial satisfaction
7-17 or discharge;
7-18 (f)] The name and address of the title insurer issuing the partial release;
7-19 and
7-20 [(g)] (f) The
legal description of the estate in real property which is
7-21 reconveyed.
7-22 6. A partial release
prepared and recorded pursuant to subsection 4
7-23 does not relieve a
beneficiary or trustee of the requirements imposed by
7-24 subsections 1 and 2.
7-25 7. A trustee may charge a
reasonable fee to the trustor or the owner of
7-26 the land for services
relating to the preparation, execution or recordation of
7-27 a partial reconveyance or
partial release pursuant to this section. A trustee
7-28 shall not require the fees
to be paid before the opening of an escrow or
7-29 earlier than 60 calendar
days before the partial payment or partial
7-30 satisfaction or discharge of
the debt secured by the deed of trust [.] or the
7-31 deed conveyed to a trustee pursuant to an installment sales
contract. If
a
7-32 fee charged pursuant to this
subsection does not exceed [$100,] $150, the
7-33 fee is conclusively presumed
to be reasonable.
7-34 8. In addition to any other
remedy provided by law, a title insurer who
7-35 improperly causes to be
recorded a partial release of a deed of trust or a
7-36 deed conveyed to a trustee pursuant to an installment sales
contract
7-37 pursuant to this section is
liable for actual damages and for a reasonable
7-38 attorney’s fee and the costs
of bringing the action to any person who is
7-39 injured because of the
improper recordation of the partial release.
7-40 9. Any person who willfully
violates this section is guilty of a
7-41 misdemeanor.
7-42 Sec. 13. NRS 107.080 is hereby amended to read as follows:
7-43 107.080 1. Where any transfer in trust of any estate in
real property
7-44 is made after March 29,
1927, to secure the performance of an obligation
7-45 or the payment of any debt,
a power of sale is hereby conferred upon the
7-46 trustee to be exercised
after a breach of the obligation for which the
7-47 transfer is security.
7-48 2. The power of sale must
not be exercised, however, until:
7-49 (a) In the case of any trust agreement coming into force:
8-1 (1) On or after July 1, 1949, and before July 1, 1957, the
grantor, or
8-2 his successor in interest, a
beneficiary under a subordinate deed of trust or
8-3 any other person who has a
subordinate lien or encumbrance of record on
8-4 the property, has for a
period of 15 days, computed as prescribed in
8-5 subsection 3, failed to make
good the deficiency in performance or
8-6 payment; or
8-7 (2) On or after July 1, 1957, the grantor, or his successor in
interest, a
8-8 beneficiary under a
subordinate deed of trust or deed
conveyed to a trustee
8-9 pursuant to an installment sales contract, or any other person who has
a
8-10 subordinate lien or encumbrance
of record on the property, has for a period
8-11 of 35 days, computed as
prescribed in subsection 3, failed to make good
8-12 the deficiency in
performance or payment;
8-13 (b) The beneficiary, the successor in interest of the beneficiary
or the
8-14 trustee first executes and
causes to be recorded in the office of the recorder
8-15 of the county wherein the
trust property [,] or property that is the subject
8-16 of a deed conveyed to a trustee pursuant to an installment sales
contract,
8-17 or some part thereof, is
situated a notice of the breach and of his election to
8-18 sell or cause to be sold the
property to satisfy the obligation; and
8-19 (c) Not less than 3 months have elapsed after the recording of the
8-20 notice.
8-21 3. The 15- or 35-day period
provided in paragraph (a) of subsection 2
8-22 commences on the first day
following the day upon which the notice of
8-23 default and election to sell
is recorded in the office of the county recorder
8-24 of the county in which the
property is located and a copy of the notice of
8-25 default and election to sell
is mailed by registered or certified mail, return
8-26 receipt requested and with
postage prepaid to the grantor, and to the person
8-27 who holds the title of
record on the date the notice of default and election
8-28 to sell is recorded, at
their respective addresses, if known, otherwise to the
8-29 address of the trust
property [.] or property that is the subject of a
deed
8-30 conveyed to a trustee pursuant to an installment sales contract. The
8-31 notice of default and
election to sell must describe the deficiency in
8-32 performance or payment and
may contain a notice of intent to declare the
8-33 entire unpaid balance due if
acceleration is permitted by the obligation
8-34 secured by the deed of trust [,] or the deed conveyed to a trustee
pursuant
8-35 to an installment sales contract, but acceleration must not
occur if the
8-36 deficiency in performance or
payment is made good and any costs, fees
8-37 and expenses incident to the
preparation or recordation of the notice and
8-38 incident to the making good
of the deficiency in performance or payment
8-39 are paid within the time
specified in subsection 2.
8-40 4. The trustee, or other
person authorized to make the sale under the
8-41 terms of the trust deed , [or]
transfer in trust [,] or deed conveyed to a
8-42 trustee pursuant to an installment sales contract, shall, after expiration of
8-43 the 3-month period following
the recording of the notice of breach and
8-44 election to sell, and before
the making of the sale, give notice of the time
8-45 and place thereof in the
manner and for a time not less than that required
8-46 by law for the sale or sales
of real property upon execution. The sale itself
8-47 may be made at the office of
the trustee, if the notice so provides, whether
8-48 the property so conveyed in
trust is located within the same county as the
8-49 office of the trustee or
not.
9-1 5. Every sale made under
the provisions of this section and other
9-2 sections of this chapter
vests in the purchaser or vendee
the title of the
9-3 grantor and his successors
in interest without equity or right of redemption.
9-4 The sale of a lease of a
dwelling unit of a cooperative housing corporation
9-5 vests in the purchaser title
to the shares in the corporation which
9-6 accompany the lease.
9-7 Sec. 14. NRS 107.090 is hereby amended to read as follows:
9-8 107.090 1. As used in this section, “person with an
interest” means
9-9 any person who has or claims
any right, title or interest in, or lien or charge
9-10 upon, the real property
described in the deed of trust [,] or the deed
9-11 conveyed to a trustee pursuant to an installment sales contract, as
9-12 evidenced by any document or
instrument filed or recorded in the office of
9-13 the county recorder of the
county in which any part of the real property is
9-14 situated.
9-15 2. A person with an
interest or any other person who is or may be held
9-16 liable for any debt secured
by a lien on the property desiring a copy of a
9-17 notice of default or notice
of sale under a deed of trust or a
deed conveyed
9-18 to a trustee pursuant to an installment sales contract with power of sale
9-19 upon real property may at
any time after recordation of the deed of trust or
9-20 the deed conveyed to a trustee pursuant to an installment sales
contract
9-21 file in the office of the
county recorder of the county in which any part of
9-22 the real property is
situated an acknowledged request for a copy of the
9-23 notice of default or of
sale. The request must state the name and address of
9-24 the person requesting copies
of the notices and identify the deed of trust or
9-25 the deed conveyed to a trustee pursuant to an installment sales
contract
9-26 by stating the names of the
parties thereto, the date of recordation and the
9-27 book and page where it is
recorded.
9-28 3. The trustee or person
authorized to record the notice of default shall,
9-29 within 10 days after the
notice of default is recorded and mailed pursuant
9-30 to NRS 107.080, cause to be
deposited in the United States mail an
9-31 envelope, registered or
certified, return receipt requested and with postage
9-32 prepaid, containing a copy
of the notice, addressed to:
9-33 (a) Each person who has filed a request for a copy of the notice;
and
9-34 (b) Each other person with an interest whose interest or claimed
interest
9-35 is subordinate to the deed
of trust [.] or the deed conveyed to a trustee
9-36 pursuant to an installment sales contract.
9-37 4. The trustee or person
authorized to make the sale shall, at least 20
9-38 days before the date of
sale, cause to be deposited in the United States mail
9-39 an envelope, registered or
certified, return receipt requested and with
9-40 postage prepaid, containing
a copy of the notice of time and place of sale,
9-41 addressed to each person
described in subsection 3.
9-42 5. No request filed
pursuant to the provisions of subsection 2 affects
9-43 the title to real property.
9-44 Sec. 15. NRS 107.095 is hereby amended to read as follows:
9-45 107.095 1. The notice of default required by NRS 107.080
must also
9-46 be sent by registered or
certified mail, return receipt requested and with
9-47 postage prepaid, to each
guarantor or surety of the debt. If the address of
9-48 the guarantor or surety is
unknown, the notice must be sent to the address
9-49 of the trust property [.] or property that is the subject of an
installment
10-1 sales contract. Failure to give the notice, except as otherwise
provided in
10-2 subsection 3, releases the
guarantor or surety from his obligation to the
10-3 beneficiary, but does not
affect the validity of a sale conducted pursuant to
10-4 NRS 107.080 nor the
obligation of any guarantor or surety to whom the
10-5 notice was properly given.
10-6 2. Failure to give the
notice of default required by NRS 107.090,
10-7 except as otherwise provided
in subsection 3, releases the obligation to the
10-8 beneficiary of any person
who has complied with NRS 107.090 and who is
10-9 or may otherwise be held
liable for the debt or other obligation secured by
10-10 the deed of trust [,] or the deed conveyed to a trustee
pursuant to an
10-11 installment sales contract, but such a failure does not affect the
validity of
10-12 a sale conducted pursuant to
NRS 107.080 nor the obligation of any person
10-13 to whom the notice was
properly given pursuant to this section or to NRS
10-14 107.080 or 107.090.
10-15 3. A guarantor, surety or
other obligor is not released pursuant to this
10-16 section if:
10-17 (a) The required notice is given at least 15 days before the later
of:
10-18 (1) The expiration of the 15- or 35-day period described in NRS
10-19 107.080; or
10-20 (2) Any extension of that period by the beneficiary; or
10-21 (b) The notice is rescinded before the sale is advertised.
10-22 Sec. 16. NRS 107.100 is hereby amended to read as follows:
10-23 107.100 1. At any time after the filing of a notice of
breach and
10-24 election to sell real
property under a power of sale contained in a deed of
10-25 trust [,] or a deed conveyed to a trustee pursuant to an installment
sales
10-26 contract, the trustee or beneficiary of the deed of trust or the deed
10-27 conveyed to a trustee pursuant to an installment sales contract may apply
10-28 to the district court for
the county in which the property or any part of the
10-29 property is located for the
appointment of a receiver of such property.
10-30 2. A receiver shall be
appointed where it appears that personal
10-31 property subject to the deed
of trust or the deed conveyed to a
trustee
10-32 pursuant to an installment sales contract is in danger of being lost,
10-33 removed, materially injured
or destroyed, that real property subject to the
10-34 deed of trust or the deed conveyed to a trustee
pursuant to an installment
10-35 sales contract is in danger of substantial waste or that the
income
10-36 therefrom is in danger of
being lost, or that the property is or may become
10-37 insufficient to discharge
the debt which it secures.
10-38 Sec. 17. NRS 107.200 is hereby amended to read as follows:
10-39 107.200 Except as otherwise
provided in NRS 107.230, the beneficiary
10-40 of a deed of trust [secured on or after October 1, 1995,] or a
deed conveyed
10-41 to a trustee pursuant to an installment sales contract shall, within 21 days
10-42 after receiving a request
from a person authorized to make such a request
10-43 pursuant to NRS 107.220,
cause to be mailed, postage prepaid, or sent by
10-44 facsimile machine to that
person a statement regarding the debt secured by
10-45 the deed of trust [.] or the deed conveyed to a trustee
pursuant to an
10-46 installment sales contract. The statement must include:
10-47 1. The amount of the unpaid
balance of the debt secured by the deed of
10-48 trust [,] or the deed conveyed to a trustee pursuant to an
installment sales
11-1 contract, the rate of interest on the unpaid balance and the total amount of
11-2 principal and interest which
is due and has not been paid.
11-3 2. The amount of the
periodic payments, if any, required under the
11-4 note [.] or installment sales contract.
11-5 3. The date the payment of
the debt is due.
11-6 4. The period for which
real estate taxes and special assessments have
11-7 been paid, if that
information is known to the beneficiary.
11-8 5. The amount of property
insurance covering the real property and the
11-9 term and premium of that
insurance, if that information is known to the
11-10 beneficiary.
11-11 6. The amount in an account,
if any, maintained for the accumulation
11-12 of money for the payment of
taxes and insurance premiums.
11-13 7. The amount of any
additional charges, costs or expenses paid or
11-14 incurred by the beneficiary
which is a lien on the real property described in
11-15 the deed of trust [.] or the deed conveyed to a trustee
pursuant to an
11-16 installment sales contract.
11-17 8. Whether the debt secured
by the deed of trust or the deed
conveyed
11-18 to a trustee pursuant to an installment sales contract may be transferred
11-19 to a person other than the
grantor.
11-20 Sec. 18. NRS 107.210 is hereby amended to read as follows:
11-21 107.210 Except as otherwise
provided in NRS 107.230 and 107.240,
11-22 the beneficiary of a deed of
trust [secured on or after
October 1, 1995,] or a
11-23 deed conveyed to a trustee pursuant to an installment sales
contract shall,
11-24 within 21 days after
receiving a request from a person authorized to make
11-25 such a request pursuant to
NRS 107.220, cause to be mailed, postage
11-26 prepaid, or sent by
facsimile machine to that person a statement of the
11-27 amount necessary to
discharge the debt secured by the deed of trust [.] or
11-28 the deed conveyed to a trustee pursuant to an installment sales
contract.
11-29 The statement must set
forth:
11-30 1. The amount of money
necessary to discharge the debt secured by
11-31 the deed of trust or the deed conveyed to a trustee
pursuant to an
11-32 installment sales contract on the date the statement is prepared by the
11-33 beneficiary; and
11-34 2. The information necessary
to determine the amount of money
11-35 required to discharge the
debt on a per diem basis for a period, not to
11-36 exceed 30 days, after the
statement is prepared by the beneficiary.
11-37 Sec. 19. NRS 107.220 is hereby amended to read as follows:
11-38 107.220 1. A statement described in NRS 107.200 or
107.210 may
11-39 be requested by:
11-40 (a) The grantor of, or his successor in interest in, the property
which is
11-41 the subject of the deed of
trust [;] or the deed conveyed to a trustee
11-42 pursuant to an installment sales contract;
11-43 (b) A person who has a subordinate lien or encumbrance of record on
11-44 the property which is
secured by the deed of trust [;] or the deed conveyed
11-45 to a trustee pursuant to an installment sales contract;
11-46 (c) A title insurer; or
11-47 (d) An authorized agent of any person described in paragraph (a),
(b)
or (c).
12-1 A written statement signed
by any person described in paragraph (a), (b) or
12-2 (c) which appoints a person
to serve as his agent if delivered personally to
12-3 the beneficiary or delivered
by mail, return receipt requested, is proof of
12-4 the identity of an agent.
12-5 2. For the purposes of
paragraph (a) of subsection 1, a policy of title
12-6 insurance, preliminary
report issued by a title company, certified copy of
12-7 letters testamentary or
letters of guardianship, or an original or
12-8 photographic copy of a deed,
if delivered personally to the beneficiary or
12-9 delivered by mail, return
receipt requested, is proof of the identity of a
12-10 successor in interest of the
grantor, if the person demanding the statement
12-11 is named as successor in
interest in the document.
12-12 Sec. 20. NRS 107.240 is hereby amended to read as follows:
12-13 107.240 If the debt secured
by a deed of trust or a deed
conveyed to a
12-14 trustee pursuant to an installment sales contract for which a statement
12-15 described in NRS 107.210 has
been requested is subject to a recorded
12-16 notice of default or a filed
complaint commencing a judicial foreclosure,
12-17 the beneficiary may refuse
to deliver the statement unless the written
12-18 request for the statement is
received before the publication of a notice of
12-19 sale or the notice of the
date of sale established by a court.
12-20 Sec. 21. NRS 107.250 is hereby amended to read as follows:
12-21 107.250 1. A person who receives a statement pursuant to
NRS
12-22 107.200 or 107.210 may rely
upon the accuracy of the information
12-23 contained in the statement.
If the beneficiary notifies the person who
12-24 requested the statement of
any amendment to the statement, the amended
12-25 statement may be relied upon
by that person in the same manner as the
12-26 original statement.
12-27 2. If notification of an
amendment to a statement is not given in
12-28 writing, a written amendment
to the statement must be delivered to the
12-29 person who requested the
original statement not later than the next business
12-30 day after notification.
12-31 3. If a statement prepared
by the beneficiary pursuant to NRS 107.200
12-32 does not contain the entire
amount necessary to discharge the debt secured
12-33 by the deed of trust or the deed conveyed to a trustee
pursuant to an
12-34 installment sales contract and:
12-35 (a) A transaction has occurred which has resulted in the transfer of
title
12-36 or recordation of a lien; or
12-37 (b) A trustee’s sale or a sale supervised by a court has taken
place,
12-38 the beneficiary may recover
that money as an unsecured debt of the grantor
12-39 pursuant to the terms of the
note [.] or installment sales contract.
12-40 Sec. 22. NRS 107.260 is hereby amended to read as follows:
12-41 107.260 If a person who is
authorized pursuant to NRS 107.220 to
12-42 request a statement
described in NRS 107.200 or 107.210 includes in his
12-43 request for such a statement
a request for a copy of the note ,
[or] deed of
12-44 trust, installment sales contract or deed conveyed to a trustee
pursuant to
12-45 an installment sales contract, the beneficiary shall mail a
copy of the note
12-46 , [or] deed of trust , installment sales contract or deed conveyed to a
12-47 trustee pursuant to an installment sales contract with the statement at no
12-48 additional charge.
13-1 Sec. 23. NRS 107.270 is hereby amended to read as follows:
13-2 107.270 If the beneficiary
has more than one place of business, a
13-3 request for a statement
described in NRS 107.200 or 107.210 must be made
13-4 to the address to which the
periodic payments under the note
or installment
13-5 sales contract are made. If no periodic payments are made under
the note
13-6 [,] or installment sales contract, the request must be mailed
to the address
13-7 of the beneficiary listed on
the note , [or] deed
of trust [.] , installment
13-8 sales contract or deed conveyed to a trustee pursuant to an
installment
13-9 sales contract.
13-10 Sec. 24. NRS 107.280 is hereby amended to read as follows:
13-11 107.280 Except as otherwise
provided in a statement described in NRS
13-12 107.200 or 107.210, the
information contained in the statement applies
13-13 only to the debt secured by
the deed of trust or the deed
conveyed to a
13-14 trustee pursuant to an installment sales contract which is payable at the
13-15 address to which the
periodic payments are made. If periodic payments are
13-16 not made under the note [,] or installment sales contract, the
statement
13-17 applies only to the entire
debt secured by the deed of trust [.] or the deed
13-18 conveyed to a trustee pursuant to an installment sales contract.
13-19 Sec. 25. NRS 107.290 is hereby amended to read as follows:
13-20 107.290 If a person requests
a statement described in NRS 107.200 or
13-21 107.210 and it is not clear
from the request which statement is requested,
13-22 the request shall be deemed
a request for a statement of the amount
13-23 necessary to discharge the
debt secured by a deed of trust [.] or a deed
13-24 conveyed to a trustee pursuant to an installment sales contract.
13-25 Sec. 26. NRS 107.311 is hereby amended to read as follows:
13-26 107.311 The provisions of
NRS 107.310 do not apply to deeds of trust
13-27 or deeds conveyed to a trustee pursuant to installment sales
contracts
13-28 insured by the Federal
Housing Administrator or guaranteed by the
13-29 Secretary of Veterans
Affairs.
13-30 Sec. 27. NRS 40.255 is hereby amended to read as follows:
13-31 40.255 1. Except as provided in subsection 2, in any of
the following
13-32 cases, a person who holds
over and continues in possession of real property
13-33 or a mobile home after a
3-day written notice to quit has been served upon
13-34 him, and also upon any
subtenant in actual occupation of the premises,
13-35 pursuant to NRS 40.280, may
be removed as prescribed in NRS 40.290 to
13-36 40.420, inclusive:
13-37 (a) Where the property or mobile home has been sold under an
13-38 execution against him or a
person under whom he claims, and the title
13-39 under the sale has been
perfected;
13-40 (b) Where the property or mobile home has been sold upon the
13-41 foreclosure of a mortgage,
or under an express power of sale contained
13-42 therein, executed by him or
a person under whom he claims, and the title
13-43 under the sale has been
perfected;
13-44 (c) Where the property or mobile home has been sold under a power of
13-45 sale granted by NRS 107.080
to [the trustee of] a trustee pursuant to a
13-46 deed of trust or a deed conveyed to a trustee
pursuant to an installment
13-47 sales contract executed by such person or a person under whom he
claims,
13-48 and the title under such
sale has been perfected; or
14-1 (d) Where the property or mobile home has been sold by him or a
14-2 person under whom he claims,
and the title under the sale has been
14-3 perfected.
14-4 2. This section does not
apply to the tenant of a mobile home lot in a
14-5 mobile home park.
14-6 Sec. 28. NRS 40.455 is hereby amended to read as follows:
14-7 40.455 1. Upon application of the judgment creditor , or the
14-8 beneficiary of the deed of
trust or the deed conveyed to a
trustee pursuant
14-9 to an installment sales contract within 6 months after the
date of the
14-10 foreclosure sale or the
trustee’s sale held pursuant to NRS 107.080,
14-11 respectively, and after the
required hearing, the court shall award a
14-12 deficiency judgment to the
judgment creditor ,
or the beneficiary of the
14-13 deed of trust or the deed conveyed to a trustee
pursuant to an installment
14-14 sales contract if it appears from the sheriff’s return , or the recital of
14-15 consideration in the
trustee’s deed or in the deed
conveyed to a trustee
14-16 pursuant to an installment sales contract that there is a deficiency
of the
14-17 proceeds of the sale and a
balance remaining due to the judgment creditor ,
14-18 or the beneficiary of the
deed of trust [,] or the deed conveyed to a trustee
14-19 pursuant to an installment sales contract, respectively.
14-20 2. If the indebtedness is
secured by more than one parcel of real
14-21 property, more than one
interest in the real property or more than one
14-22 mortgage , [or] deed of trust [,] or deed conveyed to a trustee pursuant
to
14-23 an installment sales contract, the 6-month period begins to
run after the
14-24 date of the foreclosure sale
or trustee’s sale of the last parcel or other
14-25 interest in the real
property securing the indebtedness, but in no event may
14-26 the application be filed
more than 2 years after the initial foreclosure sale
14-27 or trustee’s sale.
14-28 Sec. 29. NRS 116.110383 is hereby amended to read as follows:
14-29 116.110383 “Security
interest” means an interest in real estate or
14-30 personal property, created
by contract or conveyance, which secures
14-31 payment or performance of an
obligation. The term includes a lien created
14-32 by a mortgage, deed of
trust, trust deed, security deed, contract for deed,
14-33 [land] installment sales contract, lease intended as
security, assignment of
14-34 lease or rents intended as
security, pledge of an ownership interest in an
14-35 association and any other
consensual lien or contract for retention of title
14-36 intended as security for an
obligation.
14-37 Sec. 30. NRS 116.31168 is hereby amended to read as follows:
14-38 116.31168 1. The provisions of NRS 107.090 apply to the
14-39 foreclosure of an
association’s lien as if a deed of trust or the deed
14-40 conveyed to a trustee pursuant to an installment sales contract were
14-41 being foreclosed. The
request must identify the lien by stating the names of
14-42 the unit’s owner and the
common-interest community.
14-43 2. An association may, after
recording a notice of default and election
14-44 to sell, waive the default
and withdraw the notice or any proceeding to
14-45 foreclose. The association
is thereupon restored to its former position and
14-46 has the same rights as
though the notice had not been recorded.
14-47 Sec. 31. NRS 361A.060 is hereby amended to read as follows:
14-48 361A.060 “Owner” means any
person having a legal or equitable
14-49 freehold estate in
agricultural or open-space real property, including a
15-1 contract vendee of [a land]
an installment sales
contract respecting the
15-2 property, but excluding a
lessee or tenant of the property.
15-3 Sec. 32. The amendatory provisions of this act do not apply to
15-4 offenses committed before
October 1, 2001.
15-5 H