Nevada Revised Statutes 107.015 – Definitions
As used in this chapter:
Terms Used In Nevada Revised Statutes 107.015
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means the beneficiary of the deed of trust or the successor in interest of the beneficiary or any person designated or authorized to act on behalf of the beneficiary or its successor in interest. See Nevada Revised Statutes 107.015
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Owner-occupied housing: means housing that is occupied by an owner as the owner"s primary residence. See Nevada Revised Statutes 107.015
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Single-family residence: means a structure that is comprised of not more than four units. See Nevada Revised Statutes 107.015
- Surety: means a corporation authorized to transact surety business in this State pursuant to NRS 679A. See Nevada Revised Statutes 107.015
- Surety bond: means a bond issued by a surety for the reconveyance of a deed of trust pursuant to this section. See Nevada Revised Statutes 107.015
1. ’Association’ and ‘unit-owners’ association’ have the meanings ascribed to them in NRS 116.011.
2. ’Beneficiary’ means the beneficiary of the deed of trust or the successor in interest of the beneficiary or any person designated or authorized to act on behalf of the beneficiary or its successor in interest.
3. ’Cooperative’ has the meaning ascribed to it in NRS 116.031.
4. ’Facsimile machine’ means a device which receives and copies a reproduction or facsimile of a document or photograph which is transmitted electronically or telephonically by telecommunications lines.
5. ’Noncommercial lender’ means a lender which makes a loan secured by a deed of trust on owner-occupied housing and which is not a bank, financial institution or other entity regulated pursuant to title 55 of NRS.
6. ’Owner-occupied housing’ means housing that is occupied by an owner as the owner’s primary residence. The term does not include vacant land or any time share or other property regulated under chapter 119A of NRS.
7. ’Person with an interest’ means any person who has or claims any right, title or interest in, or lien or charge upon, the real property described in a deed of trust, as evidenced by any document or instrument recorded in the office of the county recorder of the county in which any part of the real property is situated.
8. ’Proprietary lease‘ has the meaning ascribed to it in NRS 116.077.
9. ’Residential foreclosure‘ means the sale of a single-family residence under a power of sale granted by NRS 107.0805.
10. ’Sale in lieu of a foreclosure sale’ has the meaning ascribed to it in NRS 40.429.
11. ’Single-family residence’ means a structure that is comprised of not more than four units. The term does not include vacant land or any time share or other property regulated under chapter 119A of NRS.
12. ’Surety’ means a corporation authorized to transact surety business in this State pursuant to NRS 679A.030 that:
(a) Is included in the United States Department of the Treasury’s Listing of Approved Sureties; and
(b) Issues a surety bond pursuant to this section that does not exceed the underwriting limitations established for that surety by the United States Department of the Treasury.
13. ’Surety bond’ means a bond issued by a surety for the reconveyance of a deed of trust pursuant to this section.
14. ’Title insurer’ has the meaning ascribed to it in NRS 692A.070.
15. ’Trustee’ means the trustee of record.
16. ’Unit’ has the meaning ascribed to it in NRS 116.093.