Nevada Revised Statutes 324.200 – Payment not required until water available, bond deposited or guarantees made
1. A person, association, company or corporation contracting with the State under the provisions of this chapter, or their assigns, shall not require any advance payment of any settler or prospective settler prior to the time when water for the irrigation of his or her entry or allotment is actually available, unless a satisfactory bond in such sum as the Division requires is deposited with the Division, conditioned on the return to the settler, with interest at 6 percent per annum, of all payments so made, if water for the irrigation of his or her entry or allotment is not available at the time stipulated in the agreement with the settler.
Terms Used In Nevada Revised Statutes 324.200
- 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.
- Division: means the Division of State Lands of the State Department of Conservation and Natural Resources. See Nevada Revised Statutes 324.010
- 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
2. In lieu of a bond as provided in subsection 1, the Division may authorize advance sales to be made by or through the agency of a bank or trust company furnishing satisfactory assurances and guarantees that if the project is not consummated to deliver water for the irrigation of such settler’s entry or allotment within the time specified, such payments with interest shall be returned to the settler.