Nevada Revised Statutes 40.427 – ‘Foreclosure sale’ defined
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‘Foreclosure sale’ means the sale of real property to enforce an obligation secured by a mortgage or lien on the property, including the exercise of a trustee‘s power of sale pursuant to NRS 107.080.
Terms Used In Nevada Revised Statutes 40.427
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.