Sections
General Provisions 107.015 – 107.029
Adoption of Covenants 107.030 – 107.050
Assumption Fee 107.055
Assignments; Subordination and Waivers as to Priority 107.070 – 107.071
Discharge 107.073 – 107.079
Default and Sale 107.0795 – 107.140
Statement From Beneficiary of Deed of Trust 107.200 – 107.311
Additional Requirements for Foreclosure of Owner-Occupied Housing Securing Residential Mortgage Loan 107.400 – 107.560

Terms Used In Nevada Revised Statutes > Chapter 107 - Deeds of Trust

  • Abstract of judgment: In a federal criminal proceeding, A certification from a U.S. District Court clerk that a judgment of restitution was entered against the defendant owing to the victim. If the defendant inherits, owns, or sells real property or holdings, these assets can then be attached at the state and local levels as well.
  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Administrator: means the State Library, Archives and Public Records Administrator. See Nevada Revised Statutes 378.005
  • Appraisal: A determination of property value.
  • Authorized representative: means a person designated by the governing body to be responsible for the development, award and proper administration of all purchases and contracts for a local government or a department, division, agency, board or unit of a local government made pursuant to this chapter. See Nevada Revised Statutes 332.025
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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
  • Board: means the State Historical Records Advisory Board. See Nevada Revised Statutes 378A.020
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
  • Chief administrative officer: means the person directly responsible to the governing body for the administration of that particular entity. See Nevada Revised Statutes 332.025
  • Clerk: means :

    (a) If a district is created or proposed to be created by a county, the county clerk. See Nevada Revised Statutes 318A.030

  • Contract: means a written contract entered into between a contractor and a public body for the provision of labor, materials, equipment or supplies for a public work. See Nevada Revised Statutes 338.010
  • Contractor: means :

    (a) A person who is licensed pursuant to the provisions of chapter 624 of NRS. See Nevada Revised Statutes 338.010

  • controlled substance: means a drug, immediate precursor or other substance which is listed in schedule I, II, III, IV or V for control by the State Board of Pharmacy pursuant to NRS 453. See Nevada Revised Statutes 0.031
  • Cooperative: has the meaning ascribed to it in NRS 116. See Nevada Revised Statutes 107.015
  • Day labor: means all cases where public bodies, their officers, agents or employees, hire, supervise and pay the wages thereof directly to a worker or workers employed by them on public works by the day and not under a contract in writing. See Nevada Revised Statutes 338.010
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the Department of Administration. See Nevada Revised Statutes 378.005
  • Department: means the Department of Taxation. See Nevada Revised Statutes 360.001
  • Director: means the Director of the Department. See Nevada Revised Statutes 378.005
  • Division: means the Division of State Library, Archives and Public Records of the Department. See Nevada Revised Statutes 378.005
  • Docket: A log containing brief entries of court proceedings.
  • Eligible bidder: means a person who is:

    (a) Found to be a responsible and responsive contractor by a local government or its authorized representative which requests bids for a public work in accordance with paragraph (b) of subsection 1 of NRS 338. See Nevada Revised Statutes 338.010

  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evaluator: means an authorized representative, officer, employee, representative, agent, consultant or member of a governing body who has participated in:

    (a) The evaluation of responses;

    (b) Negotiations concerning purchasing by a local government; or

    (c) The review or approval of the award, modification or extension of a contract. See Nevada Revised Statutes 332.025

  • Executive Director: means the Executive Director of the Department of Taxation. See Nevada Revised Statutes 360.001
  • 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. See Nevada Revised Statutes 107.015
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • 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
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Governing body: means the governing body of a county or city that proposes to create or creates a district pursuant to this chapter. See Nevada Revised Statutes 318A.030
  • Governing body: means the board, council, commission or other body in which the general legislative and fiscal powers of the local government are vested. See Nevada Revised Statutes 332.025
  • Grantor: The person who establishes a trust and places property into it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • local government: means :

    (a) Every political subdivision or other entity which has the right to levy or receive money from ad valorem taxes or other taxes or from any mandatory assessments, including counties, cities, towns, school districts and other districts organized pursuant to chapters 244, 318, 318A, 379, 450, 474, 539, 541, 543 and 555 of NRS. See Nevada Revised Statutes 332.015

  • Mail: means a single mailing first class or its equivalent, postage prepaid, by deposit in the United States mail, at least 15 days before the designated time or event. See Nevada Revised Statutes 318A.030
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • 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. See Nevada Revised Statutes 107.015
  • Offense: means :

    (a) Failing to:

    (1) Pay the prevailing wage required pursuant to this chapter;

    (2) Pay the contributions for unemployment compensation required pursuant to chapter 612 of NRS;

    (3) Provide and secure compensation for employees required pursuant to chapters 616A to 617, inclusive, of NRS; or

    (4) Comply with subsection 5 or 6 of NRS 338. See Nevada Revised Statutes 338.010

  • On-line solicitation: means a process by which a responding offeror submits a response to a solicitation on a secure website on the Internet or its successor, if any, which is established and maintained for that purpose. See Nevada Revised Statutes 332.025
  • Owner-occupied housing: means housing that is occupied by an owner as the owner"s primary residence. See Nevada Revised Statutes 107.015
  • 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. See Nevada Revised Statutes 107.015
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Proprietary information: means :

    (a) Any trade secret or confidential business information that is contained in a response submitted to a governing body or its authorized representative on a particular contract; or

    (b) Any other trade secret or confidential business information submitted to a governing body or its authorized representative by a responding offeror and designated as proprietary by the governing body or its authorized representative. See Nevada Revised Statutes 332.025

  • Proprietary lease: has the meaning ascribed to it in NRS 116. See Nevada Revised Statutes 107.015
  • Public body: means the State, county, city, town, school district or any public agency of this State or its political subdivisions sponsoring or financing a public work. See Nevada Revised Statutes 338.010
  • Public work: means any project for the new construction, repair or reconstruction of a project financed in whole or in part from public money for:

    (a) Public buildings;

    (b) Jails and prisons;

    (c) Public roads;

    (d) Public highways;

    (e) Public streets and alleys;

    (f) Public utilities;

    (g) Publicly owned water mains and sewers;

    (h) Public parks and playgrounds;

    (i) Public convention facilities which are financed at least in part with public money; and

    (j) All other publicly owned works and property. See Nevada Revised Statutes 338.010

  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Residential foreclosure: means the sale of a single-family residence under a power of sale granted by NRS 107. See Nevada Revised Statutes 107.015
  • Responding offeror: means a person who responds to a solicitation made by a governing body or its authorized representative. See Nevada Revised Statutes 332.025
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Sale in lieu of a foreclosure sale: has the meaning ascribed to it in NRS 40. See Nevada Revised Statutes 107.015
  • Service of process: The service of writs or summonses to the appropriate party.
  • Single-family residence: means a structure that is comprised of not more than four units. See Nevada Revised Statutes 107.015
  • Solicitation: means a written statement which sets forth the requirements and specifications of a contract to be awarded by:

    (a) An invitation to bid;

    (b) A request for proposals;

    (c) A request for a statement of qualifications;

    (d) A request for a quotation; or

    (e) Any other accepted method of purchasing that complies with the provisions of this chapter. See Nevada Revised Statutes 332.025

  • Subcontractor: means a person who:

    (a) Is licensed pursuant to the provisions of chapter 624 of NRS or performs such work that the person is not required to be licensed pursuant to chapter 624 of NRS; and

    (b) Contracts with a contractor, another subcontractor or a supplier to provide labor, materials or services for a construction project. See Nevada Revised Statutes 338.010

  • 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
  • Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
  • Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
  • Title insurer: has the meaning ascribed to it in NRS 692A. See Nevada Revised Statutes 107.015
  • Trustee: means the trustee of record. See Nevada Revised Statutes 107.015
  • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
  • Unit: has the meaning ascribed to it in NRS 116. See Nevada Revised Statutes 107.015
  • Wages: means :

    (a) The basic hourly rate of pay; and

    (b) The amount of pension, health and welfare, vacation and holiday pay, the cost of apprenticeship training or other bona fide fringe benefits which are a benefit to the worker. See Nevada Revised Statutes 338.010

  • Worker: means a skilled mechanic, skilled worker, semiskilled mechanic, semiskilled worker or unskilled worker in the service of a contractor or subcontractor under any appointment or contract of hire or apprenticeship, express or implied, oral or written, whether lawfully or unlawfully employed. See Nevada Revised Statutes 338.010