Nevada Revised Statutes 604C.100 – ‘Consumer litigation funding transaction’ defined
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‘Consumer litigation funding transaction’ means a nonrecourse transaction in which:
Terms Used In Nevada Revised Statutes 604C.100
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Verdict: The decision of a petit jury or a judge.
1. A consumer litigation funding company provides consumer litigation funding to a consumer in an amount that does not exceed $500,000; and
2. The consumer assigns to the company a contingent right to receive an amount of the potential proceeds of a settlement, judgment, award or verdict obtained in the legal claim of the consumer.