Nevada Revised Statutes 104A.2501 – Default: Procedure
1. Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this Article.
Terms Used In Nevada Revised Statutes 104A.2501
- Contract: A legal written agreement that becomes binding when signed.
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (NRS 104A. See Nevada Revised Statutes 104A.2103
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Nevada Revised Statutes 104A.2103
- 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
- Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this Article. See Nevada Revised Statutes 104A.2103
- Lease contract: means the total legal obligation that results from the lease agreement as affected by this Article and any other applicable rules of law. See Nevada Revised Statutes 104A.2103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Nevada Revised Statutes 104A.2103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Nevada Revised Statutes 104A.2103
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and remedies as provided in this Article and, except as limited by this Article, as provided in the lease agreement.
3. If the lessor or the lessee is in default under the lease contract, the party seeking enforcement may reduce the party’s claim to judgment, or otherwise enforce the lease contract by self-help or any available judicial procedure or nonjudicial procedure, including an administrative proceeding, arbitration or the like, in accordance with this Article.
4. Except as otherwise provided in subsection 1 of NRS 104.1305 or this Article or the lease agreement, the rights and remedies referred to in subsections 2 and 3 are cumulative.
5. If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under this part as to the goods, or under other applicable law as to both the real property and the goods in accordance with his or her rights and remedies in respect of the real property, in which case this part does not apply.