Nevada Revised Statutes 116B.390 – Rights of creditors following termination
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1. Following termination of a condominium hotel, creditors of the association holding liens on the units, which were recorded before termination, may enforce those liens in the same manner as any lienholder. All other creditors of the association are to be treated as if they had perfected liens on the units immediately before termination.
Terms Used In Nevada Revised Statutes 116B.390
- Lien: A claim against real or personal property in satisfaction of a debt.
2. Creditors of the association are not entitled to payment from any unit’s owner in excess of the amount of the creditor’s lien against that owner’s interest.