Nevada Revised Statutes 349.795 – Guarantee: Not general obligation of State; limitation on termination, cancellation or revocation; presumption of validity
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Any guarantee entered into by the Director does not constitute a general obligation of the State of Nevada. A guarantee may not be terminated, cancelled or otherwise revoked except in accordance with its terms. Any guarantee held by a participating financial institution is presumed to be valid.
Terms Used In Nevada Revised Statutes 349.795
- 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.