Nevada Revised Statutes 463B.190 – Effect of appointment of supervisor upon obligations of establishment
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This chapter does not affect the right of a creditor to commence or continue foreclosure or other proceedings to collect a secured or unsecured debt, and, consistent with the public policy of this chapter, the appointment of a supervisor must not be treated as an event precipitating a default or acceleration under any note, lease, deed of trust or other extension of credit. Except as provided in this chapter, the supervisor is not entitled to assert any right, claim or defense other than one available to the gaming establishment or any licensee or former licensee connected therewith.
Terms Used In Nevada Revised Statutes 463B.190
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- 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