Nevada Revised Statutes 561.455 – Powers of Department
1. The Department may:
Terms Used In Nevada Revised Statutes 561.455
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the State Department of Agriculture. See Nevada Revised Statutes 561.025
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
(a) Collect, compromise, adjust or cancel claims and obligations arising out of or administered under the provisions of NRS 561.425 to 561.465, inclusive, or under any mortgage, lease, contract or agreement entered into or administered pursuant to NRS 561.425 to 561.465, inclusive, and, if in its judgment necessary and advisable, pursue the claims and obligations to final collection in any court having jurisdiction.
(b) Bid for and purchase at any execution, foreclosure or other sale, or otherwise acquire property upon which the Department has a lien because of a judgment or execution, or which is pledged, mortgaged, conveyed or which otherwise secures any loan or other indebtedness owing to or acquired by the Department pursuant to NRS 561.425 to 561.465, inclusive.
(c) Accept title to any property so purchased or acquired for and on behalf of the State and may operate or lease the property for such period as may be deemed necessary to protect the investment therein, and may sell or otherwise dispose of the property in a manner consistent with the provisions of NRS 561.425 to 561.465, inclusive.
2. The authority contained in this section may be delegated to the Secretary of Agriculture of the United States with respect to money or assets authorized to be administered and used by the Secretary under agreements entered into pursuant to NRS 561.435.