Nevada Revised Statutes 645A.199 – Proof of licensure required in action for collection of compensation
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No person engaged in the business or acting in the capacity of an escrow agent or agency within this state may bring or maintain any action in any court of this state for the collection of compensation for the performance of any act pursuant to this chapter without alleging and proving that the person was a licensed escrow agent or agency at the time the alleged cause of action arose.
Terms Used In Nevada Revised Statutes 645A.199
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means any transaction wherein one person, for the purpose of effecting or closing the sale, purchase, exchange, transfer, encumbering or leasing of real or personal property to another person or persons, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by such third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by such third person, in compliance with instructions under which he or she is to act, to a grantee, grantor, promisee, promisor, obligee, obligor, lessee, lessor, bailee, bailor or any agent or employee thereof. See Nevada Revised Statutes 645A.010
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039