Nevada Revised Statutes 671.0105 – ‘Material litigation’ defined
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‘Material litigation‘ means litigation that, according to generally accepted accounting principles in the United States, is significant to the financial health of a person and would be required to be disclosed by the person in an annual audited financial statement, report to shareholders or similar record.
Terms Used In Nevada Revised Statutes 671.0105
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- 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