Sections
Article 1 104.1101 – 104.1310
Article 2 104.2101 – 104.2725
Article 3 104.3101 – 104.3605
Article 4 104.4101 – 104.4504
Article 5 104.5101 – 104.5118
Article 7 104.7101 – 104.7603
Article 8 104.8101 – 104.8511
Article 9 104.9101 – 104.9717

Terms Used In Nevada Revised Statutes > Chapter 104 - Uniform Commercial Code - Original Articles

  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Affiliate: means :

    (a) A person who directly or indirectly owns, controls or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities:

    (1) As a fiduciary or agent without sole discretionary power to vote the securities; or

    (2) Solely to secure a debt, if the person has not exercised the power to vote;

    (b) A corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote, by the debtor or a person who directly or indirectly owns, controls or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities:

    (1) As a fiduciary or agent without sole power to vote the securities; or

    (2) Solely to secure a debt, if the person has not in fact exercised the power to vote;

    (c) A person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor; or

    (d) A person who operates the debtor"s business under a lease or other agreement or controls substantially all of the debtor"s assets. See Nevada Revised Statutes 112.150

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appraisal: A determination of property value.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Asset: means property of a debtor, but the term does not include:

    (a) Property to the extent it is encumbered by a valid lien;

    (b) Property to the extent it is generally exempt under nonbankruptcy law; or

    (c) An interest in property held in tenancy by the entireties or as community property to the extent it is not subject to process by a creditor holding a claim against only one tenant. See Nevada Revised Statutes 112.150

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bailee: means a person that by a warehouse receipt, bill of lading or other document of title acknowledges possession of goods and contracts to deliver them. See Nevada Revised Statutes 104.7102
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Buyer: means a person who buys or contracts to buy goods. See Nevada Revised Statutes 104.2103
  • Carrier: means a person that issues a bill of lading. See Nevada Revised Statutes 104.7102
  • Claim: means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured. See Nevada Revised Statutes 112.150
  • Claimant: includes a natural person, firm, partnership, association or corporation. See Nevada Revised Statutes 339.015
  • Common areas: means the entire project excepting all units therein granted or reserved. See Nevada Revised Statutes 117.010
  • Condominium: means an estate in real property consisting of an undivided interest in common in portions of a parcel of real property together with:

    (a) A separate interest in space in a residential, industrial or commercial building or industrial and commercial building on such real property, such as, but not restricted to, an apartment, office or store; or

    (b) A separate interest in air space only, without any building or structure, to be used for a mobile home. See Nevada Revised Statutes 117.010

  • Consignee: means a person named in a bill of lading to which or to whose order the bill promises delivery. See Nevada Revised Statutes 104.7102
  • Consignor: means a person named in a bill of lading as the person from whom the goods have been received for shipment. See Nevada Revised Statutes 104.7102
  • Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is a natural person and who takes under the lease primarily for a personal, family or household purpose. See Nevada Revised Statutes 104A.2103
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Nevada Revised Statutes 104.2106
  • Contracting body: means the State, county, city, town, school district, or any public agency of the State or its political subdivisions which has authority to contract for the construction, alteration or repair of any public building or other public work or public improvement. See Nevada Revised Statutes 339.015
  • Conviction: A judgement of guilt against a criminal defendant.
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Court reporter: A person who makes a word-for-word record of what is said in court and produces a transcript of the proceedings upon request.
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Creditor: means a person who has a claim. See Nevada Revised Statutes 112.150
  • Date of valuation: means the date on which the value of the property actually taken, and the damages, if any, to the remaining property, must be determined. See Nevada Revised Statutes 37.009
  • Debt: means liability on a claim. See Nevada Revised Statutes 112.150
  • Debtor: means a person who is liable on a claim. See Nevada Revised Statutes 112.150
  • Decedent: A deceased person.
  • decennial census date: means the first day of April of 1980 and every 10 years thereafter on which the decennial census is taken pursuant to federal law. See Nevada Revised Statutes 0.050
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Delivery order: means a record that contains an order to deliver goods directed to a warehouse, carrier or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Nevada Revised Statutes 104.7102
  • Department: means the Department of Motor Vehicles. See Nevada Revised Statutes 371.020
  • Dependent: A person dependent for support upon another.
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Equity: means the amount that is determined by subtracting from the fair market value of the property the value of any liens excepted from the homestead exemption pursuant to subsection 3 of NRS 115. See Nevada Revised Statutes 115.005
  • Ex officio: Literally, by virtue of one's office.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: A trustee, executor, or administrator.
  • Final judgment: means a judgment which cannot be directly attacked by appeal, motion for new trial or motion to vacate the judgment. See Nevada Revised Statutes 37.009
  • 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
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Nevada Revised Statutes 104.7102
  • Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (NRS 104A. See Nevada Revised Statutes 104A.2103
  • Governing body: means the governing body of a county or city that proposes to create or creates a district pursuant to this chapter. See Nevada Revised Statutes 318A.030
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Homestead: means the property consisting of:

    (a) A quantity of land, together with the dwelling house thereon and its appurtenances;

    (b) A mobile home whether or not the underlying land is owned by the claimant; or

    (c) A unit, whether real or personal property, existing pursuant to chapter 116 or 117 of NRS, with any appurtenant limited common elements and its interest in the common elements of the common-interest community, to be selected by both spouses, or either of them, or a single person claiming the homestead. See Nevada Revised Statutes 115.005

  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Insider: includes :

    (a) If the debtor is a natural person:

    (1) A relative of the debtor or of a general partner of the debtor;

    (2) A partnership in which the debtor is a general partner;

    (3) A general partner in a partnership described in subparagraph (2); and

    (4) A corporation of which the debtor is a director, officer or person in control;

    (b) If the debtor is a corporation:

    (1) A director of the debtor;

    (2) An officer of the debtor;

    (3) A person in control of the debtor;

    (4) A partnership in which the debtor is a general partner;

    (5) A general partner in a partnership described in subparagraph (4); and

    (6) A relative of a general partner, director, officer or person in control of the debtor;

    (c) If the debtor is a partnership:

    (1) A general partner in the debtor;

    (2) A relative of a general partner in, a general partner of, or a person in control of the debtor;

    (3) Another partnership in which the debtor is a general partner;

    (4) A general partner in a partnership described in subparagraph (3); and

    (5) A person in control of the debtor;

    (d) An affiliate, or an insider of an affiliate as if the affiliate were the debtor; and

    (e) A managing agent of the debtor. See Nevada Revised Statutes 112.150

  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Interested party: includes , without limitation, a member of the public, an owner of property within a proposed district or a district and each county, city, town and special district with territory proposed to be located or located within the boundaries of a proposed district or district. See Nevada Revised Statutes 318A.030
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • Intestate: Dying without leaving a will.
  • Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Nevada Revised Statutes 104.7102
  • Judgment: means the judgment determining the right to condemn property and fixing the amount of compensation to be paid by the plaintiff. See Nevada Revised Statutes 37.009
  • Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Nevada Revised Statutes 104A.2103
  • 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
  • Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this Article. See Nevada Revised Statutes 104A.2103
  • Lease contract: means the total legal obligation that results from the lease agreement as affected by this Article and any other applicable rules of law. See Nevada Revised Statutes 104A.2103
  • Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Nevada Revised Statutes 104A.2103
  • Lessee: means a person who acquires the right to possession and use of goods under a lease. See Nevada Revised Statutes 104A.2103
  • Lessor: means a person who transfers the right to possession and use of goods under a lease. See Nevada Revised Statutes 104A.2103
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Lien: means a charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien and a statutory lien. See Nevada Revised Statutes 112.150
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See Nevada Revised Statutes 104A.2103
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Oath: A promise to tell the truth.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Partnership: includes a limited partnership. See Nevada Revised Statutes 37.009
  • Person: includes a government and a governmental subdivision or agency. See Nevada Revised Statutes 112.150
  • Person: includes a government, governmental agency or political subdivision of a government. See Nevada Revised Statutes 37.009
  • Personal property: All property that is not real property.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • present sale: means a sale which is accomplished by the making of the contract. See Nevada Revised Statutes 104.2106
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probate: Proving a will
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • project: includes , without limitation, any structure, undertaking or system which a district is authorized to acquire, improve, equip, maintain or operate. See Nevada Revised Statutes 318A.030
  • Project: means the entire parcel of real property divided or to be divided into condominiums, including all structures thereon. See Nevada Revised Statutes 117.010
  • Property: means anything that may be the subject of ownership. See Nevada Revised Statutes 112.150
  • Public defender: Represent defendants who can't afford an attorney in criminal matters.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Relative: means a natural person related by consanguinity within the third degree as determined by the common law, a spouse, or a natural person related to a spouse within the third degree as so determined, and includes a natural person in an adoptive relationship within the third degree. See Nevada Revised Statutes 112.150
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • Seller: means a person who sells or contracts to sell goods. See Nevada Revised Statutes 104.2103
  • Service of process: The service of writs or summonses to the appropriate party.
  • Shipper: means a person that enters into a contract of transportation with a carrier. See Nevada Revised Statutes 104.7102
  • Sublease: means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. See Nevada Revised Statutes 104A.2103
  • Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Nevada Revised Statutes 104A.2103
  • Supply contract: means a contract under which a lessor buys or leases goods to be leased. See Nevada Revised Statutes 104A.2103
  • Testator: A male person who leaves a will at death.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Transfer: means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease and creation of a lien or other encumbrance. See Nevada Revised Statutes 112.150
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Unit: means the elements of a condominium which are not owned in common with the owners of other condominiums in the project. See Nevada Revised Statutes 117.010
  • Value: means the highest price, on the date of valuation, that would be agreed to by a seller, who is willing to sell on the open market and has reasonable time to find a purchaser, and a buyer, who is ready, willing and able to buy, if both the seller and the buyer had full knowledge of all the uses and purposes for which the property is reasonably adaptable and available. See Nevada Revised Statutes 37.009
  • Vehicle: means any vehicle required to be registered pursuant to the provisions of chapter 482 or 706 of NRS, except mobile homes as defined in NRS 482. See Nevada Revised Statutes 371.020
  • Verdict: The decision of a petit jury or a judge.
  • Warehouse: means a person engaged in the business of storing goods for hire. See Nevada Revised Statutes 104.7102
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.