Terms Used In Nevada Revised Statutes > Chapter 107 > Default and Sale

• Abstract of judgment: In a federal criminal proceeding, A certification from a U.S. District Court clerk that a judgment of restitution was entered against the defendant owing to the victim. If the defendant inherits, owns, or sells real property or holdings, these assets can then be attached at the state and local levels as well.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• 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.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• 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}
• Beneficiary: means the beneficiary of the deed of trust or the successor in interest of the beneficiary or any person designated or authorized to act on behalf of the beneficiary or its successor in interest. See Nevada Revised Statutes 107.015
• Contract: A legal written agreement that becomes binding when signed.
• Cooperative: has the meaning ascribed to it in NRS 116. See Nevada Revised Statutes 107.015
• county: includes Carson City. See Nevada Revised Statutes 0.033
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• 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}
• 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
• Grantor: The person who establishes a trust and places property into it.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• 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
• 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.
• Noncommercial lender: means a lender which makes a loan secured by a deed of trust on owner-occupied housing and which is not a bank, financial institution or other entity regulated pursuant to title 55 of NRS. See Nevada Revised Statutes 107.015
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Owner-occupied housing: means housing that is occupied by an owner as the owner"s primary residence. See Nevada Revised Statutes 107.015
• 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
• Person with an interest: means any person who has or claims any right, title or interest in, or lien or charge upon, the real property described in a deed of trust, as evidenced by any document or instrument recorded in the office of the county recorder of the county in which any part of the real property is situated. See Nevada Revised Statutes 107.015
• Personal property: All property that is not real property.
• population: means the number of people in a specified area as determined by the last preceding national decennial census conducted by the Bureau of the Census of the United States Department of Commerce pursuant to Section 2 of Article I of the Constitution of the United States and reported by the Secretary of Commerce to the Governor pursuant to 13 U. See Nevada Revised Statutes 0.050
• Proprietary lease: has the meaning ascribed to it in NRS 116. See Nevada Revised Statutes 107.015
• 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.
• Residential foreclosure: means the sale of a single-family residence under a power of sale granted by NRS 107. See Nevada Revised Statutes 107.015
• Sale in lieu of a foreclosure sale: has the meaning ascribed to it in NRS 40. See Nevada Revised Statutes 107.015
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Statute: A law passed by a legislature.
• Surety: means a corporation authorized to transact surety business in this State pursuant to NRS 679A. See Nevada Revised Statutes 107.015
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Title insurer: has the meaning ascribed to it in NRS 692A. See Nevada Revised Statutes 107.015
• Trustee: A person or institution holding and administering property in trust.
• Trustee: means the trustee of record. See Nevada Revised Statutes 107.015
• Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
• Unit: has the meaning ascribed to it in NRS 116. See Nevada Revised Statutes 107.015