Sections
Sales by Public Officers 113.010 – 113.020
Risks of Vendor and Purchaser (Uniform Act) 113.030 – 113.050
Required Disclosures 113.060 – 113.150

Terms Used In Nevada Revised Statutes > Chapter 113

  • 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.
  • Bequest: Property gifted by will.
  • Board of Regents: means the Board of Regents of the University of Nevada. See Nevada Revised Statutes 396.005
  • charter school: means a public school that is formed pursuant to the provisions of chapter 388A of NRS and an achievement charter school formed pursuant to the provisions of chapter 388B of NRS. See Nevada Revised Statutes 104.4103
  • Community college: means all of the community colleges within the Nevada System of Higher Education. See Nevada Revised Statutes 396.005
  • Contract: means a written contract entered into between a contractor and a public body for the provision of labor, materials, equipment or supplies for a public work. See Nevada Revised Statutes 338.010
  • Contractor: means :

    (a) A person who is licensed pursuant to the provisions of chapter 624 of NRS. See Nevada Revised Statutes 338.010

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the Department of Education. See Nevada Revised Statutes 385.007
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Ex officio: Literally, by virtue of one's office.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • 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
  • 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
  • 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
  • mortgage: includes a deed of trust. See Nevada Revised Statutes 104.4109
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • 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.
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public body: means the State, county, city, town, school district or any public agency of this State or its political subdivisions sponsoring or financing a public work. See Nevada Revised Statutes 338.010
  • Public work: means any project for the new construction, repair or reconstruction of a project financed in whole or in part from public money for:

    (a) Public buildings;

    (b) Jails and prisons;

    (c) Public roads;

    (d) Public highways;

    (e) Public streets and alleys;

    (f) Public utilities;

    (g) Publicly owned water mains and sewers;

    (h) Public parks and playgrounds;

    (i) Public convention facilities which are financed at least in part with public money; and

    (j) All other publicly owned works and property. See Nevada Revised Statutes 338.010

  • 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
  • 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.
  • Service of process: The service of writs or summonses to the appropriate party.
  • 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.
  • State Board: means the State Board of Education. See Nevada Revised Statutes 385.007
  • Subcontractor: means a person who:

    (a) Is licensed pursuant to the provisions of chapter 624 of NRS or performs such work that the person is not required to be licensed pursuant to chapter 624 of NRS; and

    (b) Contracts with a contractor, another subcontractor or a supplier to provide labor, materials or services for a construction project. See Nevada Revised Statutes 338.010

  • System: means the Nevada System of Higher Education. See Nevada Revised Statutes 396.005
  • 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.
  • 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
  • University: means all of the universities within the Nevada System of Higher Education. See Nevada Revised Statutes 396.005
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Wages: means :

    (a) The basic hourly rate of pay; and

    (b) The amount of pension, health and welfare, vacation and holiday pay, the cost of apprenticeship training or other similar programs or other bona fide fringe benefits which are a benefit to the worker. See Nevada Revised Statutes 338.010

  • Warehouse: means a person engaged in the business of storing goods for hire. See Nevada Revised Statutes 104.7102