Nevada § 116B.405 Rights of secured lenders

Nevada Statutes

§ 116B.405 — Rights of secured lenders

Nevada § 116B.405

Title 10PROPERTY RIGHTS AND TRANSACTIONS

Ch. 116BCondominium

CREATION, ALTERATION AND TERMINATION OF CONDOMINIUM HOTELS

This text of Nevada § 116B.405 (Rights of secured lenders) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 116B.405 (2026).

Text

The declaration may require that all or a specified number or percentage of the lenders who hold security interests encumbering the units approve specified actions of the units’ owners or the association as a condition to the effectiveness of those actions, but no requirement for approval may operate to:

1.Deny or delegate control over the general administrative affairs of the association by the units’ owners or the executive board;

2.Prevent the association or the executive board from commencing, intervening in or settling any litigation or proceeding; or

3.Prevent any trustee or the association from receiving and distributing any proceeds of insurance except as otherwise provided in this chapter.

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The declaration may require that all or a specified number or percentage of the lenders who hold security interests encumbering the units approve specified actions of the units’ owners or the association as a condition to the effectiveness of those actions, but no requirement for approval may operate to:
1. Deny or delegate control over the general administrative affairs of the association by the units’ owners or the executive board;
2. Prevent the association or the executive board from commencing, intervening in or settling any litigation or proceeding; or
3. Prevent any trustee or the association from receiving and distributing any proceeds of insurance except as otherwise provided in this chapter.