Nevada § 40.485 Interest in proceeds of secured indebtedness upon partial satisfaction of indebtedness

Nevada Statutes

§ 40.485 — Interest in proceeds of secured indebtedness upon partial satisfaction of indebtedness

Nevada·Title 3 REMEDIES; SPECIAL ACTIONS AND PROCEEDINGS·Ch. 40 Actions· Rights of Guarantor, Surety or Obligor in Real Property

Immediately upon partial satisfaction by a guarantor, surety or other obligor, other than the mortgagor or grantor of a deed of trust, of the indebtedness secured by a mortgage or lien upon real property, the paying guarantor, surety or other obligor automatically, by operation of law and without further action, receives an interest in the proceeds of the indebtedness secured by the mortgage or lien to the extent of the partial satisfaction, subject only to the creditor’s prior right to recover the balance of the indebtedness owed by the mortgagor or grantor.

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Immediately upon partial satisfaction by a guarantor, surety or other obligor, other than the mortgagor or grantor of a deed of trust, of the indebtedness secured by a mortgage or lien upon real property, the paying guarantor, surety or other obligor automatically, by operation of law and without further action, receives an interest in the proceeds of the indebtedness secured by the mortgage or lien to the extent of the partial satisfaction, subject only to the creditor’s prior right to recover the balance of the indebtedness owed by the mortgagor or grantor.

Nevada § 40.485 (Interest in proceeds of secured indebtedness upon partial satisfaction of indebtedness) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.