Nevada § 677.550 Order suspending or limiting payment of liabilities; effect of order; assignment or hypothecation of indebtedness

Nevada Statutes

§ 677.550 — Order suspending or limiting payment of liabilities; effect of order; assignment or hypothecation of indebtedness

Nevada § 677.550

Title 55BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL

Ch. 677Thrift

Remedial Actions

This text of Nevada § 677.550 (Order suspending or limiting payment of liabilities; effect of order; assignment or hypothecation of indebtedness) 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. § 677.550 (2026).

Text

1.The Commissioner may order a licensee to suspend the payment of its liabilities or limit the payment of its liabilities in such manner as he or she prescribes, if it appears to the Commissioner that this action is necessary for the protection of the licensee, its depositors or creditors, or in the public interest. The order is effective upon receipt of notice by the licensee and continues in effect until rescinded or modified by the Commissioner in a writing delivered to the manager or executive officer of the licensee.

2.Subsection 1 does not affect the right of any licensee to pay its current operating expenses and liabilities incurred during the period of suspension or limitation.

3.After an order suspending or limiting the payment of liabilities is effective and until that order i

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1. The Commissioner may order a licensee to suspend the payment of its liabilities or limit the payment of its liabilities in such manner as he or she prescribes, if it appears to the Commissioner that this action is necessary for the protection of the licensee, its depositors or creditors, or in the public interest. The order is effective upon receipt of notice by the licensee and continues in effect until rescinded or modified by the Commissioner in a writing delivered to the manager or executive officer of the licensee.
2. Subsection 1 does not affect the right of any licensee to pay its current operating expenses and liabilities incurred during the period of suspension or limitation.
3. After an order suspending or limiting the payment of liabilities is effective and until that order is rescinded, the licensee shall make no assignment or hypothecation of any indebtedness due to it from a depositor without first crediting thereon the liability of the licensee to the depositor.
4. The authority granted to the Commissioner by this section may be exercised by him or her in conjunction with all other powers granted by this chapter, or independently from them.