Nevada § 692A.1042 Additional requirements regarding substitute form of security; interest or dividends accrue to depositor

Nevada Statutes

§ 692A.1042 — Additional requirements regarding substitute form of security; interest or dividends accrue to depositor

Nevada § 692A.1042

Title 57INSURANCE

Ch. 692ATitle

SURETY BONDS OR OTHER SECURITY

This text of Nevada § 692A.1042 (Additional requirements regarding substitute form of security; interest or dividends accrue to depositor) 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. § 692A.1042 (2026).

Text

1. As a substitute for the surety bond required by NRS 692A.1041 , a title agent or title insurer may, in accordance with the provisions of this section, deposit with any bank or trust company authorized to do business in this state, in a form approved by the Commissioner:

(a)An obligation of a bank, savings and loan association, savings bank, thrift company or credit union licensed to do business in this state;

(b)Bills, bonds, notes, debentures or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States; or

(c)Any obligation of this state or any city, county, town, township, school district or other instrumentality of this state, or guaranteed by this state. 2. The obligations of a bank, savings and loan association, savings b

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1. As a substitute for the surety bond required by NRS 692A.1041 , a title agent or title insurer may, in accordance with the provisions of this section, deposit with any bank or trust company authorized to do business in this state, in a form approved by the Commissioner:
(a) An obligation of a bank, savings and loan association, savings bank, thrift company or credit union licensed to do business in this state;
(b) Bills, bonds, notes, debentures or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States; or
(c) Any obligation of this state or any city, county, town, township, school district or other instrumentality of this state, or guaranteed by this state.
2. The obligations of a bank, savings and loan association, savings bank, thrift company or credit union must be held to secure the same obligation as would the surety bond. With the approval of the Commissioner, the depositor may substitute other suitable obligations for those deposited which must be assigned to the State of Nevada and are negotiable only upon approval by the Commissioner.
3. Any interest or dividends earned on the deposit accrue to the account of the depositor.
4. The deposit must be in an amount at least equal to the required surety bond and must state that the amount may not be withdrawn except by direct and sole order of the Commissioner. The value of any item deposited pursuant to this section must be based upon principal amount or market value, whichever is lower.