Nev. Rev. Stat. § 100.145
This is the official text of Nev. Rev. Stat. § 100.145, part of Nevada’s Rev. Stat — part of the compiled statutory law of Nevada, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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Obtaining bids to establish residual value of vehicle when value or method of establishing value not agreed upon
Official statutory text
1. Where the lessee's liability on the date any open-end consumer vehicle lease or commercial vehicle lease terminates or expires is based on the residual value of the vehicle at that time and the lessor and lessee do not agree in writing on that value or on another method of establishing it, the lessor may, subject to the provisions of NRS 100.165 , for the purpose of establishing residual value and thereby providing the basis for determining the lessee's liability, obtain written bids from third persons.
2. The lessor shall act in good faith and in a commercially reasonable manner in obtaining bids for the vehicle. The fact that a better price could have been obtained at a different time or in a different method from that selected by the lessor is not of itself sufficient to establish that the lessor did not act in a commercially reasonable manner. If the lessor obtains bids at the price current in any recognized market for such a vehicle at the time of the bidding, the lessor has acted in a commercially reasonable manner.
3. The highest effective bid obtained pursuant to this section or NRS 100.165 , where applicable, or the actual sale price, whichever is higher, establishes the residual value of the vehicle.
2. The lessor shall act in good faith and in a commercially reasonable manner in obtaining bids for the vehicle. The fact that a better price could have been obtained at a different time or in a different method from that selected by the lessor is not of itself sufficient to establish that the lessor did not act in a commercially reasonable manner. If the lessor obtains bids at the price current in any recognized market for such a vehicle at the time of the bidding, the lessor has acted in a commercially reasonable manner.
3. The highest effective bid obtained pursuant to this section or NRS 100.165 , where applicable, or the actual sale price, whichever is higher, establishes the residual value of the vehicle.
Status: in_force · Read it on the official government site
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