Nev. Rev. Stat. § 116.2119
This is the official text of Nev. Rev. Stat. § 116.2119, 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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Rights of secured lenders
Official statutory 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 pursuant to NRS 116.31133 and 116.31135 .
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 pursuant to NRS 116.31133 and 116.31135 .
Status: in_force · Read it on the official government site
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