Nev. Rev. Stat. § 106A.010
Short title
This chapter may be cited as the Uniform Mortgage Modification Act.
Nevada Revised Statutes Chapter 106A — Mortgage Modifications (Uniform Act)
Nevada · statute · Nev. Rev. Stat. ch. 106A · 16 active provisions
Provisions
Nev. Rev. Stat. § 106A.020
Definitions
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 106A.030 to 106A.130, inclusive, have the meanings ascribed to them in those sections.
Nev. Rev. Stat. § 106A.030
“Electronic” defined
“Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities.
Nev. Rev. Stat. § 106A.040
“Financial covenant” defined
“Financial covenant” means an undertaking to demonstrate an obligor’s creditworthiness or the adequacy of security provided by an obligor.
Nev. Rev. Stat. § 106A.050
“Modification” defined
“Modification” includes change, amendment, revision, correction, addition, supplementation, elimination, waiver and restatement. 1. “Mortgage” means an agreement that creates a consensual interest in real property to secure payment or performance of an obligation, regardless of: (a) How the agreement is denominated, in…
Nev. Rev. Stat. § 106A.070
“Mortgage modification” defined
“Mortgage modification” means modification of: 1. A mortgage; 2. An agreement that creates an obligation, including a promissory note, loan agreement or credit agreement; or 3. An agreement that creates other security or credit enhancement for an obligation, including an assignment of leases or rents or a guaranty.
Nev. Rev. Stat. § 106A.080
“Obligation” defined
“Obligation” means a debt, duty or other liability, secured by a mortgage.
Nev. Rev. Stat. § 106A.090
“Obligor” defined
“Obligor” means a person that: 1. Owes payment or performance of an obligation; 2. Signs a mortgage; or 3. Is otherwise accountable, or whose property serves as collateral, for payment or performance of an obligation.
Nev. Rev. Stat. § 106A.100
“Person” defined
“Person” means an individual, estate, business or nonprofit entity, government or governmental subdivision, agency or instrumentality, or other legal entity.
Nev. Rev. Stat. § 106A.110
“Recognized index” defined
“Recognized index” means an index to which changes in the interest rate may be linked that is: 1. Readily available to, and verifiable by, the obligor; and 2. Beyond the control of the person to whom the obligation is owed.
Nev. Rev. Stat. § 106A.120
“Record” defined
“Record” means, when used as a noun, information: 1. Inscribed on a tangible medium; or 2. Stored in an electronic or other medium and retrievable in perceivable form.
Nev. Rev. Stat. § 106A.130
“Sign” defined
“Sign” means, with present intent to authenticate or adopt a record: 1. Execute or adopt a tangible symbol; or 2. Attach to or logically associate with the record an electronic symbol, sound or process.
Nev. Rev. Stat. § 106A.140
Applicability
1. Except as provided in subsection 3, this chapter applies to a mortgage modification. 2. This chapter does not affect: (a) Law governing the required content of a mortgage; (b) A statute of limitations or other law governing the expiration or termination of a right to enforce an obligation or a mortgage; (c) A record…
Nev. Rev. Stat. § 106A.150
Effect of mortgage modification
1. For a mortgage modification described in subsection 2: (a) The mortgage continues to secure the obligation as modified; (b) The priority of the mortgage is not affected by the modification; (c) The mortgage retains its priority regardless of whether a record of the mortgage modification is recorded in the land recor…
Nev. Rev. Stat. § 106A.160
Uniformity of application and construction
In applying and construing this uniform act, a court shall consider the promotion of uniformity of the law among jurisdictions that enact it.
Nev. Rev. Stat. § 106A.170
Relation to Electronic Signatures in Global and National Commerce Act
This chapter modifies, limits or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. §§ 7001 et seq., but does not modify, limit or supersede section 101(c) of that act, 15 U.S.C. § 7001(c), or authorize electronic delivery of any of the notices described in section 103(b) of that act, 1…