Nev. Rev. Stat. § 40.485
Interest in proceeds of secured indebtedness upon partial satisfaction of indebtedness
Nevada · Nevada Revised Statutes Chapter 40 — Actions and Proceedings in Particular Cases Concerning Property · Status: effective
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- Citation
- Nev. Rev. Stat. § 40.485, Interest in proceeds of secured indebtedness upon partial satisfaction of indebtedness, Nevada, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2073353
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Full text
Immediately upon partial satisfaction by a guarantor, surety or other obligor, other than the mortgagor or grantor of a deed of trust, of the indebtedness secured by a mortgage or lien upon real property, the paying guarantor, surety or other obligor automatically, by operation of law and without further action, receives an interest in the proceeds of the indebtedness secured by the mortgage or lien to the extent of the partial satisfaction, subject only to the creditor’s prior right to recover the balance of the indebtedness owed by the mortgagor or grantor.