Nev. Rev. Stat. § 349.790
Director subrogated to rights of exporter and participating financial institution upon default by exporter
Nevada · Nevada Revised Statutes Chapter 349 — State Obligations · Status: effective
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- Citation
- Nev. Rev. Stat. § 349.790, Director subrogated to rights of exporter and participating financial institution upon default by exporter, Nevada, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2104628
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Full text
If an exporter defaults on the participating financial institution’s loan because of a loss and that institution is excused from repaying the guaranteed funding, the Director is subrogated to the exporter’s rights against the foreign customer for payment and to the participating financial institution’s rights against the exporter to the extent of any payment received by the exporter which reduces his or her loss for which his or her payment to the participating financial institution has previously been excused.