NRS 116.2119
Rights of secured lenders.

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.

Source: Section 116.2119 — Rights of secured lenders., https://www.leg.state.nv.us/NRS/NRS-116.html#NRS116Sec2119.

116.211
Exercise of developmental rights. 116.212
Master associations. 116.2101
Creation of common-interest communities. 116.2102
Unit boundaries. 116.2103
Construction and validity of declaration and bylaws. 116.2104
Description of units. 116.2105
Contents of declaration. 116.2106
Leasehold common-interest communities. 116.2107
Allocation of allocated interests. 116.2108
Limited common elements. 116.2109
Plats. 116.2111
Alterations of units 116.2112
Relocation of boundaries between adjoining units. 116.2113
Subdivision of units. 116.2114
Monuments as boundaries. 116.2115
Use for purposes of sales. 116.2116
Easement rights 116.2117
Amendment of declaration. 116.2118
Termination of common-interest community. 116.2119
Rights of secured lenders. 116.2121
Merger or consolidation of common-interest communities. 116.2122
Addition of unspecified real estate. 116.2124
Termination following catastrophe. 116.21175
Procedure for seeking confirmation from district court of certain amendments to declaration. 116.21183
Rights of creditors following termination. 116.21185
Respective interests of units’ owners following termination. 116.21188
Effect of foreclosure or enforcement of lien or encumbrance. 116.21205
Reallocation of costs of administering common elements of certain master associations.

Last Updated

Jun. 24, 2021

§ 116.2119’s source at nv.us

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Location: https://nevada.public.law/statutes/nrs_116.2119

Original Source: Section 116.2119 — Rights of secured lenders., https://www.leg.state.nv.us/NRS/NRS-116.html#NRS116Sec2119 (last accessed Jun. 24, 2021).