Nevada Property Rights and Transactions

Sec. § 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

Last accessed
Feb. 5, 2021