NRS 116B.405
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 as otherwise provided in this chapter.

Source: Section 116B.405 — Rights of secured lenders., https://www.­leg.­state.­nv.­us/NRS/NRS-116B.­html#NRS116BSec405.

Last Updated

Jun. 24, 2021

§ 116B.405’s source at nv​.us