Where a creditor is entitled to resort to each of several funds for the satisfaction of his or her claim, and another person has an interest in, or is entitled as a creditor to resort to some, but not all, of them, the latter may require the former to seek satisfaction from those funds to which the latter has no such claim, so far as it can be done without impairing the right of the former to complete satisfaction, and without doing injustice to third persons.
NRS 100.040
Requiring resort to different funds
Known as the Asset-Backed Securities Facilitation Act
The act spans §§ 100–100 (28 sections).
Applied in 1 court decision — leading case First Interstate Bank of California v. H.C.T., Inc. (1992)
Most recently applied in First Interstate Bank of California v. H.C.T., Inc. (March 1992)
[1:32:1923; NCL § 4080]
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.