If the commercial vehicle lease provides that the lessee is liable for an amount based on the residual value of the vehicle at the termination or expiration of the lease, the lessee may obtain, at his or her expense, a professional appraisal of the vehicle by an independent third party agreed to by both parties. An appraisal obtained pursuant to this section is final and binding on the parties.
NRS 100.135
Appraisal of vehicle when lease terminates or expires
Known as the Asset-Backed Securities Facilitation Act
The act spans §§ 100–100 (28 sections).
(Added to NRS by 1979, 1262)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.