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NRS 100.137

Enforceability of default by lessee

Known as the Asset-Backed Securities Facilitation Act

The act spans §§ 100–100 (28 sections).

(Added to NRS by 2021, 1426)

Default on the part of the lessee in a consumer vehicle lease is only enforceable to the extent that:

1. The lessee fails to make a payment as required by the lease agreement, but in no case less than 30 days after the date required by the lease agreement; or

2. The prospect of payment, performance or realization of collateral is significantly impaired. The burden of establishing the prospect of significant impairment is on the lessor.

Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.