Future advances of principal made to a borrower after the receipt of the notice of termination by the lender are not secured by the instrument. The principal amount of indebtedness secured by the instrument is limited to the amount stated by the lender in the lender’s recorded statement.
NRS 106.400
Advances made after notice of termination
Applied in 1 court decision — leading case Wishengrad v. Carrington Mortg. Servs. (2023)
Most recently applied in Wishengrad v. Carrington Mortg. Servs. (May 2023)
(Added to NRS by 1985, 726; A 1989, 493)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.