At a sale of real or personal property upon which there is a mortgage or lien, the holder thereof may become the purchaser, and the receipt for the amount due to the holder from the proceeds of the sale is a payment pro tanto.
NRS 148.150
Right of holder of lien on property to purchase it; receipt as payment pro tanto
[149:107:1941; 1931 NCL § 9882.149]—(NRS A 1999, 2317)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.