NRS 41.460

When debtor in possession or long-term lessee deemed owner of motor vehicle

Applied in 1 court decision — leading case Vigoren v. Transnational Insurance Company (1970)

Most recently applied in Vigoren v. Transnational Insurance Company (December 1970)

(Added to NRS by 1957, 61; A 1965, 916; 1967, 704)

1. For the purpose of imposing liability pursuant to NRS 41.440 and for no other purpose, where a vehicle is subject to:

(a) A security interest, the debtor in possession shall be deemed to be the owner and the secured party out of possession shall not be deemed to be the owner.

(b) A long-term lease, the long-term lessee shall be deemed to be the owner and the long-term lessor shall not be deemed to be the owner.

2. As used in this section:

(a) “Lease,” “long-term lessee” and “long-term lessor” have the meanings ascribed to them in NRS 482.053.

(b) “Owner” has only the significance attributed to it by NRS 41.440.

(c) “Secured party” and “security interest” have the meanings ascribed to them by chapters 104 to 104C, inclusive, of NRS.

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