Security deposited in compliance with the requirements of this chapter is applicable only to the payment of a judgment or judgments rendered against the person or persons on whose behalf the deposit was made for damages arising out of the crash in question in an action at law, begun not later than 2 years after the date of the crash or within 1 year after the date of deposit of any security under NRS 485.230, whichever period is longer, or to the payment in settlement, agreed to by the depositor, of a claim or claims arising out of the crash.
NRS 485.270
Disposition of security
Known as the Motor Vehicle Insurance and Financial Responsibility Act
The act spans §§ 485–485 (74 sections).
[Part 9:127:1949; A 1955, 192]—(NRS A 1957, 722; 1981, 1865; 2015, 1650)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.