Nevada Revised Statutes 111.880 – Liability for creation after May 20, 2011
1. Any person who creates or records a private transfer fee obligation in the person’s favor on or after May 20, 2011, or who fails to comply with a requirement imposed by subsection 1 of NRS 111.870 or subsection 1 of NRS 111.875 is liable for all:
Terms Used In Nevada Revised Statutes 111.880
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) Damages resulting from the enforcement of the private transfer fee obligation upon the transfer of an interest in the real property, including, without limitation, the amount of any private transfer fee paid by a party to the transfer; and
(b) Attorney’s fees, expenses and costs incurred by a party to the transfer or mortgagee of the real property to recover any private transfer fee paid or in connection with an action to quiet title.
2. A principal is liable pursuant to this section for the acts or omissions of an authorized agent of the principal.