Nevada Revised Statutes 489.778 – Potential liability of transferor and agent to transferee; options of transferee upon disclosure; rights and remedies additional
1. A transferor or his or her agent, or both, who violates any provision of NRS 489.776 may be held liable to the transferee in any action at law or in equity.
Terms Used In Nevada Revised Statutes 489.778
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
2. An agent of a transferee who has actual knowledge of any information required to be disclosed pursuant to NRS 489.776 may be held liable to the transferee in any action at law or in equity if the agent fails to disclose that information to the transferee.
3. If a transferor makes a disclosure pursuant to NRS 489.776, the transferee may:
(a) Rescind the agreement to purchase, lease or take possession of the manufactured home, mobile home, manufactured building, commercial coach or factory-built housing;
(b) Make the agreement to purchase, lease or take possession of the manufactured home, mobile home, manufactured building, commercial coach or factory-built housing contingent upon the repair of any damage to the manufactured home, mobile home, manufactured building, commercial coach or factory-built housing that has been caused by the manufacturing of any material, compound, mixture or preparation which contains any quantity of methamphetamine; or
(c) Accept the manufactured home, mobile home, manufactured building, commercial coach or factory-built housing with the damage as disclosed by the transferor without further recourse.
4. The rights and remedies provided by this section are in addition to any other rights or remedies that may exist at law or in equity.