Nevada Revised Statutes 645A.010 – Definitions
As used in this chapter, unless the context otherwise requires:
Terms Used In Nevada Revised Statutes 645A.010
- administering escrows: means the process of managing, conducting or supervising an escrow or escrow-related transaction as an escrow agent or escrow agency. See Nevada Revised Statutes 645A.010
- Commissioner: means the Commissioner of Mortgage Lending. See Nevada Revised Statutes 645A.010
- Construction control: has the meaning ascribed to it in Nevada Revised Statutes 645A.010
- Division: means the Division of Mortgage Lending of the Department of Business and Industry. See Nevada Revised Statutes 645A.010
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means any transaction wherein one person, for the purpose of effecting or closing the sale, purchase, exchange, transfer, encumbering or leasing of real or personal property to another person or persons, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by such third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by such third person, in compliance with instructions under which he or she is to act, to a grantee, grantor, promisee, promisor, obligee, obligor, lessee, lessor, bailee, bailor or any agent or employee thereof. See Nevada Revised Statutes 645A.010
- Escrow agency: means :
(a) Any person who employs one or more escrow agents; or
(b) An escrow agent who administers escrows on his or her own behalf. See Nevada Revised Statutes 645A.010
- Escrow agent: means any natural person employed by and associated with an escrow agency engaged in the business of administering escrows for compensation. See Nevada Revised Statutes 645A.010
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Grantor: The person who establishes a trust and places property into it.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
- 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
- Personal property: All property that is not real property.
- Trustee: A person or institution holding and administering property in trust.
1. ’Business of administering escrows‘ or ‘administering escrows’ means the process of managing, conducting or supervising an escrow or escrow-related transaction as an escrow agent or escrow agency.
2. ’Client’ means a person that has engaged an escrow agent or escrow agency to administer an escrow related to a transaction.
3. ’Commissioner’ means the Commissioner of Mortgage Lending.
4. ’Construction control’ has the meaning ascribed to it in NRS 627.050.
5. ’Control person’ means an executive officer, director, general partner, trustee, member or shareholder of an applicant or a licensee, or a person, who has the authority to participate in the direction, directly or indirectly through one or more other persons, of the management or policies of an applicant or a licensee.
6. ’Division’ means the Division of Mortgage Lending of the Department of Business and Industry.
7. ’Escrow’ means any transaction wherein one person, for the purpose of effecting or closing the sale, purchase, exchange, transfer, encumbering or leasing of real or personal property to another person or persons, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by such third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by such third person, in compliance with instructions under which he or she is to act, to a grantee, grantor, promisee, promisor, obligee, obligor, lessee, lessor, bailee, bailor or any agent or employee thereof. The term includes the performance of the services of a construction control.
8. ’Escrow agency’ means:
(a) Any person who employs one or more escrow agents; or
(b) An escrow agent who administers escrows on his or her own behalf.
9. ’Escrow agent’ means any natural person employed by and associated with an escrow agency engaged in the business of administering escrows for compensation.
10. ’Registry’ has the meaning ascribed to it in NRS 645B.0128.