Nevada Revised Statutes 104A.2102 – Scope
‘ 1. This article applies to any transaction, regardless of form, that creates a lease and, in the case of a hybrid lease, it applies to the extent provided in subsection 2.
Terms Used In Nevada Revised Statutes 104A.2102
- Finance lease: means a lease with respect to which:
(1) The lessor does not select, manufacture or supply the goods;
(2) The lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and
(3) One of the following occurs:
(I) The lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;
(II) The lessee"s approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract;
(III) The lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or
(IV) If the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person, that the lessee is entitled under this Article to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods, and that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Nevada Revised Statutes 104A.2103
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (Nevada Revised Statutes 104A.2103
- Hybrid lease: means a single transaction involving a lease of goods and:
(1) The provision of services;
(2) A sale of other goods; or
(3) A sale, lease or license of property other than goods. See Nevada Revised Statutes 104A.2103
- 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
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Nevada Revised Statutes 104A.2103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Nevada Revised Statutes 104A.2103
2. In a hybrid lease:
(a) If the lease-of-goods aspects do not predominate:
(1) Only the provisions of this Article which relate primarily to the lease-of-goods aspects of the transaction apply, and the provisions that relate primarily to the transaction as a whole do not apply;
(2) NRS 104A.2209 applies if the lease is a finance lease; and
(3) NRS 104A.2407 applies to the promises of the lessee in a finance lease to the extent the promises are consideration for the right to possession and use of the leased goods.
(b) If the lease-of-goods aspects predominate, this Article applies to the transaction, but this does not preclude application in appropriate circumstances of other law to the aspects of the lease which do not relate to the lease of goods.