Nevada Revised Statutes 106.360 – Execution, enforceability, contents and amendment of instrument
1. A borrower may execute an instrument encumbering the borrower’s real property to secure future advances from a lender within a mutually agreed maximum amount of principal. The instrument or an amendment to the instrument is enforceable only if the instrument or the amendment is recorded in the office of the county recorder of the county in which the real property is located and the party seeking to enforce the instrument or the amendment is an original party to the instrument or amendment or the current assignee of record.
Terms Used In Nevada Revised Statutes 106.360
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. The instrument must state clearly:
(a) That it secures future advances; and
(b) The maximum amount of principal to be secured.
3. The maximum amount of advances of principal to be secured by the instrument may increase or decrease from time to time by amendment of the instrument.