Nevada Revised Statutes 107.025 – Estate for years: Encumbrance by deed of trust; foreclosure by exercise of power of sale
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A deed of trust may encumber an estate for years however created, including a proprietary lease in a cooperative, unless prohibited by the instrument creating the estate, and foreclosure may be had by the exercise of a power of sale in accordance with the provisions of this chapter.
Terms Used In Nevada Revised Statutes 107.025
- Cooperative: has the meaning ascribed to it in Nevada Revised Statutes 107.015
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- 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