Nevada Revised Statutes 148.130 – Sale of property subject to mortgage or other lien
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1. If real or personal property is sold that is subject to a mortgage or other lien which is a valid claim against the estate, the purchase money must be applied, after paying the necessary expenses of the sale:
Terms Used In Nevada Revised Statutes 148.130
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Personal property: All property that is not real property.
(a) First to the payment and satisfaction of the mortgage or other lien; and
(b) The residue, if any, in due course of administration.
2. The application of the purchase money to the satisfaction of the mortgage or other lien must be made without delay, and the property is subject to the mortgage or other lien until the purchase money has been so applied.