Nevada Revised Statutes 445B.728 – ‘Consignment auction’ defined
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‘Consignment auction’ means any transaction whereby the registered owner or lienholder of a vehicle, or an insurance company that has acquired a vehicle as part of a total loss settlement, agrees, entrusts or in any other manner authorizes a consignee to act as his or her agent to sell or attempt to sell the interest of the registered owner, lienholder or insurance company in the vehicle at an auction that meets the requirements set forth in NRS 445B.807.
Terms Used In Nevada Revised Statutes 445B.728
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.