Nevada Revised Statutes 573.037 – Deposit in lieu of bond: Amount; action for recovery against deposit; retention by Department
1. As authorized by NRS 573.025 or subsection 2 of NRS 573.030, in lieu of filing the bond described in NRS 573.033, the applicant may deliver to the Director the receipt of a bank, credit union or trust company doing business in this state showing the deposit with that bank, credit union or trust company of cash or of securities endorsed in blank by the owner thereof and, except as otherwise provided in NRS 573.025, of a market value equal at least to the required principal amount of the bond, the cash or securities to be deposited in escrow under an agreement conditioned as in the case of a bond. A receipt must be accompanied by evidence that there are no unsatisfied judgments against the applicant of record in the county where the applicant resides.
Terms Used In Nevada Revised Statutes 573.037
- Annual sale of livestock: means any sale of livestock:
(a) To which any member of the public may consign livestock for sale or exchange through public bidding at the sale of the livestock; and
(b) Which is conducted for not more than 2 consecutive days during a calendar year. See Nevada Revised Statutes 573.010
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Department: means the State Department of Agriculture. See Nevada Revised Statutes 573.010
- Director: means the Director of the Department. See Nevada Revised Statutes 573.010
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Livestock: means :
(a) Cattle, sheep, goats, horses, mules, asses, burros, swine or poultry; and
(b) Alternative livestock as defined in Nevada Revised Statutes 573.010
2. An action for recovery against any such deposit may be brought in the same manner as in the case of an action for recovery on a bond filed under the provisions of this chapter.
3. Except as otherwise provided in NRS 573.025, if any licensed operator of a public livestock auction or holder of a limited license to conduct an annual sale of livestock for any reason ceases to operate the auction or sale, the amount of money or securities deposited in lieu of a bond must be retained by the Department for 1 year. If 1 year after the cessation of the operation, no legal action has been commenced to recover against the money or securities, the amount thereof must be delivered to the owner thereof. If a legal action has been commenced within that period, all such money and securities must be held by the Director subject to the order of a court of competent jurisdiction.