Nevada Revised Statutes 597.010 – Definitions
As used in NRS 597.010 to 597.110, inclusive, unless the context otherwise requires:
Terms Used In Nevada Revised Statutes 597.010
- 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
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Personal property: All property that is not real property.
1. ’Consummation’ means the time at which a customer becomes contractually obligated under a lease agreement with an option to purchase.
2. ’Customer’ means a natural person who leases personal property which is to be used primarily for personal, family or household purposes pursuant to a lease agreement with an option to purchase.
3. ’Lease agreement with an option to purchase’ means an agreement:
(a) For the possession and use of personal property by a natural person primarily for personal, family or household purposes, for an initial period of not more than 4 months;
(b) That is automatically renewable with each payment made after the initial period;
(c) That does not obligate or require the customer to continue leasing or using the property beyond the initial period; and
(d) That permits the customer to acquire the ownership of the property.
4. ’Lessor’ means a person who regularly provides the possession and use of property pursuant to a lease agreement with an option to purchase and to whom rental payments are initially payable as indicated on the face of the agreement.