Nevada Revised Statutes 78.695 – Substitution of receiver as party; abatement of actions
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1. A receiver, upon application by him or her, shall be substituted as party plaintiff or complainant in the place and stead of the corporation in any suit or proceeding at law or in equity which was pending at the time of the receiver’s appointment.
Terms Used In Nevada Revised Statutes 78.695
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Receiver: includes receivers and trustees appointed by a court as provided in this chapter or in chapter 32 of NRS. See Nevada Revised Statutes 78.010
2. No action against a receiver of a corporation shall abate by reason of the receiver’s death, but, upon suggestion of the facts on the record, shall be continued against the receiver’s successor, or against the corporation in case no new receiver be appointed.