US Laws, Codes, Statutes & Cases

CHAPTER 32 - RECEIVERS

NRS 32.010              Cases in which receiver may be appointed.

NRS 32.015              Additional cases in which receiver may be appointed.

NRS 32.020              Reversion and disposition of unclaimed dividends in receivership.

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      NRS 32.010  Cases in which receiver may be appointed.  A receiver may be appointed by the court in which an action is pending, or by the judge thereof:

      1.  In an action by a vendor to vacate a fraudulent purchase of property, or by a creditor to subject any property or fund to his claim, or between partners or others jointly owning or interested in any property or fund, on application of the plaintiff, or of any party whose right to or interest in the property or fund, or the proceeds thereof, is probable, and where it is shown that the property or fund is in danger of being lost, removed or materially injured.

      2.  In an action by a mortgagee for the foreclosure of his mortgage and sale of the mortgaged property, where it appears that the mortgaged property is in danger of being lost, removed or materially injured, or that the condition of the mortgage has not been performed, and that the property is probably insufficient to discharge the mortgage debt.

      3.  After judgment, to carry the judgment into effect.

      4.  After judgment, to dispose of the property according to the judgment, or to preserve it during the pendency of an appeal, or in proceedings in aid of execution, when an execution has been returned unsatisfied, or when the judgment debtor refuses to apply his property in satisfaction of the judgment.

      5.  In the cases when a corporation has been dissolved, or is insolvent, or in imminent danger of insolvency, or has forfeited its corporate rights.

      6.  In all other cases where receivers have heretofore been appointed by the usages of the courts of equity.

      [1911 CPA § 251; RL § 5193; NCL § 8749]

      NRS 32.015  Additional cases in which receiver may be appointed.

      1.  In addition to the cases enumerated in NRS 32.010, a court or judge may appoint a receiver in an action brought by a secured lender to enforce the right provided in NRS 40.507, or a similar right provided in a mortgage, to enter and inspect real collateral to determine the existence, location, nature and magnitude of any past, present or threatened release or presence of a hazardous substance from, in, into or onto it. A right provided in a mortgage is subject to the same limitations and requirement of notice as are provided in NRS 40.507.

      2.  As used in this section, “hazardous substance,” “release” and “secured lender” have the meanings ascribed to them in NRS 40.504, 40.505 and 40.506, respectively.

      (Added to NRS by 1993, 151)

      NRS 32.020  Reversion and disposition of unclaimed dividends in receivership.

      1.  In any receivership proceeding instituted in which a dividend has been declared and ordered paid to creditors, any dividend which remains unclaimed for 3 years reverts to the general fund of the estate and must be applied as follows:

      (a) To the payment of costs and expenses of the administration of the estate and receivership.

      (b) To a new dividend distributed to creditors whose claims have been allowed but not paid in full. After those claims have been paid in full, the balance is presumed abandoned under NRS 120A.210.

      2.  This section applies to any receivership proceeding which may be brought, and includes any bank, banking corporation, corporation, copartnership, company, association or natural person.

      [1:34:1929; NCL § 9422]+[2:34:1929; NCL § 9423]—(NRS A 1979, 1760; 1983, 1476; 1987, 754; 2001, 1648)