2005 Nevada Revised Statutes - Chapter 99 — Money of Account and Interest; Legal Investments

CHAPTER 99 - MONEY OF ACCOUNT AND INTEREST;LEGAL INVESTMENTS

MONEY OF ACCOUNT AND INTEREST

NRS 99.010 Dollar,cent and mill to be money of account.

NRS 99.020 Suitson accounts, notes or bonds expressed in other money of account: Reduction todollars or parts of dollars.

NRS 99.030 Obligations,judgments or executions payable in legal money.

NRS 99.040 Interestrate when not fixed by express contract for certain types of transactions.

NRS 99.050 Agreedinterest rates; compounding; charges or fees.

NRS 99.055 Prepaymentof loans.

NRS 99.060 Definitionsrelating to public securities.

NRS 99.065 Publicsecurities: Compound interest authorized; repayment.

LEGAL INVESTMENTS

NRS 99.070 Obligationsof United States Postal Service and Federal National Mortgage Association.

_________

MONEY OF ACCOUNT AND INTEREST

NRS 99.010 Dollar,cent and mill to be money of account. Themoney of account of this state shall be the dollar, cent and mill. All theaccounts in the public offices, other public accounts, and all proceedings incourts, shall be kept and had in conformity with this section.

[1:34:1861; B 29; BH 4900; C 2742; RL 2497;NCL 4320]

NRS 99.020 Suitson accounts, notes or bonds expressed in other money of account: Reduction todollars or parts of dollars. Nothing containedin NRS 99.010 shall vitiate or affectany account, charge or entry originally made, or any note, bond or otherinstrument, expressed in any other money of account, but the same shall bereduced to dollars, or parts of dollars, as directed in NRS 99.010, in any suit thereupon.

[2:34:1861; B 30; BH 4901; C 2743; RL 2498;NCL 4321]

NRS 99.030 Obligations,judgments or executions payable in legal money. AfterFebruary 15, 1893, all official bonds and undertakings, and all obligations ofdebt, judgments or executions stated in terms of dollars and to be paid inmoney shall be payable in legal money authorized by the Congress of the UnitedStates.

[1:16:1893; A 1895, 13; C 2738; RL 2501; NCL 4324]

NRS 99.040 Interestrate when not fixed by express contract for certain types of transactions.

1. When there is no express contract in writing fixinga different rate of interest, interest must be allowed at a rate equal to theprime rate at the largest bank in Nevada, as ascertained by the Commissioner ofFinancial Institutions, on January 1 or July 1, as the case may be, immediatelypreceding the date of the transaction, plus 2 percent, upon all money from thetime it becomes due, in the following cases:

(a) Upon contracts, express or implied, other than bookaccounts.

(b) Upon the settlement of book or store accounts fromthe day on which the balance is ascertained.

(c) Upon money received to the use and benefit ofanother and detained without his consent.

(d) Upon wages or salary, if it is unpaid when due,after demand therefor has been made.

The ratemust be adjusted accordingly on each January 1 and July 1 thereafter until thejudgment is satisfied.

2. The provisions of this section do not apply to moneyowed pursuant to chapter 624 of NRS which isgoverned by the provisions of NRS 624.630.

3. As used in this section, book account means adetailed statement which:

(a) Constitutes the principal record of one or moretransactions between a debtor and a creditor arising out of a contract or somefiduciary relationship;

(b) Shows the debits and credits in connection withthat contract or fiduciary relationship and shows against whom and in favor ofwhom entries are made;

(c) Is entered in the regular course of business asconducted by such creditor or fiduciary; and

(d) Is kept in a reasonably permanent form and manner:

(1) In a bound book;

(2) On a sheet or sheets fastened in a book orto backing but detachable therefrom;

(3) On a card or cards of a permanent character;or

(4) In any other reasonably permanent form andmanner.

[4:34:1861; A 1887, 82; 1917, 351; 1919 RL 2499;NCL 4322](NRS A 1979, 830; 1981, 1859; 1983, 426; 1987, 558, 940; 2001, 1625; 2005, 1735, 1856)

NRS 99.050 Agreedinterest rates; compounding; charges or fees. Partiesmay agree for the payment of any rate of interest on money due or to become dueon any contract, for the compounding of interest if they choose, and for anyother charges or fees. The parties shall specify in writing the rate upon whichthey agree, that interest is to be compounded if so agreed, and any othercharges or fees to which they have agreed.

[5:34:1861; A 1913, 31; 1919 RL 2500; NCL 4323](NRS A 1975, 1794; 1979, 583, 963; 1981, 1593; 1983, 976; 1984, 6)

NRS 99.055 Prepaymentof loans. When any loan is prepaid, the amountof interest earned must be computed by applying the agreed rate to the unpaidbalance for each period. Any greater amount of interest which may have beenprecomputed and included in the balance due must be allowed as a credit on anyamount due or refunded. This section does not preclude the imposition of any:

1. Penalty for prepayment; or

2. Single charge for making the loan,

to which theparties agree when the loan is made.

(Added to NRS by 1983, 976)

NRS 99.060 Definitionsrelating to public securities.

1. As applied to bonds or other securities issued bythis state or any political subdivision or municipal or public corporation ofthis state, effective interest rate means the interest rate based on theactual price paid to the public entity, calculated to maturity of theobligation according to standard tables of bond values.

2. When used in a limitation of the rate of interestupon such bonds or other securities, the Index of Twenty Bonds and the Indexof Revenue Bonds refer to these indexes for municipal bonds as most recentlypublished in the daily or weekly version of The Bond Buyer, at One State StreetPlaza in New York City.

(Added to NRS by 1969, 1285; A 1983, 570; 1985, 1077;1989, 587)

NRS 99.065 Publicsecurities: Compound interest authorized; repayment.

1. Bonds or other securities issued by this state orany of its political subdivisions may provide for the payment of compoundinterest. The amount of the compound interest must be treated as interest andnot as an addition to the principal of the bond or other security.

2. If interest is compounded on some or all of anissue of securities, repayment of the securities:

(a) Must commence no later than the fifth year afterissue; and

(b) If in installments, must be made no less often thanannually.

(Added to NRS by 1985, 1076; A 1989, 147)

LEGAL INVESTMENTS

NRS 99.070 Obligationsof United States Postal Service and Federal National Mortgage Association. Notwithstanding any other provision of law, obligationsissued by the United States Postal Service or the Federal National MortgageAssociation, whether or not the payment of principal and interest thereon isguaranteed by the Government of the United States, may be purchased by:

1. Insurance companies, insurance associations and allother persons carrying on an insurance business;

2. Executors, administrators, guardians, committees,conservators, liquidators, rehabilitators, receivers, trust companies andtrustees, and all other persons occupying a similar fiduciary position;

3. Banks, bankers and savings banks;

4. Savings and loan associations, investment companiesand other financial institutions;

5. Credit unions, cemetery associations, mutual benevolentand benefit associations;

6. The State and any municipality, county, schooldistrict or other local government unit or political subdivision;

7. All other public officers, boards, commissions,bodies and agencies of the State and its political subdivisions and agencies;and

8. Any other natural person, firm, group, corporation,association, institution and fund.

(Added to NRS by 1971, 267; A 1985, 355)

 

Disclaimer: These codes may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.