1. Except as otherwise provided in subsections 4 and 5, in lieu of any cash payment or surety bond required as protection for the State of Nevada, the person required to provide the cash payment or surety bond may deposit with the State Treasurer, unless a different custodian is named by specific statute:
(a) Bonds of the United States or of the State of Nevada of an actual market value of not less than the amount of the required cash payment or surety bond;
(b) A letter of credit from a bank, savings bank, credit union or savings and loan association situated in Nevada, which meets the requirements set for that purpose by the State Treasurer; or
(c) A savings certificate, certificate of deposit or investment certificate of a bank, savings bank, credit union or savings and loan association situated in Nevada, which must indicate an account of an amount not less than the amount of the required cash payment or surety bond and, except as otherwise provided by specific statute, that the amount is not available for withdrawal except by direct order of the State Treasurer.
2. Whenever a savings certificate, certificate of deposit or investment certificate is deposited as provided in this section, interest earned on the certificate accrues to the account of the depositor.
3. If a surety bond is provided as protection for the State of Nevada, the bond must be issued by an insurer who is authorized or otherwise allowed under title 57 of NRS to issue such a bond pursuant to title 57 of NRS.
4. The Department of Motor Vehicles shall not accept bonds of the United States or of the State of Nevada in lieu of any cash payment or surety bond required to be deposited with the Department of Motor Vehicles as protection for the State of Nevada.
5. The Department of Taxation shall not accept bonds, savings certificates, certificates of deposit or investment certificates in lieu of the surety bond required to be deposited with the Department of Taxation pursuant to NRS 370.589.
(Added to NRS by 1967, 853; A 1989, 1072; 1993, 2403; 1999, 1456; 2019, 67, 641)
Structure Nevada Revised Statutes
Chapter 100 - Special Relations of Debtor and Creditor; Suretyship
NRS 100.010 - Assignment for creditors.
NRS 100.030 - NRS 100.010 and 100.020 not to affect prior liens.
NRS 100.040 - Requiring resort to different funds.
NRS 100.050 - Order of resort to different funds.
NRS 100.060 - Agreements between principals and sureties for joint control of assets.
NRS 100.075 - Creditor’s rights transferable without consent of debtor.
NRS 100.085 - Deposits in names of two or more persons.
NRS 100.105 - Disclosures required before lease consummated.
NRS 100.115 - Liability of lessor for failure to disclose.
NRS 100.125 - Reasonableness of estimated residual value of vehicle.
NRS 100.135 - Appraisal of vehicle when lease terminates or expires.
NRS 100.137 - Enforceability of default by lessee.
NRS 100.139 - Requirements of lease agreement for used vehicles; disclosures.
NRS 100.141 - Single document required; format requirements.
NRS 100.143 - Blank space for essential provisions prohibited.
NRS 100.155 - Notice of lessor’s intention to establish residual value of vehicle.
NRS 100.165 - Lessee’s right to submit bid for purchase of vehicle; effect of lessee’s bid.
NRS 100.175 - Penalty on lessor for failure to comply with NRS 100.145 to 100.165, inclusive.
NRS 100.220 - Effect of securitization transaction on property, assets and rights of transferor.