Nevada Revised Statutes
Chapter 104A - Uniform Commercial Code — Additional Articles
NRS 104A.2103 - Definitions and index of definitions.


1. In this Article unless the context otherwise requires:
(a) "Buyer in ordinary course of business" means a person who, in good faith and without knowledge that the sale to him or her is in violation of the ownership, rights or security interest or leasehold interest of a third party in the goods buys in ordinary course from a person in the business of selling goods of that kind but does not include a pawnbroker. "Buying" may be for cash or by exchange of other property or on secured or unsecured credit and includes acquiring goods or documents of title under a preexisting contract for sale but does not include a transfer in bulk or as security for or in total or partial satisfaction of a money debt.
(b) "Cancellation" occurs when either party puts an end to the lease contract for default by the other party.
(c) "Commercial unit" means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. A commercial unit may be a single Article, as a machine, or a set of Articles, as a suite of furniture or a line of machinery, or a quantity, as a gross or carload, or any other unit treated in use or in the relevant market as a single whole.
(d) "Conforming" goods or performance under a lease contract means goods or performance that are in accordance with the obligations under the lease contract.
(e) "Consumer lease" means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is a natural person and who takes under the lease primarily for a personal, family or household purpose.
(f) "Fault" means wrongful act, omission, breach or default.
(g) "Finance lease" means a lease with respect to which:
(1) The lessor does not select, manufacture or supply the goods;
(2) The lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and
(3) One of the following occurs:
(I) The lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;
(II) The lessee’s approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract;
(III) The lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or
(IV) If the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person, that the lessee is entitled under this Article to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods, and that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies.
(h) "Goods" means all things that are movable at the time of identification to the lease contract, or are fixtures (NRS 104A.2309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. The term also includes the unborn young of animals.
(i) "Installment lease contract" means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent.
(j) "Lease" means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. Unless the context clearly indicates otherwise, the term includes a sublease.
(k) "Lease agreement" means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this Article. Unless the context clearly indicates otherwise, the term includes a sublease agreement.
(l) "Lease contract" means the total legal obligation that results from the lease agreement as affected by this Article and any other applicable rules of law. Unless the context clearly indicates otherwise, the term includes a sublease contract.
(m) "Leasehold interest" means the interest of the lessor or the lessee under a lease contract.
(n) "Lessee" means a person who acquires the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessee.
(o) "Lessee in ordinary course of business" means a person who in good faith and without knowledge that the lease to him or her is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods leases in ordinary course from a person in the business of selling or leasing goods of that kind but does not include a pawnbroker. "Leasing" may be for cash or by exchange of other property or on secured or unsecured credit and includes acquiring goods or documents of title under a preexisting lease contract but does not include a transfer in bulk or as security for or in total or partial satisfaction of a money debt.
(p) "Lessor" means a person who transfers the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessor.
(q) "Lessor’s residual interest" means the lessor’s interest in the goods after expiration, termination or cancellation of the lease contract.
(r) "Lien" means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest.
(s) "Lot" means a parcel or a single Article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract.
(t) "Merchant lessee" means a lessee that is a merchant with respect to goods of the kind subject to the lease.
(u) "Present value" means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. The discount is determined by the interest rate specified by the parties if the rate was not manifestly unreasonable at the time the transaction was entered into; otherwise, the discount is determined by a commercially reasonable rate that takes into account the facts and circumstances of each case at the time the transaction was entered into.
(v) "Purchase" includes taking by sale, lease, mortgage, security interest, pledge, gift or any other voluntary transaction creating an interest in goods.
(w) "Sublease" means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease.
(x) "Supplier" means a person from whom a lessor buys or leases goods to be leased under a finance lease.
(y) "Supply contract" means a contract under which a lessor buys or leases goods to be leased.
(z) "Termination" occurs when either party pursuant to a power created by agreement or law puts an end to the lease contract otherwise than for default.
2. Other definitions applying to this Article and the sections in which they appear are:
"Accessions." NRS 104A.2310.
"Construction mortgage." NRS 104A.2309.
"Encumbrance." NRS 104A.2309.
"Fixtures." NRS 104A.2309.
"Fixture filing." NRS 104A.2309.
"Purchase money lease." NRS 104A.2309.
3. The following definitions in other Articles apply to this Article:
"Account." NRS 104.9102.
"Between merchants." NRS 104.2104.
"Buyer." NRS 104.2103.
"Chattel paper." NRS 104.9102.
"Consumer goods." NRS 104.9102.
"Document." NRS 104.9102.
"Entrusting." NRS 104.2403.
"General intangible." NRS 104.9102.
"Instrument." NRS 104.9102.
"Merchant." NRS 104.2104.
"Mortgage." NRS 104.9102.
"Pursuant to commitment." NRS 104.9102.
"Receipt." NRS 104.2103.
"Sale." NRS 104.2106.
"Sale on approval." NRS 104.2326.
"Sale or return." NRS 104.2326.
"Seller." NRS 104.2103.
4. In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
(Added to NRS by 1989, 340; A 1989, 721; 1991, 413; 1999, 380; 2005, 876)

Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 104A - Uniform Commercial Code — Additional Articles

NRS 104A.010 - Applicability of and references to Uniform Commercial Code.

NRS 104A.200 - Law applicable to transactions entered into before January 1, 1990.

NRS 104A.2101 - Short title.

NRS 104A.2102 - Scope.

NRS 104A.2103 - Definitions and index of definitions.

NRS 104A.2104 - Leases subject to other law.

NRS 104A.2105 - Territorial application of article to goods covered by certificate of title.

NRS 104A.2106 - Limitation on power of parties to consumer lease to choose applicable law and judicial forum.

NRS 104A.2107 - Waiver or renunciation of claim or right after default.

NRS 104A.2108 - Unconscionability.

NRS 104A.2109 - Option to accelerate at will.

NRS 104A.2201 - Statute of frauds.

NRS 104A.2202 - Final written expression: Parol or extrinsic evidence.

NRS 104A.2203 - Seals inoperative.

NRS 104A.2204 - Formation in general.

NRS 104A.2205 - Firm offers.

NRS 104A.2206 - Offer and acceptance in formation of lease contract.

NRS 104A.2208 - Modification, rescission and waiver.

NRS 104A.2209 - Lessee under finance lease as beneficiary of supply contract.

NRS 104A.2210 - Express warranties.

NRS 104A.2211 - Warranties against interference and against infringement; lessee’s obligation against infringement.

NRS 104A.2212 - Implied warranty of merchantability.

NRS 104A.2213 - Implied warranty of fitness for particular purpose.

NRS 104A.2214 - Exclusion or modification of warranties.

NRS 104A.2215 - Cumulation and conflict of warranties express or implied.

NRS 104A.2216 - Third-party beneficiaries of express and implied warranties.

NRS 104A.2217 - Identification.

NRS 104A.2218 - Insurance and proceeds.

NRS 104A.2219 - Risk of loss.

NRS 104A.2220 - Effect of default on risk of loss.

NRS 104A.2221 - Casualty to identified goods.

NRS 104A.2301 - Enforceability of lease contract.

NRS 104A.2302 - Title to and possession of goods.

NRS 104A.2303 - Alienability of party’s interest under lease contract or of lessor’s residual interest in goods; delegation of performance; transfer of rights.

NRS 104A.2304 - Subsequent lease of goods by lessor.

NRS 104A.2305 - Sale or sublease of goods by lessee.

NRS 104A.2306 - Priority of certain liens arising by operation of law.

NRS 104A.2307 - Priority of liens arising by attachment or levy on, security interests in and other claims to goods.

NRS 104A.2308 - Special rights of creditors.

NRS 104A.2309 - Lessor’s and lessee’s rights when goods become fixtures.

NRS 104A.2310 - Lessor’s and lessee’s rights when goods become accessions.

NRS 104A.2311 - Priority subject to subordination.

NRS 104A.2401 - Insecurity: Adequate assurance of performance.

NRS 104A.2402 - Anticipatory repudiation.

NRS 104A.2403 - Retraction of anticipatory repudiation.

NRS 104A.2404 - Substituted performance.

NRS 104A.2405 - Excused performance.

NRS 104A.2406 - Procedure on excused performance.

NRS 104A.2407 - Irrevocable promises: Finance leases.

NRS 104A.2501 - Default: Procedure.

NRS 104A.2502 - Notice after default.

NRS 104A.2503 - Modification or impairment of rights and remedies.

NRS 104A.2504 - Liquidation of damages.

NRS 104A.2505 - Cancellation and termination, and effect of cancellation, termination, rescission or fraud on rights and remedies.

NRS 104A.2506 - Statute of limitations.

NRS 104A.2507 - Proof of market rent: Time and place.

NRS 104A.2508 - Lessee’s remedies.

NRS 104A.2509 - Lessee’s rights on improper delivery; rightful rejection.

NRS 104A.2510 - Installment lease contracts: Rejection and default.

NRS 104A.2511 - Merchant lessee’s duties as to rightfully rejected goods.

NRS 104A.2512 - Lessee’s duties as to rightfully rejected goods.

NRS 104A.2513 - Cure by lessor of improper tender or delivery; replacement.

NRS 104A.2514 - Waiver of lessee’s objections.

NRS 104A.2515 - Acceptance of goods.

NRS 104A.2516 - Effect of acceptance of goods; notice of default; burden of establishing default after acceptance; notice of claim or litigation to person answerable over.

NRS 104A.2517 - Revocation of acceptance of goods.

NRS 104A.2518 - Cover; substitute goods.

NRS 104A.2519 - Lessee’s damages for nondelivery, repudiation, default and breach of warranty in regard to accepted goods.

NRS 104A.2520 - Lessee’s incidental and consequential damages.

NRS 104A.2521 - Lessee’s right to specific performance or replevin.

NRS 104A.2522 - Lessee’s right to goods on lessor’s insolvency.

NRS 104A.2523 - Lessor’s remedies.

NRS 104A.2524 - Lessor’s right to identify goods to lease contract.

NRS 104A.2525 - Lessor’s right to possession of goods.

NRS 104A.2526 - Lessor’s stoppage of delivery in transit or otherwise.

NRS 104A.2527 - Lessor’s rights to dispose of goods.

NRS 104A.2528 - Lessor’s damages for nonacceptance, failure to pay, repudiation or other default.

NRS 104A.2529 - Lessor’s action for the rent.

NRS 104A.2530 - Lessor’s incidental damages.

NRS 104A.2531 - Standing to sue third parties for injury to goods.

NRS 104A.2532 - Lessor’s rights to residual interest.

NRS 104A.4101 - Short title.

NRS 104A.4102 - Subject matter.

NRS 104A.4103 - Payment order: Definitions.

NRS 104A.4104 - Funds transfer: Definitions.

NRS 104A.4105 - Other definitions.

NRS 104A.4106 - Time payment order is received.

NRS 104A.4107 - Federal Reserve regulations and operating circulars.

NRS 104A.4108 - Exclusion of certain consumer transactions governed by federal law; resolution of inconsistencies between federal law and state law.

NRS 104A.4201 - Security procedure.

NRS 104A.4202 - Authorized and verified payment orders.

NRS 104A.4203 - Unenforceability of certain verified payment orders.

NRS 104A.4204 - Refund of payment and duty of customer to report with respect to unauthorized payment order.

NRS 104A.4205 - Erroneous payment orders.

NRS 104A.4206 - Transmission of payment order through funds-transfer or other communication system.

NRS 104A.4207 - Misdescription of beneficiary.

NRS 104A.4208 - Misdescription of intermediary bank or beneficiary’s bank.

NRS 104A.4209 - Acceptance of payment order.

NRS 104A.4210 - Rejection of payment order.

NRS 104A.4211 - Cancellation and amendment of payment order.

NRS 104A.4212 - Liability and duty of receiving bank regarding unaccepted payment order.

NRS 104A.4301 - Execution and execution date.

NRS 104A.4302 - Obligation of receiving bank in execution of payment order.

NRS 104A.4303 - Erroneous execution of payment order.

NRS 104A.4304 - Duty of sender to report erroneously executed payment order.

NRS 104A.4305 - Liability for late or improper execution or failure to execute payment order.

NRS 104A.4401 - Payment date.

NRS 104A.4402 - Obligation of sender to pay receiving bank.

NRS 104A.4403 - Payment by sender to receiving bank.

NRS 104A.4404 - Obligation of beneficiary’s bank to pay and give notice to beneficiary.

NRS 104A.4405 - Payment by beneficiary’s bank to beneficiary.

NRS 104A.4406 - Payment by originator to beneficiary; discharge of underlying obligation.

NRS 104A.4501 - Variation by agreement and effect of funds-transfer system rule.

NRS 104A.4502 - Creditor’s process served on receiving bank; setoff by beneficiary’s bank.

NRS 104A.4503 - Injunction or restraining order with respect to funds transfer.

NRS 104A.4504 - Order in which items and payment orders may be charged to account; order of withdrawals from account.

NRS 104A.4505 - Preclusion of objection to debit of customer’s account.

NRS 104A.4506 - Rate of interest.

NRS 104A.4507 - Choice of law.