489.571 - Issuance of certificate to secured parties; delivery of certificate following performance of contract or security agreement.
489.571 Issuance of certificate to secured parties; delivery of certificate following performance of contract or security agreement.
1. Whenever a security interest is created in a manufactured home, mobile home or commercial coach, the certificate of ownership must be delivered to the Division with a statement signed by the debtor showing the date of the security agreement, the names and addresses of the debtor and the secured party.
2. The Division shall issue to the secured party a certificate of ownership with the name and address of the secured party and the name and address of the registered owner noted on it. If the security interest is subsequently acquired by another person, or if there is a change in the name or address of the secured party, the secured party shall apply to the Division for a corrected certificate of ownership.
3. When the contract or terms of the security agreement have been fully performed, the seller or other secured party who holds the certificate of ownership shall deliver the certificate to the person legally entitled to it with proper evidence of the termination or release of the security interest.
(Added to NRS by 1979, 1211; A 1983, 793; 1991, 1723)
NRS 489.581 Rights and duties of debtor and secured party; perfection and release of security interest. Compliance with the provisions of this chapter relating to a security interest in a manufactured home, mobile home or commercial coach is sufficient for the perfection and release of that security interest. In all other respects the rights and duties of the debtor and secured party are governed by the Uniform Commercial Code—Secured Transactions and chapter 97 of NRS to the extent applicable.
(Added to NRS by 1979, 1211; A 1983, 793; 1985, 303)