{"data":{"id":"us-nv/nrs-106a.150","jurisdiction":"us-nv","citation":"NRS 106A.150","heading":"Effect of mortgage modification.","body":"1. For a mortgage modification described in subsection 2:\n(a) The mortgage continues to secure the obligation as modified;\n(b) The priority of the mortgage is not affected by the modification;\n(c) The mortgage retains its priority regardless of whether a record of the mortgage modification is recorded in the land records of a jurisdiction in which the property is located; and\n(d) The modification is not a novation.\n2. Subsection 1 applies to one or more of the following mortgage modifications:\n(a) An extension of the maturity date of an obligation;\n(b) A decrease in the interest rate of an obligation;\n(c) If the change does not result in an increase in the interest rate of an obligation as calculated on the date the modification becomes effective:\n(1) A change to a different index that is a recognized index if the previous index to which changes in the interest rate were linked is no longer available;\n(2) A change in the differential between the index and the interest rate;\n(3) A change from a floating or adjustable rate to a fixed rate; or\n(4) A change from a fixed rate to a floating or adjustable rate based on a recognized index;\n(d) A capitalization of unpaid interest or other unpaid monetary obligation;\n(e) A forgiveness, forbearance or other reduction of principal, accrued interest or other monetary obligation;\n(f) A modification of a requirement for maintaining an escrow or reserve account for payment of an obligation, including taxes and insurance premiums;\n(g) A modification of a requirement for acquiring or maintaining insurance;\n(h) A modification of an existing condition to advance funds;\n(i) A modification of a financial covenant; and\n(j) A modification of the payment amount or schedule resulting from another modification described in this subsection.\n3. The effect of a mortgage modification not described in subsection 2 is governed by other law.","path":["TITLE 8 — COMMERCIAL INSTRUMENTS AND TRANSACTIONS","CHAPTER 106A - MORTGAGE MODIFICATIONS (UNIFORM ACT)"],"source_url":"https://www.leg.state.nv.us/NRS/NRS-106A.html#NRS106ASec150","current_through":"2025 session (NRS as revised 2026-08-25)","vintage":"","retrieved_at":"2026-09-03T05:51:31Z","sha256":"a16cfb55bbf7444c7a28ff94a71e4296c039979e98a5cf5977af174567e047da","source_id":"us-nv","stale":true,"prev":"us-nv/nrs-106a.140","next":"us-nv/nrs-106a.160"},"notice":"GroundRules: Original legal text. Not legal advice."}