{"data":{"id":"us-nv/nrs-116b.405","jurisdiction":"us-nv","citation":"NRS 116B.405","heading":"Rights of secured lenders.","body":"The declaration may require that all or a specified number or percentage of the lenders who hold security interests encumbering the units approve specified actions of the units’ owners or the association as a condition to the effectiveness of those actions, but no requirement for approval may operate to:\n1. Deny or delegate control over the general administrative affairs of the association by the units’ owners or the executive board;\n2. Prevent the association or the executive board from commencing, intervening in or settling any litigation or proceeding; or\n3. Prevent any trustee or the association from receiving and distributing any proceeds of insurance except as otherwise provided in this chapter.","path":["TITLE 10 — PROPERTY RIGHTS AND TRANSACTIONS","CHAPTER 116B - CONDOMINIUM HOTEL ACT","CREATION, ALTERATION AND TERMINATION OF CONDOMINIUM HOTELS"],"source_url":"https://www.leg.state.nv.us/NRS/NRS-116B.html#NRS116BSec405","current_through":"2025 session (NRS as revised 2026-08-25)","vintage":"","retrieved_at":"2026-09-03T05:51:32Z","sha256":"182b88aa0cb4cb1104e79003799817439eabdba7c4bdaea13d545c34fb1ba2c9","source_id":"us-nv","stale":true,"prev":"us-nv/nrs-116b.400","next":"us-nv/nrs-116b.410"},"notice":"GroundRules: Original legal text. Not legal advice."}