In a recent decision, the Nevada Supreme Court discusses Nevada’s one action rule and deficiency judgment statute. See Walters v. The Eighth Judicial Court of the State of Nevada 127 Nev. Adv. Op. 66. Specifically, the Court held that the requirement that a deficiency action be commenced within six months of the trustees sale was satisfied when the lender counterclaimed against the borrower, in this case Billy Walters, in a suit filed by the borrower. In reaching its decision, the Court analyzed NRS 40.455.
Recent Nevada Supreme Court opinion discusses deficiency judgments
by glh4171 Posted: Wednesday, 10/19/2011The Nevada Supreme Court in Galegos v. Malco Enterprises of Nevada, Inc. 127 Nev. Ad. Op. 51 recently clarified that the rights of action held by a judgment debtor are subject to execution under NRS 21.080 and may be judicially assigned pursuant to NRS 21.320. Specifically the Court held that: “Based on the above statutory authority, we conclude that rights of action held by a judgment debtor are personal property subject to execution in satisfaction of a judgment.” This ruling clarifies that a creditor who locates valuable potential judgments of his debtor may obtain rights to the litigation in satisfaction of a debt.
Garry Hayes was recently selected by his peers for inclusion in The Best Lawyers in America® 2012 in the field of Land Use and Zoning law (Copyright 2011 by Woodward/White, Inc., of Aiken, S.C.).
Since its inception in 1983, Best Lawyers has become universally regarded as the definitive guide to legal excellence. Because Best Lawyers is based on an exhaustive peer-review survey in which more than 41,000 leading attorneys cast almost 3.9 million votes on the legal abilities of other lawyers in their practice areas, and because lawyers are not required or allowed to pay a fee to be listed, inclusion in Best Lawyers is considered a singular honor. Corporate Counsel magazine has called Best Lawyers “the most respected referral list of attorneys in practice.”
It is important to note that the lawyers listed in Best Lawyers have no say in deciding which practice areas they are included in. They are voted into practice areas entirely as a result of the votes they receive from their peers. The subspecialties listed after their names are based on information from a variety of sources.
The term “serve” or “service” as used in a lawsuit means to give a person notice that they are involved in legal proceedings. Due process, which is a constitutional right, means that courts cannot act against a person unless the person has knowledge of the proceedings. The preferred method to serve is by personal service. Under Nevada law, a licensed process server is required to physically provide the defendant legal papers. Service can also be accomplished by leaving the papers with a person of suitable age at the defendants home. Absent personal service the courts allow, with a court order, additional methods of service that may include publishing in the legal notices section of the newspaper. The defendant cannot avoid the lawsuit merely by avoiding accepting legal papers.
Under the Full Faith and Credit Clause of the United States Constitution, states must give full faith and credit to the judgments of other states. In order to establish a mechanism for allowing he enforcement of such “foreign judgments”, Nevada, like many states has adopted the Uniform Enforcement of Foreign Judgments Act. This Act was adopted in 1979 and is codified in Nevada Revised Statutes (NRS) 17:330-17:400. A Foreign Judgment means ” any judgment of a court of the United States or of any other court which is entitled to full faith and credit”. The statute lists two exceptions that generally do not apply to money judgments.
The office copier turns the big 5-0!
Posted by Stephanie N. Mehta, Executive Editor Fortune Magazine
January 22, 2010 10:16 AM
Lessons from one of the earliest information technologies.
Long before digital tools such as listservs, e-mail blasts, and even Facebook enabled us to easily broadcast messages, photocopies were the most efficient way to distribute information to groups of all sizes.
If the boss needed to discuss a new company policy, workers got memos in their (physical) in-boxes or slipped under their office doors. Community newsletters, fliers for parties, and the oft-maligned Christmas letters in holiday cards were all made possible by the automated copying machine, which made its commercial debut 50 years ago
“It was a democratizing technology,” says Stephen P. Hoover, vice president of global software solutions for Xerox (XRX, Fortune 500).
Nevada provides a mechanism for winding down a Nevada LLC. By following the statute, the protections provided the members and managers of the LLC against creditors are more likely to be protected.
NRS 86.491 describes the events requiring dissolution. NRS 86.531 describes what must be included in the Articles of Dissolution.
The Nevada Secretary of State web site has an example of Articles of Dissolution that can be used. Actions against the LLC or brought by the LLC must be commenced within 2 years of the date of dissolution. The order in which assets of the dissolved LLC are distributed is described in NRS 86.521.
In 2003, the Nevada Legislature enacted legislation requiring all business in the State of Nevada to obtain a State Business License. The definition of what constitutes doing business in Nevada and the exemptions to licensing are found in NRS 360: 760-798. This requirement, unlike a local business license which also considers zoning and land use issues, is solely a revenue generating device. All entities created in Nevada, with very few exceptions, are required to obtain this license.
In 2009, the Nevada Legislature transferred collection responsibility from the Nevada Department of Taxation to the Nevada Secretary of State to be collected with the annual renewal filing for the entity. This has caused considerable confusion as these annual filings are now requiring proof of licensing. Unfortunately, this will be another fee that must be considered as part of the cost of maintaining a Nevada corporation or limited liability company.
It is always tempting to sell land, assets or a business on terms. Short of the US government being the purchaser, there is always a risk of default. The heirs of Howard Hughes are learning this the hard way. The lesson-cash up front is always desirable. Don’t get caught up in the consequences of tax considerations, significantly higher price, etc. in deciding to accept terms over cash.
All states have a great deal of helpful information for small businesses online. For example, the Secretar of State for Nevada has the forms and information availbale online to form a Nevada LLC. Ross Miller: Nevada Secretary of State