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Nevada Revised Statutes Title 54. Professions, Occupations and Businesses § 627.200. Designation and appointment of construction control as agent; liability for violation of chapter; action by claimant of mechanic's lien

Current as of January 01, 2021 | Updated by FindLaw Staff

Any lender desiring to use the services of a construction control shall first obtain the written assent of the borrower specifying by name the construction control to be used. The lender and borrower shall be deemed to have appointed that construction control as their agent for the particular construction loan for which its services are requested and the acts of the construction control are binding upon the lender and borrower severally. If a related construction control or the employee or agent of a related construction control, or a lender acting as a construction control or any employee or agent of a lender acting as a construction control, violates any of the provisions of this chapter, otherwise than as the result of a good faith error in mathematical computation, then:

1. With respect to a particular loan subject to construction control, the construction control and the lender shall each, jointly and severally, be liable for payment of any mechanic's lien filed against the premises subject to construction to the extent that such a lien is the result of a violation of any provision of this chapter.

2. Any mechanic's lien claimant damaged by the violation of any provision of this chapter may jointly or severally proceed with an action on the bond referred to in NRS 627.180, and the rights and remedies under the bond or lien claims and any direct right of action against the lender or construction control are cumulative, and the lien claimant prevailing in any such action is entitled to reasonable attorney's fees.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 54. Professions, Occupations and Businesses § 627.200. Designation and appointment of construction control as agent; liability for violation of chapter; action by claimant of mechanic's lien - last updated January 01, 2021 | https://codes.findlaw.com/nv/title-54-professions-occupations-and-businesses/nv-rev-st-627-200/

Read this complete Nevada Revised Statutes Title 54. Professions, Occupations and Businesses § 627.200. Designation and appointment of construction control as agent; liability for violation of chapter; action by claimant of mechanic's lien on Westlaw. Westlaw subscription required.

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