148.130 - Sale of property subject to mortgage or other lien. - Nevada Statutes

148.130  Sale of property subject to mortgage or other lien.

      1.  If real or personal property is sold that is subject to a mortgage or other lien which is a valid claim against the estate, the purchase money must be applied, after paying the necessary expenses of the sale:

      (a) First to the payment and satisfaction of the mortgage or other lien; and

      (b) The residue, if any, in due course of administration.

      2.  The application of the purchase money to the satisfaction of the mortgage or other lien must be made without delay, and the property is subject to the mortgage or other lien until the purchase money has been so applied.

      [147:107:1941; 1931 NCL § 9882.147]—(NRS A 1999, 2317)