37.111 - Additional compensation for loss of goodwill. - Nevada Statutes

37.111  Additional compensation for loss of goodwill.

      1.  In addition to any amount of compensation determined pursuant to NRS 37.110, the owner of a business conducted on property that is acquired pursuant to this chapter must be compensated for loss of goodwill if:

      (a) The condemnation causes the business to be dissolved and the business cannot be relocated for reasons beyond the control of the owner, including, without limitation, the unavailability of a new franchise or when the value of the business is inextricably tied to the unique location of the property being condemned; and

      (b) The owner of the business has a property interest in the property acquired pursuant to this chapter.

      2.  As used in this section, “goodwill” means the component of value attributed to the reputation, loyal customer base, ability to attract new customers and location of a business. The term does not include the loss of anticipated profits or loss of business opportunity.

      (Added to NRS by 2005, 1787)