40.475 - Remedy against mortgagor or grantor; assignment of creditor’s rights to guarantor, surety or obligor. - Nevada Statutes

40.475  Remedy against mortgagor or grantor; assignment of creditor’s rights to guarantor, surety or obligor.  Upon full satisfaction by a guarantor, surety or other obligor, other than the mortgagor or grantor of a deed of trust, of the indebtedness secured by a mortgage or lien upon real property, the paying guarantor, surety or other obligor is entitled to enforce every remedy which the creditor then has against the mortgagor or grantor of the mortgage or lien upon real property, and is entitled to an assignment from the creditor of all of the rights which the creditor then has by way of security for the performance of the indebtedness.

      (Added to NRS by 1987, 1643)