41.460 - When debtor in possession or long-term lessee deemed owner of motor vehicle. - Nevada Statutes

41.460  When debtor in possession or long-term lessee deemed owner of motor vehicle.

      1.  For the purpose of imposing liability pursuant to NRS 41.440 and for no other purpose, where a vehicle is subject to:

      (a) A security interest, the debtor in possession shall be deemed to be the owner and the secured party out of possession shall not be deemed to be the owner.

      (b) A long-term lease, the long-term lessee shall be deemed to be the owner and the long-term lessor shall not be deemed to be the owner.

      2.  As used in this section:

      (a) “Lease,” “long-term lessee” and “long-term lessor” have the meanings ascribed to them in NRS 482.053.

      (b) “Owner” has only the significance attributed to it by NRS 41.440.

      (c) “Secured party” and “security interest” have the meanings ascribed to them by chapter 104 of NRS.

      (Added to NRS by 1957, 61; A 1965, 916; 1967, 704)