353.510 - “Agreement” defined. - Nevada Statutes

353.510  “Agreement” defined.  “Agreement” means an agreement to purchase property, in the form of a lease or an agreement to pay in installments, pursuant to which the State of Nevada or a state agency may pay the purchase price of real or personal property over a period of time which extends beyond the biennium in which the agreement is executed, including, without limitation:

      1.  An agreement pursuant to which the State of Nevada or a state agency may acquire the property that is the subject of the agreement at the end of the term of the agreement or the end of the term of a renewal of the agreement upon payment of no additional consideration or nominal additional consideration; and

      2.  An agreement that, for the purposes of federal income tax, is treated as an agreement for conditional sale.

      (Added to NRS by 2001, 2478)