106.360 - Execution, contents and amendment of instrument. - Nevada Statutes

106.360  Execution, contents and amendment of instrument.

      1.  A borrower may execute an instrument encumbering the borrower’s real property to secure future advances from a lender within a mutually agreed maximum amount of principal.

      2.  The instrument must state clearly:

      (a) That it secures future advances; and

      (b) The maximum amount of principal to be secured.

      3.  The maximum amount of advances of principal to be secured by the instrument may increase or decrease from time to time by amendment of the instrument.

      (Added to NRS by 1985, 725; A 1989, 492)