NRS 106.360 Execution, enforceability, contents and amendment of instrument.
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NRS 106.360 Execution, enforceability, 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. The instrument or an amendment to the instrument is enforceable only if the instrument or the amendment is recorded in the office of the county recorder of the county in which the real property is located and the party seeking to enforce the instrument or the amendment is an original party to the instrument or amendment or the current assignee of record.
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.