USA Statutes : nevada
Title : Title 08 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS
Chapter : CHAPTER 99 - MONEY OF ACCOUNT AND INTEREST; LEGAL INVESTMENTS
money of account of this state shall be the dollar, cent and mill. All
the accounts in the public offices, other public accounts, and all
proceedings in courts, shall be kept and had in conformity with this
[1:34:1861; B § 29; BH § 4900; C § 2742; RL § 2497; NCL § 4320]
contained in NRS 99.010 shall vitiate
or affect any account, charge or entry originally made, or any note, bond
or other instrument, expressed in any other money of account, but the
same shall be reduced to dollars, or parts of dollars, as directed in NRS
99.010 , in any suit thereupon.
[2:34:1861; B § 30; BH § 4901; C § 2743; RL § 2498; NCL § 4321]
After February 15, 1893, all official bonds and undertakings, and
all obligations of debt, judgments or executions stated in terms of
dollars and to be paid in money shall be payable in legal money
authorized by the Congress of the United States.
[1:16:1893; A 1895, 13; C § 2738; RL § 2501; NCL § 4324]
1. When there is no express contract in writing fixing a different
rate of interest, interest must be allowed at a rate equal to the prime
rate at the largest bank in Nevada, as ascertained by the Commissioner of
Financial Institutions, on January 1 or July 1, as the case may be,
immediately preceding the date of the transaction, plus 2 percent, upon
all money from the time it becomes due, in the following cases:
(a) Upon contracts, express or implied, other than book accounts.
(b) Upon the settlement of book or store accounts from the day on
which the balance is ascertained.
(c) Upon money received to the use and benefit of another and
detained without his consent.
(d) Upon wages or salary, if it is unpaid when due, after demand
therefor has been made.
Ê The rate must be adjusted accordingly on each January 1 and July 1
thereafter until the judgment is satisfied.
2. The provisions of this section do not apply to money owed
pursuant to chapter 624 of NRS which is governed by the provisions of NRS 624.630 .
3. As used in this section, “book account” means a detailed
(a) Constitutes the principal record of one or more transactions
between a debtor and a creditor arising out of a contract or some
(b) Shows the debits and credits in connection with that contract
or fiduciary relationship and shows against whom and in favor of whom
entries are made;
(c) Is entered in the regular course of business as conducted by
such creditor or fiduciary; and
(d) Is kept in a reasonably permanent form and manner:
(1) In a bound book;
(2) On a sheet or sheets fastened in a book or to backing
but detachable therefrom;
(3) On a card or cards of a permanent character; or
(4) In any other reasonably permanent form and manner.
[4:34:1861; A 1887, 82; 1917, 351; 1919 RL § 2499; NCL § 4322]—(NRS
A 1979, 830; 1981, 1859; 1983, 426; 1987, 558, 940; 2001, 1625 ; 2005, 1735 , 1856 )
Parties may agree for the payment of any rate of interest on money due
or to become due on any contract, for the compounding of interest if they
choose, and for any other charges or fees. The parties shall specify in
writing the rate upon which they agree, that interest is to be compounded
if so agreed, and any other charges or fees to which they have agreed.
[5:34:1861; A 1913, 31; 1919 RL § 2500; NCL § 4323]—(NRS A 1975,
1794; 1979, 583, 963; 1981, 1593; 1983, 976; 1984, 6)
When any loan is prepaid, the
amount of interest earned must be computed by applying the agreed rate to
the unpaid balance for each period. Any greater amount of interest which
may have been precomputed and included in the balance due must be allowed
as a credit on any amount due or refunded. This section does not preclude
the imposition of any:
1. Penalty for prepayment; or
2. Single charge for making the loan,
Ê to which the parties agree when the loan is made.
(Added to NRS by 1983, 976)
1. As applied to bonds or other securities issued by this state or
any political subdivision or municipal or public corporation of this
state, “effective interest rate” means the interest rate based on the
actual price paid to the public entity, calculated to maturity of the
obligation according to standard tables of bond values.
2. When used in a limitation of the rate of interest upon such
bonds or other securities, the “Index of Twenty Bonds” and the “Index of
Revenue Bonds” refer to these indexes for municipal bonds as most
recently published in the daily or weekly version of The Bond Buyer, at
One State Street Plaza in New York City.
(Added to NRS by 1969, 1285; A 1983, 570; 1985, 1077; 1989, 587)
1. Bonds or other securities issued by this state or any of its
political subdivisions may provide for the payment of compound interest.
The amount of the compound interest must be treated as interest and not
as an addition to the principal of the bond or other security.
2. If interest is compounded on some or all of an issue of
securities, repayment of the securities:
(a) Must commence no later than the fifth year after issue; and
(b) If in installments, must be made no less often than annually.
(Added to NRS by 1985, 1076; A 1989, 147)
Notwithstanding any other provision of
law, obligations issued by the United States Postal Service or the
Federal National Mortgage Association, whether or not the payment of
principal and interest thereon is guaranteed by the Government of the
United States, may be purchased by:
1. Insurance companies, insurance associations and all other
persons carrying on an insurance business;
2. Executors, administrators, guardians, committees, conservators,
liquidators, rehabilitators, receivers, trust companies and trustees, and
all other persons occupying a similar fiduciary position;
3. Banks, bankers and savings banks;
4. Savings and loan associations, investment companies and other
5. Credit unions, cemetery associations, mutual benevolent and
6. The State and any municipality, county, school district or
other local government unit or political subdivision;
7. All other public officers, boards, commissions, bodies and
agencies of the State and its political subdivisions and agencies; and
8. Any other natural person, firm, group, corporation,
association, institution and fund.
(Added to NRS by 1971, 267; A 1985, 355)