Nevada § 597.1157 - Requirements regarding dealer's reserve account for recourse after termination of dealer agreement
Full text of Nevada Nevada Revised Statutes § 597.1157 — Requirements regarding dealer's reserve account for recourse after termination of dealer agreement, with citation guidance and answers to common questions.
§ 597.1157. Requirements regarding dealer's reserve account for recourse after termination of dealer agreement
1. At the end of each year after the termination of a dealer agreement, a dealer's
reserve account for recourse, retail sale or lease contracts may not be debited by
a supplier or lender for any deficiency unless the dealer is given written notice
of at least 7 business days by certified or registered mail, return receipt requested,
of any proposed sale of the inventory which was financed and an opportunity to purchase
the inventory. 2. The dealer must be given quarterly reports concerning any remaining outstanding
recourse contracts. As the recourse contracts are reduced, any money in the reserve account must be
returned to the dealer in direct proportion to the liabilities outstanding.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 597.1157
What does Nevada Revised Statutes § 597.1157 cover?
Section 597.1157 ("Requirements regarding dealer's reserve account for recourse after termination of dealer agreement") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 597.1157?
A common citation format is "Nevada Revised Statutes § 597.1157" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 597.1157 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.