Nevada § 104.2401 - Passing of title; reservation for security; limited application of this section

§ 104.2401. Passing of title; reservation for security; limited application of this section

Each provision of this Article with regard to the rights, obligations and remedies

of the seller, the buyer, purchasers or other third parties applies irrespective of

title to the goods except where the provision refers to such title. Insofar as situations are not covered by the other provisions of this Article and

matters concerning title become material the following rules apply: 1. Title to goods cannot pass under a contract for sale prior to their identification

to the contract ( NRS 104.2501 ), and unless otherwise explicitly agreed the buyer acquires by their identification

a special property as limited by this chapter. Any retention or reservation by the seller of the title (property) in goods shipped

or delivered to the buyer is limited in effect to a reservation of a security interest. Subject to these provisions and to the provisions of the Article on secured transactions

(Article 9), title to goods passes from the seller to the buyer in any manner and

on any conditions explicitly agreed on by the parties. 2. Unless otherwise explicitly agreed title passes to the buyer at the time and place

at which the seller completes his or her performance with reference to the physical

delivery of the goods, despite any reservation of a security interest and even though

a document of title is to be delivered at a different time or place; and in particular

and despite any reservation of a security interest by the bill of lading: (a) If the contract requires or authorizes the seller to send the goods to the buyer

but does not require the seller to deliver them at destination, title passes to the

buyer at the time and place of shipment; but (b) If the contract requires delivery at destination, title passes on tender there. 3. Unless otherwise explicitly agreed where delivery is to be made without moving

the goods: (a) If the seller is to deliver a tangible document of title, title passes at the

time when and the place where the seller delivers such documents and if the seller

is to deliver an electronic document of title, title passes when the seller delivers

the document; or (b) If the goods are at the time of contracting already identified and no documents

of title are to be delivered, title passes at the time and place of contracting. 4. A rejection or other refusal by the buyer to receive or retain the goods, whether

or not justified, or a justified revocation of acceptance revests title to the goods

in the seller. Such revesting occurs by operation of law and is not a “sale.”