Nevada § 116.3117 - Liens against association

§ 116.3117. Liens against association

1. In a condominium or planned community: (a) Except as otherwise provided in paragraph (b), a judgment for money against the

association, if a copy of the docket or an abstract or copy of the judgment is recorded,

is not a lien on the common elements, but is a lien in favor of the judgment lienholder

against all of the other real property of the association and all of the units in

the common-interest community at the time the judgment was entered. No other property of a unit's owner is subject to the claims of creditors of the

association. (b) If the association has granted a security interest in the common elements to a

creditor of the association pursuant to NRS 116.3112 , the holder of that security interest shall exercise its right against the common

elements before its judgment lien on any unit may be enforced. (c) Whether perfected before or after the creation of the common-interest community,

if a lien, other than a deed of trust or mortgage, including a judgment lien or lien

attributable to work performed or materials supplied before creation of the common-interest

community, becomes effective against two or more units, the owner of an affected unit

may pay to the lienholder the amount of the lien attributable to his or her unit,

and the lienholder, upon receipt of payment, promptly shall deliver a release of the

lien covering that unit. The amount of the payment must be proportionate to the ratio which that owner's

liability for common expenses bears to the liabilities for common expenses of all

owners whose units are subject to the lien. After payment, the association may not assess or have a lien against that owner's

unit for any portion of the common expenses incurred in connection with that lien. (d) A judgment against the association must be indexed in the name of the common-interest

community and the association and, when so indexed, is notice of the lien against

the units. 2. In a cooperative: (a) If the association receives notice of an impending foreclosure on all or any portion

of the association's real estate, the association shall promptly transmit a copy of

that notice to each owner of a unit located within the real estate to be foreclosed. Failure of the association to transmit the notice does not affect the validity of

the foreclosure. (b) Whether an owner's unit is subject to the claims of the association's creditors,

no other property of an owner is subject to those claims.