Nevada § 37.009 - Definitions

§ 37.009. Definitions

As used in this chapter, unless the context otherwise requires: 1. “ Date of valuation ” means the date on which the value of the property actually taken, and the damages,

if any, to the remaining property, must be determined. 2. “ Final judgment ” means a judgment which cannot be directly attacked by appeal, motion for new trial

or motion to vacate the judgment. 3. “ Judgment ” means the judgment determining the right to condemn property and fixing the amount

of compensation to be paid by the plaintiff. 4. “ Partnership ” includes a limited partnership. 5. “ Person ” includes a government, governmental agency or political subdivision of a government. 6. “ Value ” means the highest price, on the date of valuation, that would be agreed to by a

seller, who is willing to sell on the open market and has reasonable time to find

a purchaser, and a buyer, who is ready, willing and able to buy, if both the seller

and the buyer had full knowledge of all the uses and purposes for which the property

is reasonably adaptable and available. In determining value, except as otherwise provided in this subsection, the property

sought to be condemned must be valued at its highest and best use without considering

any future dedication requirements imposed by the entity that is taking the property. If the property is condemned primarily for a profit-making purpose, the property

sought to be condemned must be valued at the use to which the entity that is condemning

the property intends to put the property, if such use results in a higher value for

the property.