Nevada § 42.360 - Surety bond: Liability of surety not affected by certain acts; notice required before cancellation or modification; automatic expiration of registration for cancellation or noncomplying modification; modification or cancellation does not affect liability incurred previously
Full text of Nevada Nevada Revised Statutes § 42.360 — Surety bond: Liability of surety not affected by certain acts; notice required before cancellation or modification; automatic expiration of registration for cancellation or noncomplying modification; modification or cancellation does not affect liability incurred previously, with citation guidance and answers to common questions.
§ 42.360. Surety bond: Liability of surety not affected by certain acts; notice required before cancellation or modification; automatic expiration of registration for cancellation or noncomplying modification; modification or cancellation does not affect liability incurred previously
1. The liability of the surety which issued a surety bond used by a structured settlement
purchase company to satisfy the requirements of NRS 42.340 must not be affected by any: (a) Breach of contract, breach of warranty, failure to pay a premium or other act
or omission of the structured settlement purchase company; or (b) Insolvency or bankruptcy of the structured settlement purchase company. 2. A surety which issued a surety bond used by a structured settlement purchase company
to satisfy the requirements of NRS 42.340 and the structured settlement purchase company which obtained the surety bond shall
not cancel or modify the surety bond during the term for which it is issued unless
the surety or the structured settlement purchase company provides written notice to
the Unit at least 20 days before the effective date of the cancellation or modification. 3. If a surety bond used by a structured settlement purchase company to satisfy the
requirements of NRS 42.340 is modified so as to make the surety bond not comply with any provision of NRS 42.200 to 42.400 , inclusive, or the surety bond is cancelled, the registration of the structured settlement
purchase company automatically expires on the effective date of the modification or
cancellation unless a new surety bond or letter of credit which complies with NRS 42.200 to 42.400 , inclusive, is filed with the Unit on or before the effective date of the modification
or cancellation. 4. A modification or cancellation of a surety bond used by a structured settlement
purchase company to satisfy the requirements of NRS 42.340 does not affect any liability of the bonded surety company incurred before the modification
or cancellation of the surety bond.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 42.360
What does Nevada Revised Statutes § 42.360 cover?
Section 42.360 ("Surety bond: Liability of surety not affected by certain acts; notice required before cancellation or modification; automatic expiration of registration for cancellation or noncomplying modification; modification or cancellation does not affect liability incurred previously") 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 § 42.360?
A common citation format is "Nevada Revised Statutes § 42.360" (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 § 42.360 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.