Nevada § 627.183 - Construction control may deposit substitute form of security in lieu of surety bond; amount deposited must equal amount of bond; interest or dividends accrue to depositor
Full text of Nevada Nevada Revised Statutes § 627.183 — Construction control may deposit substitute form of security in lieu of surety bond; amount deposited must equal amount of bond; interest or dividends accrue to depositor, with citation guidance and answers to common questions.
§ 627.183. Construction control may deposit substitute form of security in lieu of surety bond; amount deposited must equal amount of bond; interest or dividends accrue to depositor
1. As a substitute for the surety bond required by NRS 627.180 , a construction control may, in accordance with the provisions of this section, deposit
with any bank or trust company authorized to do business in this state, in a form
approved by the State Contractors' Board: (a) An obligation of a bank, savings and loan association, savings bank, thrift company
or credit union licensed to do business in this state; (b) Bills, bonds, notes, debentures or other obligations of the United States or any
agency or instrumentality thereof, or guaranteed by the United States; or (c) Any obligation of this state or any city, county, town, township, school district
or other instrumentality of this state, or guaranteed by this state. 2. The obligations of a bank, savings and loan association, savings bank, thrift company
or credit union must be held to secure the same obligation as would the surety bond.
With the approval of the State Contractors' Board, the depositor may substitute other
suitable obligations for those deposited which must be assigned to the State of Nevada
and are negotiable only upon approval by the State Contractors' Board. 3. Any interest or dividends earned on the deposit accrue to the account of the depositor. 4. The deposit must be in an amount at least equal to the required surety bond and
must state that the amount may not be withdrawn except by direct and sole order of
the State Contractors' Board. The value of any item deposited pursuant to this section must be based upon principal
amount or market value, whichever is lower.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 627.183
What does Nevada Revised Statutes § 627.183 cover?
Section 627.183 ("Construction control may deposit substitute form of security in lieu of surety bond; amount deposited must equal amount of bond; interest or dividends accrue to depositor") 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 § 627.183?
A common citation format is "Nevada Revised Statutes § 627.183" (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 § 627.183 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.