NAC372.120. Foreclosure sales.  


Latest version.
  •      1. The tax does not apply to sales of tangible personal property at public auction pursuant to the provisions of a chattel mortgage, if:

         (a) The sale is made pursuant to a court decree of foreclosure by an officer appointed by the court for that purpose; or

         (b) The property is bid in by the mortgagee.

         2. The tax applies to other foreclosure sales and to sales by a person who has bid in the property to the same extent as to other sales.

     [Tax Comm’n, Combined Sales and Use Tax Ruling No. 24, eff. 3-1-68]