NAC490.055. “Security interest” defined.

“Security interest” means an interest in an off-highway vehicle reserved or created by agreement, which secures payment or performance of an obligation. The term includes the interest of a lessor under a lease intended as security. For the purpose of this section, whether a lease is intended as security must be determined by the facts of each case, but:

     1. The inclusion of an option to purchase does not of itself make the lease one intended for security; and

     2. An agreement that upon compliance with the terms of the lease the lessee becomes or has the option to become the owner of the off-highway vehicle for no additional consideration does make the lease one intended for security.

     (Added to NAC by Dep’t of Motor Veh. by R130-11, 6-29-2012, eff. 7-1-2012)