Nevada Laws on Removing or Selling Collateral

In the state of Nevada, there are many situations where the collateral is required for loans and certain other transactions. When collateral is required this means that a lender or other secured party has a legal interest in the property. If the conditions — such as payment of the loan — are not met, then the secured party is supposed to be able to take ownership of the collateral, generally in order to sell it and to recoup the lost funds.

It is essential that the rights of the party with the security interest be protected, so there are laws in place to recognize that party’s interest and to restrict the person who is the owner of the goods subject to security interest from doing things that would impact the secured party’s rights. In fact, the Nevada Revised Statute section 205.335 is one of the laws applicable to security interests. This law makes it a crime to sell or remove goods that are subject to a security interest without the consent of the secured party.

If you have been accused of violating this statute, it is important that you understand what your rights are, what the elements of the crime are, and what your options are for defending against serious accusations. You need an attorney who understands the laws related to goods subject to a security interest and who can help you to try to avoid conviction and the resulting consequences.

LV Criminal Defense can help. We know the laws on the removal of goods acting as a security interest by the debtor in possession of the goods and we can put our knowledge of this law to work to aid you in developing the best defense strategy possible. To find out more about the help we can offer, give us a call today.

Nevada Laws on Removing or Selling Collateral

Nevada Revised Statute section 205.335 is the Nevada statute that criminalizes removing or selling the collateral. According to the relevant statute, a debtor who is in possession of goods that are acting as collateral or that are subject to a security interest is prohibited from selling or disposing of the property.

A debtor in possession of goods subject to a security interest is also prohibited from removing the goods from the county where the property was located at the time the security agreement was executed or during the time that the agreement is in force. However, a debtor is permitted to remove goods from the county if the debtor first obtains written agreement from the secured party.

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If a debtor violates N.R.S. section 205.335, the debtor could be charged with a gross misdemeanor offense. This is a serious crime for which the debt could face imprisonment.

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Getting Help From a Nevada Defense Lawyer

Nevada criminal defense attorneys at LV Criminal Defense will help you to decide how to respond to accusations that you, as a debtor in possession, sold or removed goods subject to a security interest without the consent of the party who has that legal security interest.

This could mean negotiating a plea agreement, trying to get charges dropped if there is insufficient evidence, or fighting the charges in court to try to get acquitted. Whatever the approach is, we will be by your side and advocate for you throughout your involvement with the Nevada justice system.

To find out how Vegas defense lawyers at our firm can act as your advocate and help you develop and implement the best response to charges under Nevada Revised Statute section 206.335, give us a call today.

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When I initially met with Mr. Wooldridge, he took the opportunity to sit and go over my problem with me. He described details in my case which he found disturbing and explained why he I should have him on my side.

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