Nev. Rev. Stat. § 704.325
Limitations on application of security or proceeds
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NRS 704.325 Limitations on application of security or proceeds. No public utility shall, without the consent
of the Commission, apply any security or any proceeds thereof to any purpose
not specified in the Commission’s order, or supplemental order, or to any
purpose in excess of the amount allowed for such purpose in such order, or
otherwise in contravention of such order.
(Added to NRS by 1957, 445)
Notes of Decisions
Cited in 2
cases, 1992–2019 · leading case: Topaz Mutual Co. v. Marsh
Desert Palace, Inc. v. Michael (2019)
“("If we permit [the defendant] to claim that the loan, which was consummated by fraudulent acts of its officers and directors, is unenforceable [under] NRS 704.325, we will be permitting the utility to profit from its own wrongful conduct.”
Topaz Mutual Co. v. Marsh (1992)
“See also NRS 704.325, [3] which prohibits unapproved use of proceeds.”
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