NRS100.230. Restrictions on construction and interpretation of Asset-Backed Securities Facilitation Act.

  The provisions of NRS 100.200 to 100.230, inclusive, must not be construed or interpreted to:

      1.  Require any securitization transaction to be treated as a sale for federal or state tax purposes or to preclude the treatment of any securitization transaction as debt for federal or state tax purposes;

      2.  Alter or amend any applicable laws relating to the perfection and priority of security ownership interests of persons other than the transferor, hypothetical lien creditor or, in the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor or property of the transferor, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person; or

      3.  Alter or amend the tax treatment of securitization transactions that take place pursuant to NRS 100.200 to 100.230, inclusive.

      (Added to NRS by 2005, 2208)