The nfs_permission function in fs/nfs/dir.c in the NFS client implementation in the Linux kernel 2.6.29.3 and earlier, when atomic_open is available, does not check execute (aka EXEC or MAY_EXEC) permission bits, which allows local users to bypass permissions and execute files, as demonstrated by files on an NFSv4 fileserver.
https://oval.cisecurity.org/repository/search/definition/oval%3Aorg.mitre.oval%3Adef%3A9990
https://oval.cisecurity.org/repository/search/definition/oval%3Aorg.mitre.oval%3Adef%3A8543
http://www.vmware.com/security/advisories/VMSA-2009-0016.html
http://www.ubuntu.com/usn/usn-793-1
http://www.securityfocus.com/bid/34934
http://www.securityfocus.com/archive/1/507985/100/0/threaded
http://www.securityfocus.com/archive/1/505254/100/0/threaded
http://www.debian.org/security/2009/dsa-1865
http://www.debian.org/security/2009/dsa-1844
http://www.debian.org/security/2009/dsa-1809
http://lists.opensuse.org/opensuse-security-announce/2009-07/msg00004.html
http://lists.opensuse.org/opensuse-security-announce/2009-06/msg00001.html