Nevada Revised Statutes 353B.009 – Money on deposit in prepaid tuition contract or savings trust account not considered asset of parent, guardian or student for purposes of determining certain eligibility
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Notwithstanding the provisions of any specific statute to the contrary, no money on deposit in a prepaid tuition contract pursuant to NRS 353B.010 to 353B.190, inclusive, or a savings trust account pursuant to NRS 353B.300 to 353B.370, inclusive, may be considered an asset of a parent, guardian or student for the purpose of determining the eligibility of a person for a grant, scholarship or work opportunity that is based on need and offered or administered by a state agency, except as otherwise required by the source of the funding of the grant, scholarship or work opportunity.
Terms Used In Nevada Revised Statutes 353B.009
- Contract: A legal written agreement that becomes binding when signed.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Statute: A law passed by a legislature.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC