Nevada Revised Statutes 370A.153 – Assignment of money deposited into escrow; use of money assigned to this State
1. Notwithstanding the provisions of NRS 370A.150, a manufacturer that elects to deposit money into a qualified escrow fund pursuant to NRS 370A.140 may assign to the State the interest of the manufacturer in any money in the qualified escrow fund.
Terms Used In Nevada Revised Statutes 370A.153
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
2. An assignment executed pursuant to subsection 1 is permanent, irrevocable and applies to all money in the qualified escrow fund, including all money deposited into the qualified escrow fund before the manufacturer executes the assignment, all money deposited into the qualified escrow fund after the manufacturer executes the assignment and any interest or other appreciation earned on any money in the qualified escrow fund.
3. The parties to a qualified escrow agreement may amend the agreement for the purposes of executing an assignment pursuant to subsection 1.
4. An assignment executed pursuant to subsection 1 must be in writing and be signed by the assignee and the assignor or by an authorized agent or representative of the assignor. An assignment in writing which is duly executed becomes enforceable after a copy of the assignment is delivered to the Attorney General and the financial institution where the qualified escrow fund is maintained.
5. Notwithstanding the provisions of NRS 370A.150, money assigned to the State pursuant to an assignment executed pursuant to subsection 1:
(a) Must be deposited in the State General Fund; and
(b) Must be credited on a dollar-for-dollar basis against any judgment or settlement described in NRS 370A.150 which may be obtained against the manufacturer who executes the assignment.
6. Nothing in this section operates to relieve a manufacturer from any obligation or duty imposed pursuant to this chapter or chapter 370 of NRS.