Nevada Revised Statutes 388A.423 – Bankruptcy: Disposition of property; immunity of State and sponsor from liability
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1. If a charter school files a voluntary petition of bankruptcy or is declared bankrupt during a school year, any real property or other property held by the charter school must be disposed of as provided in NRS 388A.306.
Terms Used In Nevada Revised Statutes 388A.423
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Charter school: means a public school that is formed pursuant to the provisions of chapter 388A of NRS. See Nevada Revised Statutes 385.007
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. If a charter school files a voluntary petition of bankruptcy or is declared bankrupt during a school year, neither the State of Nevada nor the sponsor of the charter school may be held liable for any claims resulting from the bankruptcy.