Nevada Revised Statutes 427A.892 – Nevada ABLE Savings Program Trust Fund: Creation; property and income of Trust Fund; sources of money in Trust Fund; ownership and use of money in Trust Fund
1. The Nevada ABLE Savings Program Trust Fund is hereby created.
Terms Used In Nevada Revised Statutes 427A.892
- Contract: A legal written agreement that becomes binding when signed.
- 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.
2. The Trust Fund is an instrumentality of this State, and its property and income are exempt from all taxation by this State and any political subdivision thereof.
3. The Trust Fund consists of:
(a) All money deposited in accordance with savings trust agreements;
(b) All earnings on the money in the Trust Fund;
(c) Any fees or charges charged to an account owner to cover expenses incurred in administering the Nevada ABLE Savings Program; and
(d) Any other money from any public or private source appropriated or made available to this State for the benefit of the Nevada ABLE Savings Program.
4. Money in the Trust Fund:
(a) Is not the property of this State, and this State has no claim to or interest in such money; and
(b) Must not be commingled with money of this State.
5. A savings trust agreement or any other contract entered into by or on behalf of the Trust Fund does not constitute a debt or obligation of this State, and no account owner is entitled to any money in the Trust Fund except for that money on deposit in or accrued to his or her account.
6. The money in the Trust Fund must be preserved, invested and expended solely pursuant to and for the purposes authorized by NRS 427A.882 to 427A.896, inclusive, and must not be loaned or otherwise transferred or used by this State for any other purpose.