Nevada Revised Statutes 682B.060 – Assignment, transfer and conveyance of assets; release
1. Except as provided in NRS 682B.055, an insurer shall assign to the Commissioner and the successors in office of the Commissioner in trust all securities being deposited with or through the Commissioner under NRS 682B.010 to 682B.120, inclusive, which are not negotiable by delivery. In lieu of such an assignment, the insurer may give the Commissioner an irrevocable power of attorney authorizing the Commissioner to transfer the securities or any part thereof for any purpose within the scope of NRS 682B.010 to 682B.120, inclusive.
Terms Used In Nevada Revised Statutes 682B.060
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. In the case of securities or assets held under custodial arrangements pursuant to NRS 682B.050, the custodian’s receipt therefor must be delivered to the Commissioner in trust, if negotiable, or assigned to the Commissioner so that legal title to such securities or assets is vested in the Commissioner and the successors in office of the Commissioner.
3. The insurer shall convey to the Commissioner and the successors in office of the Commissioner in trust any real property being deposited under this Code.
4. Upon release to the insurer, or other person entitled thereto, of any security or asset, the Commissioner shall reassign or transfer or reconvey it to the insurer or person. In the case of power of attorney given pursuant to subsection 1, the Commissioner shall deliver the power of attorney, together with the securities covered thereby, to the insurer or person entitled thereto.