Nevada Revised Statutes 598.860 – Trust account required for payments on goods and services
1. Before the organization accepts money from any buyer for an order of goods or services, it shall establish a trust account for the deposit of payments on goods or services. The organization shall deposit all money received from each buyer for goods or services, including charges for freight, delivery, installation or taxes or other charges, unless the total cost is $50 or less in the trust account. The trust account must be for the benefit of buyers who order goods or services from the organization.
Terms Used In Nevada Revised Statutes 598.860
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
2. The trustee may withdraw money from the trust account for payments on goods or services to pay the source of the goods or services ordered by the buyer, or to make a refund to the buyer. After such withdrawal, the trustee may withdraw that percentage of the remainder of the deposit from the buyer which represents the organization’s profit.