Nevada Revised Statutes 598.865 – Administration of trust accounts; audits
Current as of: 2022 | Check for updates
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1. Except as otherwise provided in subsection 3 of NRS 598.855, the trust accounts required by NRS 598.855 and 598.860 must be administered by an independent trustee approved by the Commissioner. All fees charged by the trustee to administer a trust account must be paid by the organization.
Terms Used In Nevada Revised Statutes 598.865
- 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 shall withdraw money from the trust account for payments on goods or services only upon written proof from the source of the goods or services that the items have been shipped or delivered to the buyer. The Commissioner may audit the trustee as necessary to ensure compliance with NRS 598.840 to 598.930, inclusive.