Nevada Revised Statutes 375B.270 – Bond for payment of tax
1. If any person who is liable for the tax fails to pay any portion of the tax imposed by NRS 375B.100 on or before the date the tax is due, he or she must, on motion of the Department, be required by the district court having jurisdiction over the generation-skipping transfer to execute a bond to the State of Nevada in an amount equal to twice the amount of the tax due, with such sureties as the court may approve, conditioned upon the payment of the tax, plus interest on the tax at the rate of interest set by the Executive Director pursuant to NRS 375B.250 commencing on the date the tax became due, unless otherwise provided in NRS 360.232 and 360.320. The bond must be executed within a time certain to be fixed by the court and specified in the bond.
Terms Used In Nevada Revised Statutes 375B.270
- Department: means the Department of Taxation. See Nevada Revised Statutes 360.001
- Executive Director: means the Executive Director of the Department of Taxation. See Nevada Revised Statutes 360.001
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
2. The bond must be filed in the office of the clerk of the court, and a certified copy must be immediately transmitted to the Department.