Nevada Revised Statutes 645A.177 – Action to recover money deposited in escrow; discharge from further responsibility for holder of escrow; right of holder to bring action for interpleader
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1. If an action is filed to recover money deposited in an escrow established for the sale of real property, the holder of the escrow may deposit the money, less any fees or charges owed to the holder of the escrow, with the court in which the action is filed.
Terms Used In Nevada Revised Statutes 645A.177
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means any transaction wherein one person, for the purpose of effecting or closing the sale, purchase, exchange, transfer, encumbering or leasing of real or personal property to another person or persons, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by such third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by such third person, in compliance with instructions under which he or she is to act, to a grantee, grantor, promisee, promisor, obligee, obligor, lessee, lessor, bailee, bailor or any agent or employee thereof. See Nevada Revised Statutes 645A.010
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. A holder of an escrow who complies with the provisions of subsection 1 is discharged from further responsibility for the money which the holder of the escrow deposits with the court.
3. This section does not limit the right of the holder of the escrow to bring an action for interpleader pursuant to N.R.C.P. 22 to determine the rightful claimant of the money deposited in the escrow.