1.  Money in an impound trust account is not subject to execution or attachment on any claim against the mortgage company or his or her mortgage loan originators.

Terms Used In Nevada Revised Statutes 645B.180

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC

2.  It is unlawful for a mortgage company or his or her mortgage loan originators knowingly to keep or cause to be kept any money in a depository financial institution under the heading of ‘impound trust account’ or any other name designating such money as belonging to the investors or debtors of the mortgage company, unless the money has been paid to the mortgage company or his or her mortgage loan originators by an investor or debtor and is being held in trust by the mortgage company pursuant to NRS 645B.170 or 645B.175.

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