Nevada Revised Statutes 689.700 – Money in trust fund exempt from attachment and other process in absence of fraud
Current as of: 2022 | Check for updates
|
Other versions
In the absence of fraud, all money in a trust fund held or invested in accordance with the provisions of this chapter is not liable to attachment, garnishment or other process or to be seized, taken, appropriated or applied to pay any debt or liability of the seller, buyer, beneficiary or performer by any legal or equitable process or by operation of law.
Terms Used In Nevada Revised Statutes 689.700
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fraud: Intentional deception resulting in injury to another.
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor