Nevada Revised Statutes 81.870 – Winding up and termination
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Winding up and termination of an unincorporated nonprofit association must proceed in accordance with the following rules:
Terms Used In Nevada Revised Statutes 81.870
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Donor: The person who makes a gift.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
‘ 1. All known debts and liabilities must be paid or adequately provided for.
‘ 2. Any property subject to a condition requiring return to the person designated by the donor must be transferred to that person.
‘ 3. Any property subject to a trust must be distributed in accordance with the trust agreement.
‘ 4. Any remaining property must be distributed as follows:
‘ (a) As required by law other than NRS 81.700 to 81.890, inclusive, that requires assets of an association to be distributed to another person with similar nonprofit purposes;
‘ (c) If neither paragraph (a) nor (b) applies, pursuant to chapter 120A of NRS.