355.169 - Legal action by county to recover investment; expenses. - Nevada Statutes

355.169  Legal action by county to recover investment; expenses.

      1.  If an investment of the money of a county or other local government is made by the county treasurer, whether separately or through a pooling arrangement as provided in NRS 355.168, the county may, on behalf of that local government, take any lawful action necessary to recover the money invested if:

      (a) The principal of and interest on any investment is not received when due; or

      (b) The corporation, bank, credit union, broker or other person with whom the investment is made becomes insolvent or bankrupt or is placed in receivership.

      2.  The expenses of any action taken pursuant to this section must be paid from the money recovered and allocated among the funds from which the investment is made in the same manner as any loss on an investment is allocated. If the total amount of money recovered is insufficient to pay those expenses, the excess amount is a charge against the county.

      (Added to NRS by 1985, 2110; A 1999, 1481)