370A.150 - Deposits into escrow: Disposition of interest; release of principal. [Effective until the date a court of competent jurisdiction enters a judgment determining that subsection 2 of this sect - Nevada Statutes

370A.150  Deposits into escrow: Disposition of interest; release of principal. [Effective on the date a court of competent jurisdiction enters a judgment determining that the repeal of former subsection 2 of this section is unconstitutional.]  A manufacturer of tobacco products that deposits money into escrow pursuant to subsection 2 of NRS 370A.140 shall receive the interest or other appreciation on the deposit as earned. The principal of the deposit may be released from escrow only under the following circumstances:

      1.  To pay a judgment or settlement on a released claim brought against that manufacturer by this State or by a releasing party located or residing in this State. Money may be released from escrow under this subsection only in the order in which it was deposited into escrow and only to the extent and at the time necessary to make payments required under the judgment or settlement.

      2.  To the extent that the manufacturer establishes that the amount it was required to deposit into escrow in a particular year was greater than this State’s allocable share of the total payments that the manufacturer would have been required to make in that year under the Master Settlement Agreement if the manufacturer had been a participating manufacturer, as such payments are determined pursuant to section IX(i)(2) of that Agreement and before any of the adjustments or offsets described in section IX(i)(3) of that Agreement other than the inflation adjustment, the excess must be released from escrow and revert to the manufacturer.

      3.  To the extent not released from escrow under subsection 1 or 2, deposits must be released from escrow and revert to the manufacturer 25 years after the date on which they were deposited.

      (Added to NRS by 1999, 1108; A 2005, 379, 380, effective on the date a court of competent jurisdiction enters a judgment determining that the repeal of former subsection 2 of this section is unconstitutional)