612.695 - Liability of employer and purchaser upon sale of assets and quitting business. - Nevada Statutes

612.695  Liability of employer and purchaser upon sale of assets and quitting business.

      1.  Any employer who, outside the usual course of the employer’s business, sells substantially all or any one of the classes of assets enumerated in subsection 1 of NRS 612.690 and quits business, shall within 10 days after the sale file such reports as the Administrator may prescribe and pay the contributions, interest or forfeits required by this chapter with respect to wages for employment to the date of the sale.

      2.  The purchaser shall withhold sufficient of the purchase money to cover the amount of all contributions and forfeits due and unpaid until such time as the seller produces a receipt from the Administrator showing that the contributions and forfeits have been paid or a certificate showing that no contributions or forfeits are due.

      3.  If the seller fails, within the 10-day period, to produce the receipt or certificate, the purchaser shall pay the sum so withheld to the Administrator upon demand.

      4.  If the purchaser fails to withhold purchase money as provided in subsection 2 and the contributions, interest and forfeits are not paid within the 10 days specified in this section, the purchaser is personally liable for the payment of the contributions and forfeits accrued and unpaid on account of the operation of the business by the former owner.

      [Part 14.3:129:1937; added 1941, 412; A 1949, 257; 1943 NCL § 2825.14c]—(NRS A 1993, 1850)