645A.171 - Limitations on disbursements of money deposited in escrow account. - Nevada Statutes

645A.171  Limitations on disbursements of money deposited in escrow account.

      1.  No escrow officer or person who acts as an escrow agent may disburse money from an escrow account unless deposits which are at least equal in value to the proposed disbursements and which relate directly to the transaction for which the money is to be disbursed have been received.

      2.  No escrow officer or person who acts as an escrow agent may disburse money from an escrow account on the same business day as the money is deposited unless the deposit is made in one of the following forms:

      (a) Cash;

      (b) Interbank electronic transfer such that the money deposited is available for immediate withdrawal without condition;

      (c) Negotiable order of withdrawal, money order, cashier’s check or certified check which is payable in this State and which is drawn from a financial institution located in this State;

      (d) Any depository check, including any cashier’s check or teller’s check, that is governed by the Expedited Funds Availability Act, 12 U.S.C. §§ 4001 et seq.; or

      (e) Any other form that permits conversion of the deposit to cash on the same day as the deposit is made.

      3.  As used in this section, “escrow officer” has the meaning ascribed to it in NRS 692A.028.

      (Added to NRS by 2009, 53)