645E.440 - Limitations on execution or attachment of money in trust account; commingling of money prohibited. - Nevada Statutes

645E.440  Limitations on execution or attachment of money in trust account; commingling of money prohibited.

      1.  Money in an impound trust account is not subject to execution or attachment on any claim against the mortgage banker.

      2.  It is unlawful for a mortgage banker knowingly to keep or cause to be kept any money in a depository financial institution under the heading of “impound trust account” or any other name designating such money as belonging to the debtors of the mortgage banker, unless the money has been paid to the mortgage banker by a debtor pursuant to NRS 645E.430 and is being held in trust by the mortgage banker pursuant to the provisions of that section.

      (Added to NRS by 1999, 3754; A 2003, 3567)