1. The Nevada ABLE Savings Program Trust Fund is hereby created.
2. The Trust Fund is an instrumentality of this State, and its property and income are exempt from all taxation by this State and any political subdivision thereof.
3. The Trust Fund consists of:
(a) All money deposited in accordance with savings trust agreements;
(b) All earnings on the money in the Trust Fund;
(c) Any fees or charges charged to an account owner to cover expenses incurred in administering the Nevada ABLE Savings Program; and
(d) Any other money from any public or private source appropriated or made available to this State for the benefit of the Nevada ABLE Savings Program.
4. Money in the Trust Fund:
(a) Is not the property of this State, and this State has no claim to or interest in such money; and
(b) Must not be commingled with money of this State.
5. A savings trust agreement or any other contract entered into by or on behalf of the Trust Fund does not constitute a debt or obligation of this State, and no account owner is entitled to any money in the Trust Fund except for that money on deposit in or accrued to his or her account.
6. The money in the Trust Fund must be preserved, invested and expended solely pursuant to and for the purposes authorized by NRS 427A.882 to 427A.896, inclusive, and must not be loaned or otherwise transferred or used by this State for any other purpose.
(Added to NRS by 2015, 1430)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.