1. Except as otherwise provided in subsection 2, if the buyer moves to another geographic area beyond the normal facilities of the seller and performers under the prepaid contract, the contract automatically terminates upon the buyer’s written notice to the seller and trustee of the buyer’s move and of the buyer’s desire to terminate the contract. The trustee, as soon as reasonably possible after receipt of the notice, shall refund to the buyer all money in the trust fund, including earned interest, held for the buyer’s account.
2. If the contract continues in force and the buyer is not in default thereunder, upon the demise of the contract beneficiary, the contract automatically terminates. Upon termination, the seller shall refund to the buyer or to the representative or estate of the buyer, or transfer to a substituted performer, if any, all money paid on the contract.
(Added to NRS by 1971, 1400; A 1987, 1268; 2001, 2216)
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.