Nevada § 689.365 Prepaid contracts: Termination on insolvency or other inability of seller to perform unless assigned; distribution of money in trust fund

Nevada Statutes

§ 689.365 — Prepaid contracts: Termination on insolvency or other inability of seller to perform unless assigned; distribution of money in trust fund

Nevada § 689.365

Title 57INSURANCE

Ch. 689Funeral

FUNERAL SERVICES

This text of Nevada § 689.365 (Prepaid contracts: Termination on insolvency or other inability of seller to perform unless assigned; distribution of money in trust fund) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 689.365 (2026).

Text

1.An executory prepaid contract automatically terminates if the seller or any performer under the contract goes out of business, dies, becomes insolvent or bankrupt, makes an assignment for the benefit of creditors or is otherwise unable to fulfill the obligations under the contract unless, within 30 days after the going out of business, death, insolvency or bankruptcy of the seller, or within any extension of time granted by the Commissioner, the contract is assigned to a holder of a valid seller’s certificate of authority who agrees in writing to accept the liabilities under the contract and agrees to fulfill all obligations set forth therein.

2.Upon any such termination, the money in the trust fund, including earned interest, held by the trustee for the account of the buyer must be di

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1. An executory prepaid contract automatically terminates if the seller or any performer under the contract goes out of business, dies, becomes insolvent or bankrupt, makes an assignment for the benefit of creditors or is otherwise unable to fulfill the obligations under the contract unless, within 30 days after the going out of business, death, insolvency or bankruptcy of the seller, or within any extension of time granted by the Commissioner, the contract is assigned to a holder of a valid seller’s certificate of authority who agrees in writing to accept the liabilities under the contract and agrees to fulfill all obligations set forth therein.
2. Upon any such termination, the money in the trust fund, including earned interest, held by the trustee for the account of the buyer must be distributed by the trustee to the buyer or to a qualified seller or performer assuming the outstanding contractual liabilities, as authorized by the Commissioner.