Nevada § 689.580 Prepaid contracts: Termination on insolvency or other inability of seller to perform unless assigned; distribution of money in trust fund

Nevada Statutes

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

Nevada § 689.580

Title 57INSURANCE

Ch. 689Funeral

BURIAL AND CEMETERY SERVICES

This text of Nevada § 689.580 (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. § 689.580 (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 the successors or assignees of the business agree to accept all liability and to fulfill all obligations as originally set forth in the contract.

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.

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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 the successors or assignees of the business agree to accept all liability and to fulfill all obligations as originally set forth in the contract.
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.