386.575 - Bankruptcy: Assignment of property to State of Nevada; immunity from liability.
386.575 Bankruptcy: Assignment of property to State of Nevada; immunity from liability.
1. If a charter school files a voluntary petition of bankruptcy or is declared bankrupt during a school year, the governing body of the charter school shall make an assignment of all real property and other property of the charter school to the State of Nevada for the repayment of all money received by the charter school from this state for the operation of the charter school during that year. The governing body shall make full settlement with this state for such repayment, and the State may take any lawful action necessary to recover the money.
2. If a charter school files a voluntary petition of bankruptcy or is declared bankrupt during a school year, neither the State of Nevada nor the sponsor of the charter school may be held liable for any claims resulting from the bankruptcy.
(Added to NRS by 1997, 1848; A 1999, 3301)