645.8785 - Deposit of proceeds with district court; discharge of escrow agent from further liability concerning proceeds. - Nevada Statutes - USA Laws Searching

Statutes > Nevada Statutes > TITLE 54 - PROFESSIONS, OCCUPATIONS AND BUSINESSES > Chapter 645 - Real Estate Brokers and Salespersons > BROKERAGE AGREEMENTS INVOLVING COMMERCIAL REAL ESTATE > Rights, Duties and Liabilities Relating to Commissions > 645.8785 - Deposit of proceeds with district court; discharge of escrow agent from further liability concerning proceeds.

645.8785 - Deposit of proceeds with district court; discharge of escrow agent from further liability concerning proceeds.

645.8785  Deposit of proceeds with district court; discharge of escrow agent from further liability concerning proceeds.

      1.  If:

      (a) A notice of a claim is recorded pursuant to NRS 645.8775;

      (b) An escrow agent has reserved an owner’s net proceeds or any portion of an owner’s net proceeds pursuant to NRS 645.8781; and

      (c) Escrow for the disposition of the commercial real estate has closed,

Ê the escrow agent may, in accordance with the provisions of NRS 645A.177, deposit with the district court of the county where the claim is recorded the amount of the owner’s net proceeds reserved by him or her pursuant to NRS 645.8781.

      2.  If an escrow agent deposits an owner’s net proceeds with a district court pursuant to subsection 1, the escrow agent is discharged from any further liability concerning those proceeds.

      (Added to NRS by 1999, 1177)

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