692A.250 - Money deposited in escrow: Exemption from execution; designation; permissible depository; Commissioner to define “commingling.”
692A.250 Money deposited in escrow: Exemption from execution; designation; permissible depository; Commissioner to define “commingling.”
1. Money deposited in escrow is not subject to execution or attachment on any claim against the title insurer, title agent or escrow officer.
2. A title insurer, title agent or escrow officer shall not knowingly keep or cause to be kept any money in any bank, credit union or other financial institution under any name designating the money as belonging to the clients of the title insurer, title agent or escrow officer or those of another such person unless the money was actually entrusted to the title insurer, title agent or escrow officer for deposit in escrow.
3. All money deposited in escrow to be delivered upon the close of the escrow or upon any other contingency must be kept separate from money belonging to the title insurer, title agent or escrow officer and must be deposited in a financial institution that is federally insured or insured by a private insurer approved pursuant to NRS 678.755 unless another financial institution has been designated in writing in the instructions for the escrow. The money when deposited must be designated as “trust funds” or “escrow accounts” or under some other appropriate name indicating that the money is not the money of the title insurer, title agent or escrow officer.
4. The Commissioner shall adopt regulations defining the term “commingling” for the purposes of this chapter and prescribing acceptable business practices for title agents and escrow officers for handling money deposited in escrow.
(Added to NRS by 1985, 1825; A 1999, 1552)