Nevada Revised Statutes — Title 32 (Revenue and Taxation)
Nev. Rev. Stat. § 370A.150 — Deposits into escrow: Disposition of interest; release of principal. [Effective until the date upon which a court of competent jurisdiction enters a judgment determining that subsection 2 of this section is unconstitutional.]
NRS 370A.150 Deposits into escrow: Disposition of interest; release of
principal. [Effective until the date upon which a court of competent
jurisdiction enters a judgment determining that subsection 2 of this section is
unconstitutional.] A manufacturer
of tobacco products that deposits money into escrow pursuant to subsection 2 of
NRS 370A.140 shall receive the
interest or other appreciation on the deposit as earned. The principal of the
deposit may be released from escrow only under the following circumstances:
1. To pay a judgment or settlement on a
released claim brought against that manufacturer by this State or by a
releasing party located or residing in this State. Money may be released from
escrow under this subsection only in the order in which it was deposited into
escrow and only to the extent and at the time necessary to make payments
required under the judgment or settlement.
2. To the extent that the manufacturer
establishes that the amount it was required to deposit into escrow on account
of units sold in the State in a particular year was greater than the Master
Settlement Agreement payments, as determined pursuant to section IX(i) of that
Agreement including after final determination of all adjustments, that such
manufacturer would have been required to make on account of such units sold if
the manufacturer had been a participating manufacturer, the excess must be
released from escrow and revert to the manufacturer.
3. In accordance with the provisions of NRS 370A.157 .
4. To the extent not released from escrow
under subsection 1, 2 or 3, deposits must be released from escrow and revert to
the manufacturer 25 years after the date on which they were deposited.
NRS 370A.150 Deposits into escrow:
Disposition of interest; release of principal. [Effective from the date a court
of competent jurisdiction enters a judgment determining that former subsection
2 of this section is unconstitutional until the date such a court enters a
judgment determining that the repeal of former subsection 2 of this section is
unconstitutional.] A manufacturer
of tobacco products that deposits money into escrow pursuant to subsection 2 of
NRS 370A.140 shall receive the
interest or other appreciation on the deposit as earned. The principal of the
deposit may be released from escrow only under the following circumstances:
1. To pay a judgment or settlement on a
released claim brought against that manufacturer by this State or by a
releasing party located or residing in this State. Money may be released from
escrow under this subsection only in the order in which it was deposited into
escrow and only to the extent and at the time necessary to make payments
required under the judgment or settlement.
2. In accordance with the provisions of NRS 370A.157 .
3. To the extent not released from escrow
under subsection 1 or 2, deposits must be released from escrow and revert to
the manufacturer 25 years after the date on which they were deposited.
(Added to NRS by 1999,
1108 ; A 2005,
379 , 380 ;
2013,
2666 , effective from the date a court of competent jurisdiction enters a
judgment determining that former subsection 2 of this section is
unconstitutional)
NRS 370A.150 Deposits into escrow:
Disposition of interest; release of principal. [Effective from the date a court
of competent jurisdiction enters a judgment determining that the repeal of
former subsection 2 of this section is unconstitutional.] A manufacturer of tobacco products that
deposits money into escrow pursuant to subsection 2 of NRS 370A.140 shall receive the interest
or other appreciation on the deposit as earned. The principal of the deposit
may be released from escrow only under the following circumstances:
1. To pay a judgment or settlement on a
released claim brought against that manufacturer by this State or by a
releasing party located or residing in this State. Money may be released from
escrow under this subsection only in the order in which it was deposited into
escrow and only to the extent and at the time necessary to make payments
required under the judgment or settlement.
2. To the extent that the manufacturer establishes
that the amount it was required to deposit into escrow in a particular year was
greater than this States allocable share of the total payments that the
manufacturer would have been required to make in that year under the Master
Settlement Agreement if the manufacturer had been a participating manufacturer,
as such payments are determined pursuant to section IX(i)(2) of that Agreement
and before any of the adjustments or offsets described in section IX(i)(3) of
that Agreement other than the inflation adjustment, the excess must be released
from escrow and revert to the manufacturer.
3. In accordance with the provisions of NRS 370A.157 .
4. To the extent not released from escrow
under subsection 1 or 2, deposits must be released from escrow and revert to
the manufacturer 25 years after the date on which they were deposited.
(Added to NRS by 1999,
1108 ; A 2005,
379 , 380 ;
2013,
2666 , effective from the date a court of competent jurisdiction enters a
judgment determining that the repeal of former subsection 2 of this section is
unconstitutional)
Source: official text