Nev. Rev. Stat. § 370A.153 — Assignment of money deposited into escrow; use of money assigned to this State

NRS  370A.153    Assignment of money deposited into escrow; use of money assigned
to this State.
1.  Notwithstanding the provisions of NRS 370A.150 , a manufacturer that elects
to deposit money into a qualified escrow fund pursuant to NRS 370A.140 may assign to the State the
interest of the manufacturer in any money in the qualified escrow fund.
2.  An assignment executed pursuant to
subsection 1 is permanent, irrevocable and applies to all money in the
qualified escrow fund, including all money deposited into the qualified escrow
fund before the manufacturer executes the assignment, all money deposited into
the qualified escrow fund after the manufacturer executes the assignment and
any interest or other appreciation earned on any money in the qualified escrow
fund.
3.  The parties to a qualified escrow
agreement may amend the agreement for the purposes of executing an assignment
pursuant to subsection 1.
4.  An assignment executed pursuant to
subsection 1 must be in writing and be signed by the assignee and the assignor
or by an authorized agent or representative of the assignor. An assignment in
writing which is duly executed becomes enforceable after a copy of the
assignment is delivered to the Attorney General and the financial institution
where the qualified escrow fund is maintained.
5.  Notwithstanding the provisions of NRS 370A.150 , money assigned to the State
pursuant to an assignment executed pursuant to subsection 1:
(a) Must be deposited in the State General Fund;
and
(b) Must be credited on a dollar-for-dollar basis
against any judgment or settlement described in NRS 370A.150 which may be obtained
against the manufacturer who executes the assignment.
6.  Nothing in this section operates to
relieve a manufacturer from any obligation or duty imposed pursuant to this
chapter or chapter 370 of NRS.