NRS 353B.340 Creation; sources; limitations on use of money.

229 words·~1 min read·/nv/chapter-353b-college-savings-programs/353b-340·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. The Nevada College Savings Trust Fund is hereby created.

2. The Trust Fund is an instrumentality of this state, and its property and income are exempt from all taxation by this state and any political subdivision thereof.

3. The Trust Fund consists of:

(a)All money deposited in accordance with savings trust agreements;

(b)All money received as a matching contribution made as described in NRS 363A.137 or 363B.117 ; and

(c)All earnings on the money in the Trust Fund.

4. Money in the Trust Fund:

(a)Is not the property of this state, and this state has no claim to or interest in such money; and

(b)Must not be commingled with money of this state.

5. A savings trust agreement or any other contract entered into by or on behalf of the Trust Fund does not constitute a debt or obligation of this state, and no account owner is entitled to any money in the Trust Fund except for that money on deposit in or accrued to his or her account.

6. The money in the Trust Fund must be preserved, invested and expended solely pursuant to and for the purposes authorized by NRS 353B.300 to 353B.370 , inclusive, and must not be loaned or otherwise transferred or used by this state for any other purpose.