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Nevada Revised Statutes Title 7. Business Associations; Securities; Commodities § 81.870. Winding up and termination

Current as of January 01, 2021 | Updated by FindLaw Staff

Winding up and termination of an unincorporated nonprofit association must proceed in accordance with the following rules:

1. All known debts and liabilities must be paid or adequately provided for.

2. Any property subject to a condition requiring return to the person designated by the donor must be transferred to that person.

3. Any property subject to a trust must be distributed in accordance with the trust agreement.

4. Any remaining property must be distributed as follows:

(a) As required by law other than NRS 81.700 to 81.890, inclusive, that requires assets of an association to be distributed to another person with similar nonprofit purposes;

(b) In accordance with the association's governing principles or, in the absence of applicable governing principles, to the members of the association per capita or as the members direct;  or

(c) If neither paragraph (a) nor (b) applies, pursuant to chapter 120A of NRS.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 7. Business Associations; Securities; Commodities § 81.870. Winding up and termination - last updated January 01, 2021 | https://codes.findlaw.com/nv/title-7-business-associations-securities-commodities/nv-rev-st-81-870/

Read this complete Nevada Revised Statutes Title 7. Business Associations; Securities; Commodities § 81.870. Winding up and termination on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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