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 escrow agent or agency and must be deposited in a financial institution that is federally insured or insured by a private insurer approved pursuant to NRS 672.755 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 escrow agent or agency.
(Added to NRS by 1973, 1312; A 1985, 1817; 1999, 1539)
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