Nevada § 205.960 - Qualified intermediaries of clients with certain property: Unlawful acts; criminal penalty; civil penalty
Full text of Nevada Nevada Revised Statutes § 205.960 — Qualified intermediaries of clients with certain property: Unlawful acts; criminal penalty; civil penalty, with citation guidance and answers to common questions.
§ 205.960. Qualified intermediaries of clients with certain property: Unlawful acts; criminal penalty; civil penalty
1. It is unlawful for a person to enter into an agreement to act as a qualified intermediary,
as defined in 26 C.F.R. § 1.1031(k)-1(g)(4) , for a client whose relinquished property is located in this State unless: (a) The proceeds from the disposition of the relinquished property are deposited into
a qualified escrow account or qualified trust as defined in 26 C.F.R. § 1.1031(k)-1(g)(3) . (b) The money is held in such a manner that it may not be withdrawn from the qualified
escrow account or qualified trust without the written approval of the intermediary
and the client. 2. A person who violates the provisions of this section is guilty of a category D
felony and shall be punished as provided in NRS 193.130 . 3. In addition to any other penalty imposed, the court shall order a person who violates
subsection 1 to pay a civil penalty of not less than $10,000. The money so collected: (a) Must not be deducted from any penal fine imposed by the court; (b) Must be stated separately on the court's docket; and (c) Must be remitted forthwith to the Commissioner of Financial Institutions.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 205.960
What does Nevada Revised Statutes § 205.960 cover?
Section 205.960 ("Qualified intermediaries of clients with certain property: Unlawful acts; criminal penalty; civil penalty") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 205.960?
A common citation format is "Nevada Revised Statutes § 205.960" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 205.960 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.