NAC353B.420. Death of purchaser.

Upon the receipt of a written request signed by a person designated pursuant to NAC 353B.190 or, in the absence of such a designation, by the representative of the estate of the purchaser or the representative of a qualified beneficiary, and such documentation as the Board deems adequate to prove that a purchaser has died, the Board will:

     1. Terminate the contract and provide to the requester a refund according to the terms of the master agreement;

     2. If the requester submits the required fee, amend the contract to change the identity of the purchaser; or

     3. If the purchaser has paid the total amount due on the contract and no legal successor or representative of the estate is identified, automatically transfer the rights and responsibilities of the purchaser to the qualified beneficiary if the qualified beneficiary is not a minor. If the qualified beneficiary is a minor and the Board receives sufficient documentation that a legal guardian may act on behalf of the minor, the Board will transfer the rights and responsibilities of the purchaser to the legal guardian. Upon transfer of the rights and responsibilities to the qualified beneficiary or the legal guardian, as applicable, the Board will act at the direction of the qualified beneficiary or the legal guardian with regard to the contract.

     (Added to NAC by Bd. of Trustees for Higher Educ. Tuition Trust Fund by R009-99, eff. 11-3-99; A by Bd. of Trustees of College Savings Plans of Nev. by R055-09, 10-27-2009)