What kind of creditor protection does the NAPT provide the Settlor?
The Nevada law limits the time period for a creditor to make a claim against the Settlor of a NAPT. If a creditor does not bring a claim against the Settlor within the prescribed period, the claim is barred. Under Nevada law, if a creditor was a creditor of the Settlor at the time the Settlor made the transfer to a NAPT, the creditor must commence an action to challenge the transfer within the later of (a) two years after the transfer, or (b) six months after the creditor discovers or reasonably should have discovered the transfer. A creditor who was not a creditor of the Settlor at the time the Settlor made the transfer to a NAPT must commence an action to challenge the transfer within two years of the transfer. The act that starts the statute of limitations running is the transfer of assets. Therefore, each time assets are transferred to the NAPT, a new transfer has occurred and the statute will begin to run on a claim against that asset. Even if the statute of limitations does not b
