The Court concluded that funds contained in financial accounts under 26 U.S.C. § 529 (“529 accounts”) constitute a debt and that these funds are subject to execution and garnishment in Nevada despite their physical location elsewhere. Specifically, the Court adopted Section 68 of the Restatement (Second) of Conflict of Laws and concluded that funds contained in 529 accounts are a debt, not a chattel.
Elias, Margarita, "Pacific Western Bank v. Eighth Jud. Dist. Ct., 132 Nev. Adv. Op. 78 (Nov. 3, 2016)" (2016). Nevada Supreme Court Summaries. 1014.