2005 Nevada Revised Statutes - Chapter 120A — Disposition of Unclaimed Property (Uniform Act)

CHAPTER 120A - DISPOSITION OF UNCLAIMEDPROPERTY (UNIFORM ACT)

GENERAL PROVISIONS

NRS 120A.010 Shorttitle.

NRS 120A.020 Definitions.

NRS 120A.025 Administratordefined.

NRS 120A.027 Apparentowner defined.

NRS 120A.030 Bankingorganization defined.

NRS 120A.040 Businessassociation defined.

NRS 120A.070 Financialorganization defined.

NRS 120A.080 Holderdefined.

NRS 120A.090 Insurancecompany defined.

NRS 120A.095 Intangibleproperty defined.

NRS 120A.098 Moneyorder defined.

NRS 120A.100 Ownerdefined.

NRS 120A.110 Persondefined.

NRS 120A.120 Utilitydefined.

NRS 120A.130 Uniformityof interpretation.

NRS 120A.135 Inapplicabilityof chapter to unredeemed gaming chips or tokens.

NRS 120A.140 Administrationof chapter; regulations.

NRS 120A.145 Informationto remain confidential.

NRS 120A.150 Periodsof limitation not bar for purposes of chapter; limitation on actions byAdministrator.

PROPERTY PRESUMED ABANDONED

NRS 120A.160 Propertyheld by business associations.

NRS 120A.170 Unclaimedmoney held by insurance companies.

NRS 120A.180 Depositsand advance payments held by utilities.

NRS 120A.185 Unclaimedwages held by business.

NRS 120A.190 Intangibleinterest or money held or owing by business associations.

NRS 120A.200 Intangiblepersonal property distributable in course of dissolution.

NRS 120A.210 Intangiblepersonal property held in fiduciary capacity.

NRS 120A.220 Intangiblepersonal property held by court, public corporation or officer, or governmentalentity.

NRS 120A.225 Intangiblepersonal property held by intermediary in another state.

NRS 120A.230 Intangiblepersonal property not otherwise covered by chapter.

NRS 120A.240 Reciprocityfor property presumed abandoned or escheated under laws of another state.

REPORTS; NOTICES; CHARGES

NRS 120A.250 Annualreport of property presumed abandoned: Filing; contents; verification.

NRS 120A.260 Communicationwith owner before filing annual report.

NRS 120A.270 Reportsby business association not holding property presumed abandoned.

NRS 120A.280 Noticeto owners of abandoned property.

NRS 120A.300 Chargeupon dormant accounts; limitation upon rate.

NRS 120A.310 Chargeupon unclaimed property.

PLACEMENT OF PROPERTY WITH ADMINISTRATOR

NRS 120A.320 Paymentor delivery of abandoned property to Administrator; delivery of duplicate certificateor other evidence of ownership to Administrator.

NRS 120A.330 Administratormay decline to receive abandoned property.

NRS 120A.340 Relieffrom liability by payment or delivery; reimbursement or indemnification ofholder.

NRS 120A.350 Interest,dividends and other increments accruing before liquidation or conversion tomoney.

NRS 120A.360 Sale,destruction, disposal or transfer of abandoned property.

NRS 120A.370 AbandonedProperty Trust Fund.

RECOVERY OF PROPERTY BY OWNER

NRS 120A.380 Claimfor property delivered to State.

NRS 120A.390 Determinationof claim.

NRS 120A.400 Commencementof action in district court to establish claim.

NRS 120A.405 Agreementsto recover property presumed abandoned.

ENFORCEMENT; PENALTIES

NRS 120A.410 Reciprocity.

NRS 120A.420 Examinationof records of holders of abandoned property.

NRS 120A.430 Actionto enforce payment or delivery of abandoned property to Administrator; award ofcosts and attorneys fees; imposition of civil penalty.

NRS 120A.440 Criminalpenalties.

NRS 120A.450 Interest.

_________

GENERAL PROVISIONS

NRS 120A.010 Shorttitle. This chapter may be cited as theUniform Disposition of Unclaimed Property Act.

(Added to NRS by 1979, 1750; A 1983, 1476)

NRS 120A.020 Definitions. As used in this chapter, unless the context otherwiserequires, the words and terms defined in NRS120A.025 to 120A.120, inclusive,have the meanings ascribed to them in those sections.

(Added to NRS by 1979, 1751; A 1983, 1462; 2001, 2908)

NRS 120A.025 Administratordefined. Administrator means the StateTreasurer in his capacity as the Administrator of Unclaimed Property.

(Added to NRS by 1983, 1461; A 2001, 2908)

NRS 120A.027 Apparentowner defined. Apparent owner means aperson whose name appears on the records of a holder as the person entitled toproperty held, issued or owing by the holder.

(Added to NRS by 2001, 2908)

NRS 120A.030 Bankingorganization defined. Banking organizationmeans any bank, trust company, savings bank, industrial bank, land bank,safe-deposit company or a private banker.

(Added to NRS by 1979, 1751; A 1983, 1462)

NRS 120A.040 Businessassociation defined. Business associationmeans a corporation, other than a public corporation, a joint-stock company,investment company, partnership, unincorporated association, joint venture, limited-liabilitycompany, business trust, financial organization, insurance company, mutual fundor utility, or another business entity consisting of one or more persons,whether or not for profit.

(Added to NRS by 1979, 1751; A 1983, 1462; 2001, 2908)

NRS 120A.070 Financialorganization defined. Financialorganization means a savings and loan association, banking organization orcredit union.

(Added to NRS by 1979, 1751; A 1983, 1462; 1985, 242;2001, 2909)

NRS 120A.080 Holderdefined. Holder means a person obligated tohold for the account of, or deliver or pay to, the owner property that issubject to this chapter.

(Added to NRS by 1979, 1751; A 1983, 1462; 2001, 2909)

NRS 120A.090 Insurancecompany defined. Insurance company means anassociation, corporation or fraternal or mutual benefit organization, whetheror not for profit, which is engaged in the business of providing life endowments,annuities or insurance, including accident, burial, casualty, credit life, contractperformance, dental, disability, fidelity, fire, health, hospitalization,illness, life, malpractice, marine, mortgage, surety, wage protection andworkers compensation insurance.

(Added to NRS by 1979, 1751; A 1983, 1462; 2001, 2909)

NRS 120A.095 Intangibleproperty defined. Intangible property includes:

1. Money, checks, drafts, deposits, interest,dividends and income;

2. Credit balances, customers overpayments, giftcertificates, security deposits, refunds, credit memoranda, unpaid wages,unused airline tickets and unidentified remittances;

3. Stocks and other intangible interests in businessassociations;

4. Money deposited to redeem stocks, bonds, couponsand other securities or to make distributions;

5. Amounts due under the terms of insurance policies;and

6. Amounts distributable from a trust or custodialfund established under a plan to provide benefits such as health, welfare,pension, vacation, severance, retirement, death, stock purchase, profitsharing, employees savings, supplemental unemployment insurance or the like.

(Added to NRS by 1983, 1461; A 1985, 116)

NRS 120A.098 Moneyorder defined. Money order includes an expressmoney order and a personal money order, on which the remitter is the purchaser.The term does not include a bank money order or any other instrument sold by afinancial organization if the seller has obtained the name and address of thepayee.

(Added to NRS by 2001, 2908)

NRS 120A.100 Ownerdefined. Owner means a depositor in the caseof a deposit, a beneficiary in the case of a trust other than a deposit intrust, a creditor, claimant or payee in the case of other intangible property,or a person having a legal or equitable interest in property subject to thischapter, or his legal representative.

(Added to NRS by 1979, 1751; A 1983, 1463)

NRS 120A.110 Persondefined. Person means a natural person, businessassociation, estate, trust, government or governmental subdivision, agency orinstrumentality, or any other legal or commercial entity.

(Added to NRS by 1979, 1751; A 1983, 1463; 1985, 508;2001, 2909)

NRS 120A.120 Utilitydefined. Utility means any person who ownsor operates within this state for public use any plant, equipment, property,franchise or license for the transmission of communications or the production,storage, transmission, sale, delivery or furnishing of electricity, water,steam or gas.

(Added to NRS by 1979, 1751; A 1983, 1476)

NRS 120A.130 Uniformityof interpretation. This chapter shall be so construedas to effectuate its general purpose to make uniform the law of those stateswhich enact it.

(Added to NRS by 1979, 1751; A 1983, 1476)

NRS 120A.135 Inapplicabilityof chapter to unredeemed gaming chips or tokens.

1. The provisions of this chapter do not apply togaming chips or tokens which are not redeemed at an establishment.

2. As used in this section:

(a) Establishment has the meaning ascribed to it in NRS 463.0148.

(b) Gaming chip or token means any object which maybe redeemed at an establishment for cash or any other representative of value.

(Added to NRS by 1989, 418)

NRS 120A.140 Administrationof chapter; regulations. The Administratorshall carry out the provisions of this chapter and may adopt regulationsappropriate for this purpose.

(Added to NRS by 1979, 1751; A 1983, 1463)

NRS 120A.145 Informationto remain confidential. The Administrator orany officer, agent or employee of the Office of the State Treasurer shall notuse or disclose any information received by the Administrator in the course ofcarrying out the provisions of this chapter which is confidential or which isprovided to the Administrator on the basis that the information is to remainconfidential, unless the use or disclosure of the information is necessary tolocate the owner of unclaimed or abandoned property.

(Added to NRS by 1983, 1462; A 2001, 2909)

NRS 120A.150 Periodsof limitation not bar for purposes of chapter; limitation on actions byAdministrator.

1. The expiration, before, on or after January 1,1980, of any period specified by a contract, statute or court order, duringwhich a claim for money or property can be made or during which an action orproceeding may be commenced or enforced to obtain payment of a claim for moneyor to recover property, does not prevent the money or property from beingpresumed abandoned or affect any duty to file a report or to pay or deliverabandoned property to the Administrator as required by this chapter.

2. Except as otherwise provided in this subsection, noaction or proceeding may be commenced by the Administrator with respect to anyduty of a holder pursuant to this chapter more than 10 years after the dutyarose. The provisions of this subsection do not apply to any action orproceeding against a state or the Federal Government, or any agency or entitythereof.

(Added to NRS by 1979, 1758; A 1983, 1463; 1989, 375;1997, 1596)

PROPERTY PRESUMED ABANDONED

NRS 120A.160 Propertyheld by business associations. The followingproperty held or owing by a business association is presumed abandoned:

1. Any demand, savings or matured time deposit orother certificate of deposit with a banking organization, together with anyinterest or dividend thereon, excluding any charges that may lawfully bewithheld, including a deposit that is automatically renewable, and any moneypaid toward the purchase of a share, a mutual investment certificate or anyother interest in a financial organization, unless the owner has within 3years:

(a) In the case of a deposit, increased or decreasedthe amount of the deposit, or presented the passbook or other similar evidenceof the deposit for the crediting of interest;

(b) Communicated in writing with the financialorganization concerning the property;

(c) Otherwise indicated an interest in the property asevidenced by a memorandum or other record on file prepared by an employee ofthe financial organization;

(d) Owned other property to which paragraph (a), (b) or(c) applies and if the financial organization communicates in writing with theowner with regard to the property that would otherwise be presumed abandonedunder this subsection at the address to which communications regarding theother property regularly are sent; or

(e) Had another relationship with the financialorganization concerning which the owner has:

(1) Communicated in writing with the financialorganization; or

(2) Otherwise indicated an interest as evidencedby a memorandum or other record on file prepared by an employee of thefinancial organization and if the financial organization communicates inwriting with the owner with regard to the property that would otherwise beabandoned under this subsection at the address to which communicationsregarding the other relationship regularly are sent.

For thepurposes of this subsection, property includes interest and dividends.

2. Any property described in subsection 1 that isautomatically renewable is matured for purposes of subsection 1 upon theexpiration of its initial period, but in the case of any renewal to which theowner consents at or about the time of renewal by communicating in writing withthe financial organization or otherwise indicating consent as evidenced by amemorandum or other record on file prepared by an employee of the organization,the property is matured upon the expiration of the last period for which consentwas given. If, at the time provided for delivery in NRS 120A.320, a penalty or forfeiture inthe payment of interest would result from the delivery of the property, thetime for delivery is extended until the time when no penalty or forfeiturewould result.

3. Any sum payable on a check certified in this Stateor on a written instrument issued in this State on which a financialorganization is directly liable, including any draft or cashiers check, whichhas been outstanding for more than 5 years after the date it was payable, orafter the date of its issuance if payable on demand, or any sum payable on amoney order which has been outstanding for more than 7 years after its issuance,or any sum payable on a travelers check which has been outstanding for morethan 15 years after the date of its issuance, unless the owner has within thespecified period corresponded in writing with the financial organizationconcerning it, or otherwise indicated an interest as evidenced by a memorandumon file with the financial organization.

4. Any money or other personal property, tangible orintangible, removed from a safe-deposit box or any other safekeeping repositoryon which the lease or rental period has expired because of nonpayment of rentalcharges or other reason, or any surplus amounts arising from the sale thereofpursuant to law, that have been unclaimed by the owner for more than 3 yearsafter the date on which the lease or rental period expired. A safe-deposit boxfor which no rent is charged or which is provided to the user because of aspecific amount deposited with a business association is presumed abandoned atthe same time as the account for which it was given.

(Added to NRS by 1979, 1751; A 1983, 1463; 1985, 117;1987, 747; 2001, 1645,2909; 2005, 417)

NRS 120A.170 Unclaimedmoney held by insurance companies.

1. Unclaimed money held and owing by an insurancecompany is presumed abandoned if the last known address, according to therecords of the company, of the person entitled to the money is within thisstate. If a person other than the insured or annuitant is entitled to the moneyand no address of such person is known to the company or if it is not definiteand certain from the records of the company what person is entitled to themoney, it is presumed that the last known address of the person entitled to themoney is the same as the last known address of the insured or annuitantaccording to the records of the company.

2. Unclaimed money, as used in this section, meansall money held and owing by any insurance company unclaimed and unpaid for morethan 3 years after the money became due and payable as established from therecords of the company under any life or endowment insurance policy or annuitycontract which has matured or terminated. A life insurance policy not maturedby actual proof of the death of the insured shall be deemed matured and theproceeds thereof deemed due if the policy was in force when the insuredattained the limiting age under the mortality table on which the reserve isbased, unless the person appearing entitled thereto has within the preceding 3years:

(a) Assigned, readjusted or paid premiums on the policyor subjected the policy to loan; or

(b) Corresponded in writing with the insurance companyconcerning the policy.

3. Money otherwise payable according to the records ofthe company shall be deemed due although the policy or contract has not beensurrendered as required.

(Added to NRS by 1979, 1752; A 1983, 1465; 2001, 1646)

NRS 120A.180 Depositsand advance payments held by utilities. Anymoney held or owing by any utility is presumed abandoned if it is moneydeposited by a subscriber with a utility to secure payment for or to pay inadvance for utility services, less any lawful deductions, that has remainedunclaimed by the person appearing on the records of the utility entitledthereto for more than 1 year after the termination of the services for whichthe deposit or advance payment was made.

(Added to NRS by 1979, 1753; A 1983, 1466)

NRS 120A.185 Unclaimedwages held by business. All earned but unpaidwages, including wages represented by unpresented checks, owing in the ordinarycourse of the holders business that have remained unclaimed by the owner formore than 1 year after becoming payable are presumed abandoned.

(Added to NRS by 1985, 116)

NRS 120A.190 Intangibleinterest or money held or owing by business associations.

1. Any stock or other intangible interest, or anydividend, profit, distribution, interest, payment on principal or other sumheld or owing by a business association is presumed abandoned if it isunclaimed by the apparent owner within 3 years after the earlier of:

(a) The date of the most recent dividend, stock splitor other distribution unclaimed by the apparent owner; or

(b) The date of the second mailing of a statement ofaccount or other notification or communication that was returned asundeliverable or after the holder discontinued mailings, notifications orcommunications to the apparent owner.

As to thatproperty, the business association shall be deemed to be the holder.

2. Any dividend, profit, interest or otherdistributions held for or owing to a person at the time the stock or otherproperty to which they attach are presumed to be abandoned shall be deemed tobe abandoned at the same time as the stock or other property.

(Added to NRS by 1979, 1753; A 1983, 1466; 1985, 118;1987, 749; 2001, 1647,2911)

NRS 120A.200 Intangiblepersonal property distributable in course of dissolution. All intangible personal property distributable in thecourse of a dissolution of a business association organized under the laws ofor created in this state that is unclaimed by the owner within 1 year after thedate for final distribution is presumed abandoned.

(Added to NRS by 1979, 1753; A 1983, 1467; 2001, 2911)

NRS 120A.210 Intangiblepersonal property held in fiduciary capacity. Allintangible personal property and any income or increment thereon held in a fiduciarycapacity for the benefit of another person is presumed abandoned unless theowner has, within 3 years after it becomes payable or distributable, increasedor decreased the principal, accepted payment of principal or income,corresponded in writing concerning the property or otherwise indicated aninterest as evidenced by a memorandum on file with the fiduciary:

1. If the property is held by a business associationorganized under the laws of or created in this state;

2. If it is held by a business association doingbusiness in this state but not organized under the laws of or created in thisstate and the records of the business association indicate that the last knownaddress of the person entitled thereto is in this state; or

3. If it is held in this state by any other person.

(Added to NRS by 1979, 1753; A 1983, 1476; 1987, 749;2001, 1647, 2911)

NRS 120A.220 Intangiblepersonal property held by court, public corporation or officer, or governmentalentity. Except as otherwise provided in NRS 607.170, all intangible personalproperty held for the owner by any court, public corporation, public authorityor public officer, an appointee thereof, a federal or state governmental entityor a political subdivision thereof, that has remained unclaimed by the ownerfor more than 3 years after it became payable or distributable is presumedabandoned and subject to the provisions of this chapter if:

1. The last known address or residence of the owner ofthe property is in this State; or

2. The property is otherwise abandoned in this State.

This sectiondoes not apply to refunds held by the Public Utilities Commission of Nevadapursuant to NRS 703.375.

(Added to NRS by 1979, 1754; A 1983, 1476; 1987, 750;1997, 1965; 2001,1647)

NRS 120A.225 Intangiblepersonal property held by intermediary in another state.

1. All intangible personal property, including, butnot limited to, any income or increment thereon, that is held for the owneroutside this state by a court, public corporation, public authority or publicofficer, an appointee thereof, a federal or state governmental entity or apolitical subdivision thereof or any business association, that has remainedunclaimed by the owner for more than 3 years after it became payable ordistributable by the issuer of the property is presumed abandoned and subjectto the provisions of this chapter if:

(a) The last known address of the owner is unknown tothe holder of the property; and

(b) The property was issued or originated by:

(1) This state;

(2) A political subdivision of this state; or

(3) An entity or organization that wasincorporated or organized under the laws of this state or was otherwise locatedin this state at the time the property was issued or originated.

2. The provisions of subsection 1 do not apply toproperty which is or may be presumed abandoned and subject to the custody of thisstate pursuant to any other specific statute.

(Added to NRS by 1991, 287; A 1993, 116)

NRS 120A.230 Intangiblepersonal property not otherwise covered by chapter. Allintangible personal property not otherwise covered by this chapter, includingany income or increment thereon and deducting any lawful charges, that is heldor owing in this state in the ordinary course of the holders business and hasremained unclaimed by the owner for more than 3 years after it became payableor distributable is presumed abandoned.

(Added to NRS by 1979, 1754; A 1983, 1476; 1987, 750;2001, 1648)

NRS 120A.240 Reciprocityfor property presumed abandoned or escheated under laws of another state. If specific property which is subject to the provisions ofNRS 120A.160, 120A.190, 120A.200, 120A.210 and 120A.230 is held for or owed ordistributable to an owner whose last known address is in another state by aholder who is subject to the jurisdiction of that state, the specific propertyis not presumed abandoned in this state and subject to this chapter if:

1. It may be claimed as abandoned or escheated underthe laws of the other state; and

2. The laws of the other state make reciprocalprovision that similar specific property is not presumed abandoned orescheatable by the other state when held for or owed or distributable to anowner whose last known address is within this state by a holder who is subjectto the jurisdiction of this state.

(Added to NRS by 1979, 1754; A 1983, 1476)

REPORTS; NOTICES; CHARGES

NRS 120A.250 Annualreport of property presumed abandoned: Filing; contents; verification.

1. A person holding money or other property presumedabandoned under this chapter shall make a verified report to the Administratorwith respect to the property.

2. The report must include:

(a) Except with respect to travelers checks and moneyorders, the name, if known, and last known address, if any, of each personappearing from the records of the holder to be the owner of any property of thevalue of $50 or more presumed abandoned under this chapter.

(b) In the case of unclaimed money held by an insurancecompany, the full name of the insured or annuitant and his last known addressaccording to the records of the company.

(c) The nature and identifying number, if any, ordescription of the property and the amount appearing from the records to bedue, except that items of value under $50 each may be reported in theaggregate.

(d) The date when the property became payable,demandable or returnable and the date of the last transaction with the ownerwith respect to the property.

(e) Any other information which the Administratorprescribes by regulation as necessary for the administration of this chapter.

3. If the person holding property presumed abandonedis a successor to other persons who previously held the property for the owner,or if the holder has changed his name while holding the property, he shall filewith his report all prior known names and addresses of each holder of theproperty.

4. The report must be filed before November 1 of eachyear for the preceding fiscal year ending June 30 except that the report of aninsurance company must be filed before May 1 of each year for the precedingcalendar year. The Administrator may, in writing, postpone the reporting dateupon written request by any person required to file a report.

5. Verification of the report, if made by:

(a) A partnership, must be executed by a partner.

(b) An unincorporated association or privatecorporation, must be executed by an officer.

(c) A public entity or corporation, must be executed byits chief fiscal officer.

6. The Administrator may require a person reporting 15or more items of property pursuant to this section to file the report ondiskette in lieu of on paper.

(Added to NRS by 1979, 1755; A 1983, 1467; 1987, 750;2001, 2912; 2005, 418)

NRS 120A.260 Communicationwith owner before filing annual report.

1. If the holder of property presumed abandoned underthis chapter knows the whereabouts of the owner and if the owners claim hasnot been barred by the statute of limitations, the holder shall, before filingthe annual report, communicate with the owner and take necessary steps to preventabandonment from being presumed. The holder shall exercise due diligence toascertain the whereabouts of the owner.

2. The Administrator may, by regulation, prescribe aform on which the owner may indicate his interest in maintaining the deposit,shares or account. If a form is so prescribed, the holder shall send the formto each owner whose balance is more than $50, not less than 60 nor more than120 days before the holders report is due. If the owner fills out, signs andreturns the form to the holder, this action prevents abandonment from beingpresumed. The Administrator may, by regulation, authorize the holder to imposea charge of not more than a prescribed amount upon the owners deposit, sharesor account for the expense of mailing the form. In the absence of a regulationprescribing the maximum charge, the holder may impose a charge of not more than$2.

(Added to NRS by 1979, 1756; A 1983, 1468; 1987, 751;2001, 2912)

NRS 120A.270 Reportsby business association not holding property presumed abandoned. Any business association which holds property for another,if it does not hold property presumed to be abandoned, shall file a report withthe Administrator, on or before November 1 of each 3-year period after November1, 1999, which indicates that it is not a holder of any property presumed to beabandoned during that period. The reports of an insurance company under thissection must be filed before May 1 of each year for the preceding calendaryears.

(Added to NRS by 1979, 1756; A 1983, 1468; 2001, 1648, 2913)

NRS 120A.280 Noticeto owners of abandoned property.

1. Within 360 days after the filing of the report requiredby NRS 120A.250 and the payment ordelivery of the property required by NRS120A.320, the Administrator shall cause notice to be published in at leastone newspaper of general circulation in the county in this State in which islocated the last known address of any person to be named in the notice. If noaddress is listed or if the address is outside this State, the notice must bepublished in the county in which the holder of the abandoned property has hisprincipal place of business within this State.

2. The published notice must be entitled Notice ofNames of Persons Appearing To Be Owners of Abandoned Property and mustcontain:

(a) The names in alphabetical order and last knownaddresses, if any, of persons listed in the report and entitled to noticewithin the county.

(b) A statement that information concerning the amountor description of the property and the name and address of the holder may beobtained by any person possessing an interest in the property by addressing aninquiry to the Administrator.

(c) If the property was removed from a safe-deposit boxor other safekeeping repository, a statement declaring that the Administratorwill hold the property for 1 year after the date the property was delivered tothe Administrator and that the property may be destroyed if no claims are madefor it within that period.

3. The Administrator is not required to publish in thenotice any item valued at less than $50 unless he deems the publication to bein the public interest.

4. In addition to the notice required to be publishedpursuant to this section, the Administrator shall take such actions as arereasonably calculated to give actual notice to the owner of property presumedabandoned, including, without limitation, using information obtained from theDepartment of Motor Vehicles and other governmental agencies or executingcontracts with private businesses to assist in locating such owners ofproperty.

(Added to NRS by 1979, 1756; A 1983, 1469; 1985, 242;1987, 751; 1995, 279; 2001,2564, 2913; 2003, 180)

NRS 120A.300 Chargeupon dormant accounts; limitation upon rate.

1. A holder may deduct from property presumed abandonedpursuant to this chapter a charge imposed by reason of the owners failure toclaim the property within a specified time only if there is a valid andenforceable written contract between the holder and the owner under which theholder may impose the charge and the holder regularly imposes the charge, whichis not regularly reversed or otherwise cancelled.

2. The Administrator may prescribe by regulation thehighest rate of charge which a holder may impose upon a dormant account.

3. In the absence of such a regulation, a holder shallnot impose a charge upon a dormant account of more than $5 per month.

(Added to NRS by 1979, 1752; A 1983, 1470; 2001, 2913)

NRS 120A.310 Chargeupon unclaimed property. No service, handling,maintenance or other charge or fee may be deducted or withheld from anyproperty subject to this chapter if, under the holders policy or practice, theholder would not have excluded, withheld or deducted such a charge or fee ifthe property had been claimed by the owner before it was paid or delivered to theAdministrator.

(Added to NRS by 1979, 1757; A 1983, 1470; 2001, 2914)

PLACEMENT OF PROPERTY WITH ADMINISTRATOR

NRS 120A.320 Paymentor delivery of abandoned property to Administrator; delivery of duplicatecertificate or other evidence of ownership to Administrator.

1. Except as otherwise provided in subsection 3 and NRS 120A.160, a person who files a reportunder NRS 120A.250 shall, at the timeof filing the report, pay or deliver to the Administrator all abandonedproperty specified in the report.

2. The holder of an interest under NRS 120A.190 shall deliver a duplicate certificateor other evidence of ownership if the holder does not issue certificates ofownership to the Administrator. Upon delivery of a duplicate certificate to theAdministrator, the holder and any transfer agent, registrar, or other personacting for or on behalf of a holder in executing or delivering the duplicatecertificate is relieved of all liability to every person, including any personacquiring the original certificate or the duplicate of the certificate issuedto the Administrator, for any losses or damages resulting to any person by theissuance and delivery to the Administrator of the duplicate certificate.

3. Property which in all probability will be presumedabandoned pursuant to this chapter may, upon conditions and terms prescribed bythe Administrator, be reported and delivered by the holder to the Administratorbefore the property is presumed abandoned. Property so delivered must be heldby the Administrator and is not presumed abandoned until it otherwise would bepresumed abandoned pursuant to this chapter.

(Added to NRS by 1979, 1757; A 1983, 1470; 1985, 119;1987, 752; 1995, 280; 2001,2914)

NRS 120A.330 Administratormay decline to receive abandoned property. Exceptfor property that was removed from a safe-deposit box, the Administrator maydecline to receive any abandoned property which he deems to have a value lessthan the cost of giving notice and holding a sale, or he may, if he deems itdesirable because of the small sum involved, postpone taking possession until asufficient sum accumulates. Unless he gives notice to the contrary at the timehe receives abandoned property, the Administrator shall be deemed to haveelected to receive and maintain the custody of the property.

(Added to NRS by 1979, 1759; A 1983, 1470; 1995, 281;2001, 2914)

NRS 120A.340 Relieffrom liability by payment or delivery; reimbursement or indemnification ofholder.

1. Upon the payment or delivery to him of abandonedproperty, the Administrator shall assume custody of the property and isthereafter responsible for its safekeeping.

2. Any person who pays or delivers abandoned propertyto the Administrator under this chapter is relieved of all liability to theextent of the value of the property so paid or delivered for any claim whichthen exists or which thereafter may arise or be made in respect to theproperty.

3. Any holder who has paid money to the Administratorpursuant to this chapter may make payment to any person appearing to the holderto be entitled thereto, and if the holder files with the Administrator proof ofsuch payment and proof that the payee was entitled thereto, the Administratorshall forthwith reimburse the holder for the payment, without charge. Ifreimbursement is sought for a payment made on a negotiable instrument,including a travelers check or money order, the Administrator shall reimbursethe holder upon his filing proof that the instrument was presented to him andthat payment was made thereon to a person who appeared to the holder to beentitled to payment.

4. If the holder pays or delivers property to theAdministrator in accordance with this chapter and thereafter any person claimsthe property from the holder, or another state claims the property from theholder under that states laws, the Attorney General shall, upon writtenrequest of the holder, defend him against the claim and the Administrator shallindemnify him against all liability on the claim.

5. Property removed from a safe-deposit box or othersafekeeping repository is received by the Administrator subject to the holdersright to be reimbursed for the actual cost of the opening and to any valid lienor contract providing for the holder to be reimbursed for unpaid rent orstorage charges. The Administrator shall reimburse or pay the holder out of theproceeds remaining after deducting the Administrators selling cost.

(Added to NRS by 1979, 1757; A 1983, 1471; 2001, 2915)

NRS 120A.350 Interest,dividends and other increments accruing before liquidation or conversion tomoney. If property other than money is paid ordelivered to the Administrator under this chapter, the owner is entitled toreceive from the Administrator any dividends, interest or other incrementsrealized or accruing on the property at or before liquidation or conversionthereof into money.

(Added to NRS by 1979, 1758; A 1983, 1471; 2001, 2915)

NRS 120A.360 Sale,destruction, disposal or transfer of abandoned property.

1. Except as otherwise provided in subsections 4, 5and 6, all abandoned property other than money delivered to the Administratorunder this chapter must, within 2 years after the delivery, be sold by theAdministrator to the highest bidder at public sale in whatever manner affordsin his judgment the most favorable market for the property involved. TheAdministrator may decline the highest bid and reoffer the property for sale ifhe considers the price bid insufficient.

2. Any sale held under this section must be precededby a single publication of notice thereof at least 2 weeks in advance of thesale in a newspaper of general circulation in the county where the property isto be sold.

3. The purchaser at any sale conducted by theAdministrator pursuant to this chapter is vested with title to the propertypurchased, free from all claims of the owner or prior holder and of all personsclaiming through or under them. The Administrator shall execute all documentsnecessary to complete the transfer of title.

4. The Administrator need not offer any property forsale if, in his opinion, the probable cost of the sale exceeds the value of theproperty. The Administrator may destroy or otherwise dispose of such propertyor may transfer it to:

(a) The Nevada Museum and Historical Society, theNevada State Museum or the Nevada Historical Society, upon its written request,if the property has, in the opinion of the requesting institution, historical,artistic or literary value and is worthy of preservation;

(b) A genealogical library, upon its written request,if the property has genealogical value and is not wanted by the Nevada Museumand Historical Society, the Nevada State Museum or the Nevada HistoricalSociety; or

(c) A veterans or military museum, upon its writtenrequest, if the property has military or military historical value and is notwanted by the Nevada Museum and Historical Society, the Nevada State Museum orthe Nevada Historical Society.

An actionmay not be maintained by any person against the holder of the property becauseof that transfer, disposal or destruction.

5. Securities listed on an established stock exchangemust be sold at the prevailing price for that security on the exchange at thetime of sale. Other securities not listed on an established stock exchange maybe sold:

(a) Over the counter at the prevailing price for thatsecurity at the time of sale; or

(b) By any other method the Administrator deems acceptable.

6. The Administrator shall hold property that wasremoved from a safe-deposit box or other safekeeping repository for 1 yearafter the date of the delivery of the property to the Administrator, unlessthat property is a will or a codicil to a will, in which case the Administratorshall hold the property for 10 years after the date of the delivery of theproperty to the Administrator. If no claims are filed for the property withinthat period, it may be destroyed.

(Added to NRS by 1979, 1758; A 1983, 1471; 1985, 120,1013; 1987, 753, 1300, 1318; 1995, 281; 2001, 2915; 2005, 419)

NRS 120A.370 AbandonedProperty Trust Fund.

1. There is hereby created in the State Treasury theAbandoned Property Trust Fund.

2. All money received by the Administrator under thischapter, including the proceeds from the sale of abandoned property, must be depositedby the Administrator in the State Treasury for credit to the Abandoned PropertyTrust Fund.

3. Before making a deposit, the Administrator shallrecord the name and last known address of each person appearing from theholders reports to be entitled to the abandoned property and the name and lastknown address of each insured person or annuitant, and with respect to eachpolicy or contract listed in the report of an insurance company, its number,the name of the company and the amount due. The record must be available forpublic inspection at all reasonable business hours.

4. The Administrator may pay from money available inthe Abandoned Property Trust Fund:

(a) Any costs in connection with the sale of abandonedproperty.

(b) Any costs of mailing and publication in connectionwith any abandoned property.

(c) Reasonable service charges.

(d) Any costs incurred in examining the records of aholder and in collecting the abandoned property.

(e) Any valid claims filed pursuant to this chapter.

5. At the end of each fiscal year, the amount of thebalance in the Fund in excess of $100,500 must be transferred. The first$7,600,000 each year must be transferred to the Millennium Scholarship TrustFund created by NRS 396.926. Theremainder must be transferred to the State General Fund, but remains subject tothe valid claims of holders pursuant to NRS120A.340 or owners pursuant to NRS120A.380.

6. If there is an insufficient amount of money in theAbandoned Property Trust Fund to pay any cost or charge pursuant to subsection4, the State Board of Examiners may, upon the application of the Administrator,authorize a temporary transfer from the State General Fund to the AbandonedProperty Trust Fund of an amount necessary to pay those costs or charges. TheAdministrator shall repay the amount of the transfer as soon as sufficientmoney is available in the Abandoned Property Trust Fund.

(Added to NRS by 1979, 1759; A 1983, 1472; 1985, 120;1987, 754; 2001, 2916;2005, 22ndSpecial Session, 152)

RECOVERY OF PROPERTY BY OWNER

NRS 120A.380 Claimfor property delivered to State. Any personclaiming an interest in any property delivered to the State under this chaptermay file a claim to the property or to the proceeds from the sale thereof onthe form prescribed by the Administrator.

(Added to NRS by 1979, 1759; A 1983, 1472)

NRS 120A.390 Determinationof claim.

1. The Administrator shall review each claim filedunder this chapter and may hold a hearing and receive evidence concerning theclaim. If a hearing is held, he shall prepare findings of fact and a decisionin writing stating the substance of any evidence heard and the reasons for hisdecision. The decision is a public record.

2. Except as otherwise provided in subsection 3, ifthe Administrator allows the claim, he shall pay it, without deduction forcosts of notices or sale or for service charges, from the Abandoned Property TrustFund as other claims against the State are paid.

3. The Administrator may require a person with a claimin excess of $1,000 to furnish a bond and indemnify the State against any lossresulting from the approval of such claim if the claim is based upon anoriginal instrument, including, without limitation, a certified check or astock certificate, which cannot be furnished by the person with the claim.

(Added to NRS by 1979, 1759; A 1983, 1473; 2005, 420)

NRS 120A.400 Commencementof action in district court to establish claim. Anyperson aggrieved by a decision of the Administrator, or as to whose claim theAdministrator has failed to render a decision within 90 days after the filingof the claim, may commence an action in the district court to establish hisclaim. The proceeding must be brought within 90 days after the decision of theAdministrator or within 180 days after the filing of the claim if theAdministrator has failed to render a decision. The action must be tried withouta jury in cases where the Administrator has failed to render a decision.

(Added to NRS by 1979, 1759; A 1983, 1473; 1993,1510; 2001, 2917)

NRS 120A.405 Agreementsto recover property presumed abandoned.

1. Any agreement to locate, deliver, recover or assistin the recovery of property presumed abandoned which is entered into by or onbehalf of the owner of the property must:

(a) Be in writing.

(b) Be signed by the owner.

(c) Include a description of the property.

(d) Include the value of the property.

(e) Include the name and address of the person inpossession of the property, if known.

2. Such an agreement is not valid unless it isexecuted:

(a) Before the date on which the property is reportedto the Administrator pursuant to NRS120A.250; or

(b) Two years after the property has been paid ordelivered to the Administrator.

3. A fee charged for the location, delivery, recoveryor assistance in the recovery of property presumed abandoned must not be morethan 10 percent of the total value of the property.

(Added to NRS by 1983, 1461; A 2001, 2917)

ENFORCEMENT; PENALTIES

NRS 120A.410 Reciprocity.

1. The Administrator may enter into an agreement toprovide information needed to enable another state to determine the existenceof unclaimed property to which it may be entitled if the other state agrees toprovide this state with information needed to enable this state to determinethe existence of unclaimed property to which this state may be entitled. TheAdministrator may, by regulation, require the reporting of information neededto enable him to comply with agreements made pursuant to this section and may,by regulation, prescribe the form, including verification, of the informationto be reported and the times for filing the reports.

2. At the request of another state, the AttorneyGeneral of this state may bring an action in the name of the other state, inany court of competent jurisdiction of this state or federal court within thisstate, to enforce the unclaimed property laws of the other state against aholder in this state of property to which the other state is entitled, if:

(a) The courts of the other state cannot obtainjurisdiction over the holder;

(b) The other state has agreed to bring actions in thename of this state at the request of the Attorney General of this state toenforce the provisions of this chapter against any person in the other statebelieved by the Administrator to hold property to which this state is entitled,where the courts of this state cannot obtain jurisdiction over that person; and

(c) The other state has agreed to pay reasonable costsincurred by the Attorney General in bringing the action on its behalf.

3. If the Administrator believes that a person in anotherstate holds property to which this state is entitled under this chapter and thecourts of this state cannot obtain jurisdiction over that person, the AttorneyGeneral of this state may request an officer of the other state to bring anaction in the name of this state to enforce the provisions of this chapteragainst that person. This state shall pay all reasonable costs incurred by theother state in any action brought under the authority of this section. TheAdministrator may agree to pay to the state, a political subdivision of thestate, or an agency of either, which employs the officer bringing such anaction a reward not to exceed 15 percent of the value, after deductingreasonable costs, of any property recovered for this state as a direct or indirectresult of the action. Any costs or rewards paid pursuant to this section mustbe paid from the Abandoned Property Trust Fund and must not be deducted fromthe amount that is subject to be claimed by the owner in accordance with thischapter.

(Added to NRS by 1979, 1754; A 1983, 1473; 1985, 121)

NRS 120A.420 Examinationof records of holders of abandoned property.

1. The Administrator may, at reasonable times and uponreasonable notice, examine the records of any person if he has reason tobelieve that the person has failed to report property which should have beenreported pursuant to this chapter.

2. To determine compliance with this chapter, theCommissioner of Financial Institutions may examine the records of any bankingorganization and any savings and loan association doing business within thisstate but not organized under the laws of or created in this state.

3. When requested by the Administrator, any licensingor regulating agency otherwise empowered by the laws of this state to examinethe records of the holder shall include in its examination a determinationwhether the holder has complied with this chapter.

(Added to NRS by 1979, 1760; A 1983, 1474; 1987,1874; 2001, 2917)

NRS 120A.430 Actionto enforce payment or delivery of abandoned property to Administrator; award ofcosts and attorneys fees; imposition of civil penalty. If any person refuses to pay or deliver property to theAdministrator as required under this chapter, the Attorney General, uponrequest of the Administrator, may bring an action in a court of competentjurisdiction to enforce the payment or delivery. In such an action, the courtmay award costs and reasonable attorneys fees to the prevailing party, and, ifthe Administrator is the prevailing party, may impose a civil penalty againstthe losing party in an amount not to exceed 2 percent of the value of theproperty, or $1,000, whichever is greater.

(Added to NRS by 1979, 1760; A 1983, 1474; 1995, 282;2001, 2918)

NRS 120A.440 Criminalpenalties.

1. Except as otherwise provided in subsection 2, anyperson who willfully fails to make any report or perform any other dutyrequired under this chapter is guilty of a misdemeanor. Each day such a reportis withheld constitutes a separate offense.

2. Any person who willfully refuses to pay or deliverabandoned property to the Administrator as required under this chapter isguilty of a gross misdemeanor.

(Added to NRS by 1979, 1760; A 1983, 1474; 2001, 2918)

NRS 120A.450 Interest.

1. Except as otherwise provided in subsection 2, inaddition to any penalties for which he may be liable, any person who fails toreport or to pay or deliver abandoned property within the time prescribed bythis chapter shall pay to the Administrator interest at the rate of 18 percentper annum on the money or the value of other property from the date on whichthe property should have been paid or delivered.

2. The Administrator may waive the right to thepayment of all or part of the interest pursuant to this section if:

(a) The person otherwise obligated to make paymentfiles with the Administrator a verified statement of the facts, showing thathis failure to report or to make payment or delivery was not willful ornegligent but occurred because of circumstances beyond his control; and

(b) The Administrator so finds.

(Added to NRS by 1979, 1760; A 1983, 1475; 1989, 375;2001, 2918; 2005, 420)

 

Disclaimer: These codes may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.