2005 Nevada Revised Statutes - Chapter 664 — Withdrawals and Collections

CHAPTER 664 - WITHDRAWALS AND COLLECTIONS

NRS 664.015 Divisionof Financial Institutions may authorize restriction of withdrawals; procedure;segregation of new deposits.

NRS 664.025 Cashierscheck acceptable in lieu of certified check.

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NRS 664.015 Divisionof Financial Institutions may authorize restriction of withdrawals; procedure;segregation of new deposits.

1. The Division of Financial Institutions may, upon aproper application in writing showing good cause therefor, authorize any bankin this state or organized under this title to restrict, for a limited period,the percentage of withdrawals from all of the accounts of such bank.

2. Whenever, in the interest of public business, anybank doing business in this state deems it necessary to curtail or restrict thewithdrawals of its patrons for a limited period, such bank, through its properofficers, may make application in writing, setting forth the reasons therefor,to the Division of Financial Institutions requesting an order or authorizationfrom the Division to restrict, for a limited period, withdrawals by thedepositors of the bank to a specific percentage of their respective deposits.

3. Upon receipt of such application by the Division ofFinancial Institutions, and good cause appearing therefor, the Division mayissue to the applicant an authorization specifying therein the percentage ofall deposits which the bank may pay to its depositors, and the period to whichsuch restriction or limitation may extend. For good cause shown, the Divisionof Financial Institutions may shorten, cancel, extend or renew suchauthorization whenever the Division deems such action proper in the interest ofpublic business.

4. Any bank obtaining any order or authorizationauthorized by this section shall post and maintain, during the period ofrestriction, in a conspicuous place in or upon its banking premises, acertified copy of each order or authorization.

5. The Division of Financial Institutions mayauthorize all such banks thereafter to receive new deposits, which must besegregated from the old deposits, and the new deposits are not subject to anyrestriction as to the withdrawal thereof, except as provided in the terms ofany time certificate of deposit or savings passbook; and the new deposits mustbe invested in such liquid assets as may be approved by the Division in orderthat such banks may at all times have sufficient funds available to meet thedemands on such new deposits in accordance herewith.

(Added to NRS by 1971, 993; A 1983, 1743)

NRS 664.025 Cashierscheck acceptable in lieu of certified check. Anytime that a certified check is required in any legal document or transaction,the effectiveness of which document or transaction is governed by the laws ofthis state, a bank may issue a cashiers check which shall be accepted in lieuof a certified check and which shall have the same force and effect as acertified check.

(Added to NRS by 1971, 993)

 

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