Nevada Statute | Act | Code |Title 55 - Banks And Related Organizations| US Code - US Statute

Whenever any deposit is made in
any bank or credit union doing business within this state by any person
in trust for another, and no other or further notice of the existence and
terms of a legal and valid trust has been given in writing to the bank or
credit union, upon the death of the trustee, the deposit or any part
thereof, together with the dividends or interest thereon, may be paid to
the person for whom the deposit was made.

      (Added to NRS by 1971, 991; A 1999, 1542 )
Notwithstanding any provision of law of this state or of any
political subdivision thereof requiring security for deposits in the form
of collateral or surety bond or in any other form, security for such
deposits shall not be required to the extent such deposits are insured
under the provisions of the Federal Deposit Insurance Act, as now or
hereafter amended, or insured by the National Credit Union Insurance Fund
or by a private insurer approved pursuant to NRS 678.755 .

      (Added to NRS by 1971, 991; A 1999, 1542 )
Any bank or credit union or
officer of any bank or credit union whose authority to transact a banking
business has been revoked as provided in this title or title 56 of NRS,
receiving any deposit of whatever nature after such revocation, shall be
subject to the same penalty as provided in this title or title 56 of NRS
for those who transact a banking business without authority.

      (Added to NRS by 1971, 991; A 1999, 1542 )

      1. When any deposit is made in a bank or credit union by a minor,
the bank or credit union may pay to such depositor such sums as may be
due him, and the receipt of such minor to such bank or credit union is
valid.

      2. A bank or credit union may operate a deposit account in the
name of a minor or in the name of two or more persons one or more of whom
are minors with the same effect upon its liability as if such minors were
of full age.

      3. A bank or credit union may lease a safe-deposit box to, and in
connection therewith deal with, a minor with the same effect as if
leasing to and dealing with a person of full legal capacity.

      4. An institution may rent a safe-deposit box or other receptacle
for safe deposit of property to, and receive property for safe deposit
from, a married minor and spouse, whether adult or minor, jointly.

      5. This section does not affect the law governing transactions
with minors in cases outside the scope of this section.

      (Added to NRS by 1971, 991; A 1999, 1543 )

      1. A bank or credit union may arrange for the collection of
savings from school children by the principal of the school, by the
teachers, or by collectors pursuant to regulations issued by the
Commissioner and approved, in the case of public schools, by the board of
trustees of the school district in which the school is situated. The
principal, teacher or person authorized by the bank or credit union to
make collections from the school children must be the agent of the bank
or credit union to make collections from the school children, and the
bank or credit union is liable to the pupil for all deposits made with
such principal, teacher or other authorized person to the same extent as
if the deposits were made directly with the bank or credit union.

      2. The acceptance of deposits in furtherance of a school thrift or
savings plan by an officer, employee or agent of a bank or credit union
at any school is not the establishment or operation of a branch facility.

      (Added to NRS by 1971, 992; A 1983, 1742; 1987, 1920; 1999, 1543
)

      1. If the rental due on a safe-deposit box has not been paid for
90 days, the lessor may send a notice by registered or certified mail to
the last known address of the lessee stating that the safe-deposit box
will be opened and its contents stored at the expense of the lessee
unless payment of the rental is made within 30 days. If the rental is not
paid within 30 days after the mailing of the notice, the box may be
opened in the presence of any officer of the lessor and a notary public.
The contents must be sealed in a package by the notary public, who shall
write on the outside the name of the lessee and the date of the opening
of the box in the presence of the officer. The notary public and the
officer shall execute a certificate reciting the name of the lessee, the
date of the opening of the box and a list of its contents. The
certificate must be included in the package, and a copy of the
certificate must be sent by registered or certified mail to the last
known address of the lessee. If the contents of the safe-deposit box have
been unclaimed by the owner for 3 years or less, the package must then be
placed in the general vaults of the lessor at a rental not exceeding the
rental previously charged for the box, until such time that the contents
will have been unclaimed by the owner for more than 3 years, at which
time the lessor shall deliver the package to the state treasurer in his
capacity as the administrator of unclaimed property pursuant to the
provisions of chapter 120A of NRS.

      2. If the contents of a safe-deposit box that has been opened
pursuant to subsection 1 have been unclaimed by the owner for more than 3
years, the lessor shall deliver the package to the State Treasurer in his
capacity as the Administrator of Unclaimed Property pursuant to the
provisions of chapter 120A of NRS.

      (Added to NRS by 1971, 992; A 1985, 739, 2252; 1995, 282; 2001,
1651 , 2929 )

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