USA Statutes : nevada
Title : Title 10 - PROPERTY RIGHTS AND TRANSACTIONS
Chapter : CHAPTER 120A - DISPOSITION OF UNCLAIMED PROPERTY (UNIFORM ACT)
This chapter may be cited as the
Uniform Disposition of Unclaimed Property Act.
(Added to NRS by 1979, 1750; A 1983, 1476)
As used in this chapter, unless the
context otherwise requires, the words and terms defined in NRS 120A.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 )
“Administrator” means the
State Treasurer in his capacity as the Administrator of Unclaimed
Property.
(Added to NRS by 1983, 1461; A 2001, 2908 )
“Apparent owner” means a
person whose name appears on the records of a holder as the person
entitled to property held, issued or owing by the holder.
(Added to NRS by 2001, 2908 )
“Banking
organization” means 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)
“Business
association” means a corporation, other than a public corporation, a
joint-stock company, investment company, partnership, unincorporated
association, joint venture, limited-liability company, business trust,
financial organization, insurance company, mutual fund or 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 )
“Financial
organization” means a savings and loan association, banking organization
or credit union.
(Added to NRS by 1979, 1751; A 1983, 1462; 1985, 242; 2001, 2909
)
“Holder” means a person obligated
to hold for the account of, or deliver or pay to, the owner property that
is subject to this chapter.
(Added to NRS by 1979, 1751; A 1983, 1462; 2001, 2909 )
“Insurance company”
means an association, corporation or fraternal or mutual benefit
organization, whether or not for profit, which is engaged in the business
of providing life endowments, annuities or insurance, including accident,
burial, casualty, credit life, contract performance, dental, disability,
fidelity, fire, health, hospitalization, illness, life, malpractice,
marine, mortgage, surety, wage protection and workers’ compensation
insurance.
(Added to NRS by 1979, 1751; A 1983, 1462; 2001, 2909 )
“Intangible property”
includes:
1. Money, checks, drafts, deposits, interest, dividends and income;
2. Credit balances, customers’ overpayments, gift certificates,
security deposits, refunds, credit memoranda, unpaid wages, unused
airline tickets and unidentified remittances;
3. Stocks and other intangible interests in business associations;
4. Money deposited to redeem stocks, bonds, coupons and other
securities or to make distributions;
5. Amounts due under the terms of insurance policies; and
6. Amounts distributable from a trust or custodial fund
established under a plan to provide benefits such as health, welfare,
pension, vacation, severance, retirement, death, stock purchase, profit
sharing, employees’ savings, supplemental unemployment insurance or the
like.
(Added to NRS by 1983, 1461; A 1985, 116)
“Money order” includes an
express money 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 a financial organization if the seller has obtained
the name and address of the payee.
(Added to NRS by 2001, 2908 )
“Owner” means a depositor in the
case of a deposit, a beneficiary in the case of a trust other than a
deposit in trust, 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 this chapter, or his legal representative.
(Added to NRS by 1979, 1751; A 1983, 1463)
“Person” means a natural person,
business association, estate, trust, government or governmental
subdivision, agency or instrumentality, or any other legal or commercial
entity.
(Added to NRS by 1979, 1751; A 1983, 1463; 1985, 508; 2001, 2909
)
“Utility” means any person who
owns or 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)
This chapter shall be
so construed as to effectuate its general purpose to make uniform the law
of those states which enact it.
(Added to NRS by 1979, 1751; A 1983, 1476)
1. The provisions of this chapter do not apply to gaming 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 may be redeemed
at an establishment for cash or any other representative of value.
(Added to NRS by 1989, 418)
The
Administrator shall carry out the provisions of this chapter and may
adopt regulations appropriate for this purpose.
(Added to NRS by 1979, 1751; A 1983, 1463)
The
Administrator or any officer, agent or employee of the Office of the
State Treasurer shall not use or disclose any information received by the
Administrator in the course of carrying out the provisions of this
chapter which is confidential or which is provided to the Administrator
on the basis that the information is to remain confidential, unless the
use or disclosure of the information is necessary to locate the owner of
unclaimed or abandoned property.
(Added to NRS by 1983, 1462; A 2001, 2909 )
1. The expiration, before, on or after January 1, 1980, of any
period specified by a contract, statute or court order, during which a
claim for money or property can be made or during which an action or
proceeding may be commenced or enforced to obtain payment of a claim for
money or to recover property, does not prevent the money or property from
being presumed abandoned or affect any duty to file a report or to pay or
deliver abandoned property to the Administrator as required by this
chapter.
2. Except as otherwise provided in this subsection, no action or
proceeding may be commenced by the Administrator with respect to any duty
of a holder pursuant to this chapter more than 10 years after the duty
arose. The provisions of this subsection do not apply to any action or
proceeding against a state or the Federal Government, or any agency or
entity thereof.
(Added to NRS by 1979, 1758; A 1983, 1463; 1989, 375; 1997, 1596)
PROPERTY PRESUMED ABANDONED
The
following property held or owing by a business association is presumed
abandoned:
1. Any demand, savings or matured time deposit or other
certificate of deposit with a banking organization, together with any
interest or dividend thereon, excluding any charges that may lawfully be
withheld, including a deposit that is automatically renewable, and any
money paid toward the purchase of a share, a mutual investment
certificate or any other interest in a financial organization, unless the
owner has within 3 years:
(a) In the case of a deposit, increased or decreased the amount of
the deposit, or presented the passbook or other similar evidence of the
deposit for the crediting of interest;
(b) Communicated in writing with the financial organization
concerning the property;
(c) Otherwise indicated an interest in the property as evidenced by
a memorandum or other record on file prepared by an employee of the
financial organization;
(d) Owned other property to which paragraph (a), (b) or (c) applies
and if the financial organization communicates in writing with the owner
with regard to the property that would otherwise be presumed abandoned
under this subsection at the address to which communications regarding
the other property regularly are sent; or
(e) Had another relationship with the financial organization
concerning which the owner has:
(1) Communicated in writing with the financial organization;
or
(2) Otherwise indicated an interest as evidenced by a
memorandum or other record on file prepared by an employee of the
financial organization and if the financial organization communicates in
writing with the owner with regard to the property that would otherwise
be abandoned under this subsection at the address to which communications
regarding the other relationship regularly are sent.
Ê For the purposes of this subsection, “property” includes interest and
dividends.
2. Any property described in subsection 1 that is automatically
renewable is matured for purposes of subsection 1 upon the expiration of
its initial period, but in the case of any renewal to which the owner
consents at or about the time of renewal by communicating in writing with
the financial organization or otherwise indicating consent as evidenced
by a memorandum 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 consent was given. If, at the time provided for delivery
in NRS 120A.320 , a penalty or
forfeiture in the payment of interest would result from the delivery of
the property, the time for delivery is extended until the time when no
penalty or forfeiture would result.
3. Any sum payable on a check certified in this State or on a
written instrument issued in this State on which a financial organization
is directly liable, including any draft or cashier’s check, which has
been outstanding for more than 5 years after the date it was payable, or
after the date of its issuance if payable on demand, or any sum payable
on a money order which has been outstanding for more than 7 years after
its issuance, or any sum payable on a traveler’s check which has been
outstanding for more than 15 years after the date of its issuance, unless
the owner has within the specified period corresponded in writing with
the financial organization concerning it, or otherwise indicated an
interest as evidenced by a memorandum on file with the financial
organization.
4. Any money or other personal property, tangible or intangible,
removed from a safe-deposit box or any other safekeeping repository on
which the lease or rental period has expired because of nonpayment of
rental charges or other reason, or any surplus amounts arising from the
sale thereof pursuant to law, that have been unclaimed by the owner for
more than 3 years after the date on which the lease or rental period
expired. A safe-deposit box for which no rent is charged or which is
provided to the user because of a specific amount deposited with a
business association is presumed abandoned at the 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 )
1. Unclaimed money held and owing by an insurance company is
presumed abandoned if the last known address, according to the records of
the company, of the person entitled to the money is within this state. If
a person other than the insured or annuitant is entitled to the money and
no address of such person is known to the company or if it is not
definite and certain from the records of the company what person is
entitled to the money, it is presumed that the last known address of the
person entitled to the money is the same as the last known address of the
insured or annuitant according to the records of the company.
2. “Unclaimed money,” as used in this section, means all money
held and owing by any insurance company unclaimed and unpaid for more
than 3 years after the money became due and payable as established from
the records of the company under any life or endowment insurance policy
or annuity contract which has matured or terminated. A life insurance
policy not matured by actual proof of the death of the insured shall be
deemed matured and the proceeds thereof deemed due if the policy was in
force when the insured attained the limiting age under the mortality
table on which the reserve is based, unless the person appearing entitled
thereto has within the preceding 3 years:
(a) Assigned, readjusted or paid premiums on the policy or
subjected the policy to loan; or
(b) Corresponded in writing with the insurance company concerning
the policy.
3. Money otherwise payable according to the records of the company
shall be deemed due although the policy or contract has not been
surrendered as required.
(Added to NRS by 1979, 1752; A 1983, 1465; 2001, 1646 )
Any
money held or owing by any utility is presumed abandoned if it is money
deposited by a subscriber with a utility to secure payment for or to pay
in advance for utility services, less any lawful deductions, that has
remained unclaimed by the person appearing on the records of the utility
entitled thereto for more than 1 year after the termination of the
services for which the deposit or advance payment was made.
(Added to NRS by 1979, 1753; A 1983, 1466)
All earned but
unpaid wages, including wages represented by unpresented checks, owing in
the ordinary course of the holder’s business that have remained unclaimed
by the owner for more than 1 year after becoming payable are presumed
abandoned.
(Added to NRS by 1985, 116)
1. Any stock or other intangible interest, or any dividend,
profit, distribution, interest, payment on principal or other sum held or
owing by a business association is presumed abandoned if it is unclaimed
by the apparent owner within 3 years after the earlier of:
(a) The date of the most recent dividend, stock split or other
distribution unclaimed by the apparent owner; or
(b) The date of the second mailing of a statement of account or
other notification or communication that was returned as undeliverable or
after the holder discontinued mailings, notifications or communications
to the apparent owner.
Ê As to that property, the business association shall be deemed to be the
holder.
2. Any dividend, profit, interest or other distributions held for
or owing to a person at the time the stock or other property to which
they attach are presumed to be abandoned shall be deemed to be 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 )
All intangible personal property distributable in the
course of a dissolution of a business association organized under the
laws of or created in this state that is unclaimed by the owner within 1
year after the date for final distribution is presumed abandoned.
(Added to NRS by 1979, 1753; A 1983, 1467; 2001, 2911 )
All intangible personal property and any income or increment
thereon held in a fiduciary capacity for the benefit of another person is
presumed abandoned unless the owner has, within 3 years after it becomes
payable or distributable, increased or decreased the principal, accepted
payment of principal or income, corresponded in writing concerning the
property or otherwise indicated an interest as evidenced by a memorandum
on file with the fiduciary:
1. If the property is held by a business association organized
under the laws of or created in this state;
2. If it is held by a business association doing business in this
state but not organized under the laws of or created in this state and
the records of the business association indicate that the last known
address 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 )
Except as otherwise
provided in NRS 607.170 , all intangible personal property held for the owner by any
court, public corporation, public authority or public officer, an
appointee thereof, a federal or state governmental entity or a political
subdivision thereof, that has remained unclaimed by the owner for more
than 3 years after it became payable or distributable is presumed
abandoned and subject to the provisions of this chapter if:
1. The last known address or residence of the owner of the
property is in this State; or
2. The property is otherwise abandoned in this State.
Ê This section does not apply to refunds held by the Public Utilities
Commission of Nevada pursuant to NRS 703.375 .
(Added to NRS by 1979, 1754; A 1983, 1476; 1987, 750; 1997, 1965;
2001, 1647 )
1. All intangible personal property, including, but not limited
to, any income or increment thereon, that is held for the owner outside
this state by a court, public corporation, public authority or public
officer, an appointee thereof, a federal or state governmental entity or
a political subdivision thereof or any business association, that has
remained unclaimed by the owner for more than 3 years after it became
payable or distributable by the issuer of the property is presumed
abandoned and subject to the provisions of this chapter if:
(a) The last known address of the owner is unknown to the 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 was incorporated or
organized under the laws of this state or was otherwise located in this
state at the time the property was issued or originated.
2. The provisions of subsection 1 do not apply to property which
is or may be presumed abandoned and subject to the custody of this state
pursuant to any other specific statute.
(Added to NRS by 1991, 287; A 1993, 116)
All intangible personal property not otherwise covered by this
chapter, including any income or increment thereon and deducting any
lawful charges, that is held or owing in this state in the ordinary
course of the holder’s business and has remained unclaimed by the owner
for more than 3 years after it became payable or distributable is
presumed abandoned.
(Added to NRS by 1979, 1754; A 1983, 1476; 1987, 750; 2001, 1648
)
If specific property which is
subject to the provisions of NRS 120A.160 , 120A.190 , 120A.200 , 120A.210 and 120A.230 is held for or owed or distributable to an
owner whose last known address is in another state by a holder who is
subject to the jurisdiction of that state, the specific property is not
presumed abandoned in this state and subject to this chapter if:
1. It may be claimed as abandoned or escheated under the laws of
the other state; and
2. The laws of the other state make reciprocal provision that
similar specific property is not presumed abandoned or escheatable by the
other state when held for or owed or distributable to an owner whose last
known address is within this state by a holder who is subject to the
jurisdiction of this state.
(Added to NRS by 1979, 1754; A 1983, 1476)
REPORTS; NOTICES; CHARGES
1. A person holding money or other property presumed abandoned
under this chapter shall make a verified report to the Administrator with
respect to the property.
2. The report must include:
(a) Except with respect to traveler’s checks and money orders, the
name, if known, and last known address, if any, of each person appearing
from the records of the holder to be the owner of any property of the
value of $50 or more presumed abandoned under this chapter.
(b) In the case of unclaimed money held by an insurance company,
the full name of the insured or annuitant and his last known address
according to the records of the company.
(c) The nature and identifying number, if any, or description of
the property and the amount appearing from the records to be due, except
that items of value under $50 each may be reported in the aggregate.
(d) The date when the property became payable, demandable or
returnable and the date of the last transaction with the owner with
respect to the property.
(e) Any other information which the Administrator prescribes by
regulation as necessary for the administration of this chapter.
3. If the person holding property presumed abandoned is 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 file with his report all prior known names and addresses of each
holder of the property.
4. The report must be filed before November 1 of each year for the
preceding fiscal year ending June 30 except that the report of an
insurance company must be filed before May 1 of each year for the
preceding calendar year. The Administrator may, in writing, postpone the
reporting date upon 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 private corporation, must be
executed by an officer.
(c) A public entity or corporation, must be executed by its chief
fiscal officer.
6. The Administrator may require a person reporting 15 or more
items of property pursuant to this section to file the report on diskette
in lieu of on paper.
(Added to NRS by 1979, 1755; A 1983, 1467; 1987, 750; 2001, 2912
; 2005, 418 )
1. If the holder of property presumed abandoned under this chapter
knows the whereabouts of the owner and if the owner’s claim has not been
barred by the statute of limitations, the holder shall, before filing the
annual report, communicate with the owner and take necessary steps to
prevent abandonment from being presumed. The holder shall exercise due
diligence to ascertain the whereabouts of the owner.
2. The Administrator may, by regulation, prescribe a form 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 form to
each owner whose balance is more than $50, not less than 60 nor more than
120 days before the holder’s report is due. If the owner fills out, signs
and returns the form to the holder, this action prevents abandonment from
being presumed. The Administrator may, by regulation, authorize the
holder to impose a charge of not more than a prescribed amount upon the
owner’s deposit, shares or account for the expense of mailing the form.
In the absence of a regulation prescribing 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
)
Any business association which holds property for
another, if it does not hold property presumed to be abandoned, shall
file a report with the Administrator, on or before November 1 of each
3-year period after November 1, 1999, which indicates that it is not a
holder of any property presumed to be abandoned during that period. The
reports of an insurance company under this section must be filed before
May 1 of each year for the preceding calendar years.
(Added to NRS by 1979, 1756; A 1983, 1468; 2001, 1648 , 2913 )
1. Within 360 days after the filing of the report required by NRS
120A.250 and the payment or delivery
of the property required by NRS 120A.320 , the Administrator shall cause notice to be
published in at least one newspaper of general circulation in the county
in this State in which is located the last known address of any person to
be named in the notice. If no address is listed or if the address is
outside this State, the notice must be published in the county in which
the holder of the abandoned property has his principal place of business
within this State.
2. The published notice must be entitled “Notice of Names of
Persons Appearing To Be Owners of Abandoned Property” and must contain:
(a) The names in alphabetical order and last known addresses, if
any, of persons listed in the report and entitled to notice within the
county.
(b) A statement that information concerning the amount or
description of the property and the name and address of the holder may be
obtained by any person possessing an interest in the property by
addressing an inquiry to the Administrator.
(c) If the property was removed from a safe-deposit box or other
safekeeping repository, a statement declaring that the Administrator will
hold the property for 1 year after the date the property was delivered to
the Administrator and that the property may be destroyed if no claims are
made for it within that period.
3. The Administrator is not required to publish in the notice any
item valued at less than $50 unless he deems the publication to be in the
public interest.
4. In addition to the notice required to be published pursuant to
this section, the Administrator shall take such actions as are reasonably
calculated to give actual notice to the owner of property presumed
abandoned, including, without limitation, using information obtained from
the Department of Motor Vehicles and other governmental agencies or
executing contracts with private businesses to assist in locating such
owners of property.
(Added to NRS by 1979, 1756; A 1983, 1469; 1985, 242; 1987, 751;
1995, 279; 2001, 2564 , 2913 ; 2003, 180 )
1. A holder may deduct from property presumed abandoned pursuant
to this chapter a charge imposed by reason of the owner’s failure to
claim the property within a specified time only if there is a valid and
enforceable written contract between the holder and the owner under which
the holder may impose the charge and the holder regularly imposes the
charge, which is not regularly reversed or otherwise cancelled.
2. The Administrator may prescribe by regulation the highest rate
of charge which a holder may impose upon a dormant account.
3. In the absence of such a regulation, a holder shall not impose
a charge upon a dormant account of more than $5 per month.
(Added to NRS by 1979, 1752; A 1983, 1470; 2001, 2913 )
No service,
handling, maintenance or other charge or fee may be deducted or withheld
from any property subject to this chapter if, under the holder’s policy
or practice, the holder would not have excluded, withheld or deducted
such a charge or fee if the property had been claimed by the owner before
it was paid or delivered to the Administrator.
(Added to NRS by 1979, 1757; A 1983, 1470; 2001, 2914 )
PLACEMENT OF PROPERTY WITH ADMINISTRATOR
1. Except as otherwise provided in subsection 3 and NRS 120A.160
, a person who files a report under
NRS 120A.250 shall, at the time of
filing the report, pay or deliver to the Administrator all abandoned
property specified in the report.
2. The holder of an interest under NRS 120A.190 shall deliver a duplicate certificate or
other evidence of ownership if the holder does not issue certificates of
ownership to the Administrator. Upon delivery of a duplicate certificate
to the Administrator, the holder and any transfer agent, registrar, or
other person acting for or on behalf of a holder in executing or
delivering the duplicate certificate is relieved of all liability to
every person, including any person acquiring the original certificate or
the duplicate of the certificate issued to the Administrator, for any
losses or damages resulting to any person by the issuance and delivery to
the Administrator of the duplicate certificate.
3. Property which in all probability will be presumed abandoned
pursuant to this chapter may, upon conditions and terms prescribed by the
Administrator, be reported and delivered by the holder to the
Administrator before the property is presumed abandoned. Property so
delivered must be held by the Administrator and is not presumed abandoned
until it otherwise would be presumed abandoned pursuant to this chapter.
(Added to NRS by 1979, 1757; A 1983, 1470; 1985, 119; 1987, 752;
1995, 280; 2001, 2914 )
Except for property that was removed from a safe-deposit box,
the Administrator may decline to receive any abandoned property which he
deems to have a value less than the cost of giving notice and holding a
sale, or he may, if he deems it desirable because of the small sum
involved, postpone taking possession until a sufficient sum accumulates.
Unless he gives notice to the contrary at the time he receives abandoned
property, the Administrator shall be deemed to have elected to receive
and maintain the custody of the property.
(Added to NRS by 1979, 1759; A 1983, 1470; 1995, 281; 2001, 2914
)
1. Upon the payment or delivery to him of abandoned property, the
Administrator shall assume custody of the property and is thereafter
responsible for its safekeeping.
2. Any person who pays or delivers abandoned property to the
Administrator under this chapter is relieved of all liability to the
extent of the value of the property so paid or delivered for any claim
which then exists or which thereafter may arise or be made in respect to
the property.
3. Any holder who has paid money to the Administrator pursuant to
this chapter may make payment to any person appearing to the holder to be
entitled thereto, and if the holder files with the Administrator proof of
such payment and proof that the payee was entitled thereto, the
Administrator shall forthwith reimburse the holder for the payment,
without charge. If reimbursement is sought for a payment made on a
negotiable instrument, including a traveler’s check or money order, the
Administrator shall reimburse the holder upon his filing proof that the
instrument was presented to him and that payment was made thereon to a
person who appeared to the holder to be entitled to payment.
4. If the holder pays or delivers property to the Administrator in
accordance with this chapter and thereafter any person claims the
property from the holder, or another state claims the property from the
holder under that state’s laws, the Attorney General shall, upon written
request of the holder, defend him against the claim and the Administrator
shall indemnify him against all liability on the claim.
5. Property removed from a safe-deposit box or other safekeeping
repository is received by the Administrator subject to the holder’s right
to be reimbursed for the actual cost of the opening and to any valid lien
or contract providing for the holder to be reimbursed for unpaid rent or
storage charges. The Administrator shall reimburse or pay the holder out
of the proceeds remaining after deducting the Administrator’s selling
cost.
(Added to NRS by 1979, 1757; A 1983, 1471; 2001, 2915 )
If property other than money
is paid or delivered to the Administrator under this chapter, the owner
is entitled to receive from the Administrator any dividends, interest or
other increments realized or accruing on the property at or before
liquidation or conversion thereof into money.
(Added to NRS by 1979, 1758; A 1983, 1471; 2001, 2915 )
1. Except as otherwise provided in subsections 4, 5 and 6, all
abandoned property other than money delivered to the Administrator under
this chapter must, within 2 years after the delivery, be sold by the
Administrator to the highest bidder at public sale in whatever manner
affords in his judgment the most favorable market for the property
involved. The Administrator may decline the highest bid and reoffer the
property for sale if he considers the price bid insufficient.
2. Any sale held under this section must be preceded by a single
publication of notice thereof at least 2 weeks in advance of the sale in
a newspaper of general circulation in the county where the property is to
be sold.
3. The purchaser at any sale conducted by the Administrator
pursuant to this chapter is vested with title to the property purchased,
free from all claims of the owner or prior holder and of all persons
claiming through or under them. The Administrator shall execute all
documents necessary to complete the transfer of title.
4. The Administrator need not offer any property for sale if, in
his opinion, the probable cost of the sale exceeds the value of the
property. The Administrator may destroy or otherwise dispose of such
property or may transfer it to:
(a) The Nevada Museum and Historical Society, the Nevada 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 Museum
and Historical Society, the Nevada State Museum or the Nevada Historical
Society; or
(c) A veterans’ or military museum, upon its written request, if
the property has military or military historical value and is not wanted
by the Nevada Museum and Historical Society, the Nevada State Museum or
the Nevada Historical Society.
Ê An action may not be maintained by any person against the holder of the
property because of that transfer, disposal or destruction.
5. Securities listed on an established stock exchange must be sold
at the prevailing price for that security on the exchange at the time of
sale. Other securities not listed on an established stock exchange may be
sold:
(a) Over the counter at the prevailing price for that security at
the time of sale; or
(b) By any other method the Administrator deems acceptable.
6. The Administrator shall hold property that was removed from a
safe-deposit box or other safekeeping repository for 1 year after the
date of the delivery of the property to the Administrator, unless that
property is a will or a codicil to a will, in which case the
Administrator shall hold the property for 10 years after the date of the
delivery of the property to the Administrator. If no claims are filed for
the property within that 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 )
1. There is hereby created in the State Treasury the Abandoned
Property Trust Fund.
2. All money received by the Administrator under this chapter,
including the proceeds from the sale of abandoned property, must be
deposited by the Administrator in the State Treasury for credit to the
Abandoned Property Trust Fund.
3. Before making a deposit, the Administrator shall record the
name and last known address of each person appearing from the holders’
reports to be entitled to the abandoned property and the name and last
known address of each insured person or annuitant, and with respect to
each policy 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 for public inspection at all reasonable business hours.
4. The Administrator may pay from money available in the Abandoned
Property Trust Fund:
(a) Any costs in connection with the sale of abandoned property.
(b) Any costs of mailing and publication in connection with any
abandoned property.
(c) Reasonable service charges.
(d) Any costs incurred in examining the records of a holder 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 the balance 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 Trust Fund
created by NRS 396.926 . The remainder must be transferred to the State General Fund,
but remains subject to the valid claims of holders pursuant to NRS
120A.340 or owners pursuant to NRS
120A.380 .
6. If there is an insufficient amount of money in the Abandoned
Property Trust Fund to pay any cost or charge pursuant to subsection 4,
the State Board of Examiners may, upon the application of the
Administrator, authorize a temporary transfer from the State General Fund
to the Abandoned Property Trust Fund of an amount necessary to pay those
costs or charges. The Administrator shall repay the amount of the
transfer as soon as sufficient money is available in the Abandoned
Property Trust Fund.
(Added to NRS by 1979, 1759; A 1983, 1472; 1985, 120; 1987, 754;
2001, 2916 ; 2005, 22nd Special Session, 152 )
RECOVERY OF PROPERTY BY OWNER
Any person
claiming an interest in any property delivered to the State under this
chapter may file a claim to the property or to the proceeds from the sale
thereof on the form prescribed by the Administrator.
(Added to NRS by 1979, 1759; A 1983, 1472)
1. The Administrator shall review each claim filed under this
chapter and may hold a hearing and receive evidence concerning the claim.
If a hearing is held, he shall prepare findings of fact and a decision in
writing stating the substance of any evidence heard and the reasons for
his decision. The decision is a public record.
2. Except as otherwise provided in subsection 3, if the
Administrator allows the claim, he shall pay it, without deduction for
costs of notices or sale or for service charges, from the Abandoned
Property Trust Fund as other claims against the State are paid.
3. The Administrator may require a person with a claim in excess
of $1,000 to furnish a bond and indemnify the State against any loss
resulting from the approval of such claim if the claim is based upon an
original instrument, including, without limitation, a certified check or
a stock certificate, which cannot be furnished by the person with the
claim.
(Added to NRS by 1979, 1759; A 1983, 1473; 2005, 420 )
Any person aggrieved by a decision of the Administrator, or as to
whose claim the Administrator has failed to render a decision within 90
days after the filing of the claim, may commence an action in the
district court to establish his claim. The proceeding must be brought
within 90 days after the decision of the Administrator or within 180 days
after the filing of the claim if the Administrator has failed to render a
decision. The action must be tried without a 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
)
1. Any agreement to locate, deliver, recover or assist in the
recovery of property presumed abandoned which is entered into by or on
behalf 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 in possession of the
property, if known.
2. Such an agreement is not valid unless it is executed:
(a) Before the date on which the property is reported to the
Administrator pursuant to NRS 120A.250 ; or
(b) Two years after the property has been paid or delivered to the
Administrator.
3. A fee charged for the location, delivery, recovery or
assistance in the recovery of property presumed abandoned must not be
more than 10 percent of the total value of the property.
(Added to NRS by 1983, 1461; A 2001, 2917 )
ENFORCEMENT; PENALTIES
1. The Administrator may enter into an agreement to provide
information needed to enable another state to determine the existence of
unclaimed property to which it may be entitled if the other state agrees
to provide this state with information needed to enable this state to
determine the existence of unclaimed property to which this state may be
entitled. The Administrator may, by regulation, require the reporting of
information needed to enable him to comply with agreements made pursuant
to this section and may, by regulation, prescribe the form, including
verification, of the information to be reported and the times for filing
the reports.
2. At the request of another state, the Attorney General of this
state may bring an action in the name of the other state, in any court of
competent jurisdiction of this state or federal court within this state,
to enforce the unclaimed property laws of the other state against a
holder in this state of property to which the other state is entitled, if:
(a) The courts of the other state cannot obtain jurisdiction over
the holder;
(b) The other state has agreed to bring actions in the name of this
state at the request of the Attorney General of this state to enforce the
provisions of this chapter against any person in the other state believed
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 costs incurred by
the Attorney General in bringing the action on its behalf.
3. If the Administrator believes that a person in another state
holds property to which this state is entitled under this chapter and the
courts of this state cannot obtain jurisdiction over that person, the
Attorney General of this state may request an officer of the other state
to bring an action in the name of this state to enforce the provisions of
this chapter against that person. This state shall pay all reasonable
costs incurred by the other state in any action brought under the
authority of this section. The Administrator may agree to pay to the
state, a political subdivision of the state, or an agency of either,
which employs the officer bringing such an action a reward not to exceed
15 percent of the value, after deducting reasonable costs, of any
property recovered for this state as a direct or indirect result of the
action. Any costs or rewards paid pursuant to this section must be paid
from the Abandoned Property Trust Fund and must not be deducted from the
amount that is subject to be claimed by the owner in accordance with this
chapter.
(Added to NRS by 1979, 1754; A 1983, 1473; 1985, 121)
1. The Administrator may, at reasonable times and upon reasonable
notice, examine the records of any person if he has reason to believe
that the person has failed to report property which should have been
reported pursuant to this chapter.
2. To determine compliance with this chapter, the Commissioner of
Financial Institutions may examine the records of any banking
organization and any savings and loan association doing business within
this state but not organized under the laws of or created in this state.
3. When requested by the Administrator, any licensing or
regulating agency otherwise empowered by the laws of this state to
examine the records of the holder shall include in its examination a
determination whether the holder has complied with this chapter.
(Added to NRS by 1979, 1760; A 1983, 1474; 1987, 1874; 2001, 2917
)
If any person refuses to pay or deliver property to
the Administrator as required under this chapter, the Attorney General,
upon request of the Administrator, may bring an action in a court of
competent jurisdiction to enforce the payment or delivery. In such an
action, the court may award costs and reasonable attorney’s fees to the
prevailing party, and, if the Administrator is the prevailing party, may
impose a civil penalty against the losing party in an amount not to
exceed 2 percent of the value of the property, or $1,000, whichever is
greater.
(Added to NRS by 1979, 1760; A 1983, 1474; 1995, 282; 2001, 2918
)
1. Except as otherwise provided in subsection 2, any person who
willfully fails to make any report or perform any other duty required
under this chapter is guilty of a misdemeanor. Each day such a report is
withheld constitutes a separate offense.
2. Any person who willfully refuses to pay or deliver abandoned
property to the Administrator as required under this chapter is guilty of
a gross misdemeanor.
(Added to NRS by 1979, 1760; A 1983, 1474; 2001, 2918 )
1. Except as otherwise provided in subsection 2, in addition to
any penalties for which he may be liable, any person who fails to report
or to pay or deliver abandoned property within the time prescribed by
this chapter shall pay to the Administrator interest at the rate of 18
percent per annum on the money or the value of other property from the
date on which the property should have been paid or delivered.
2. The Administrator may waive the right to the payment of all or
part of the interest pursuant to this section if:
(a) The person otherwise obligated to make payment files with the
Administrator a verified statement of the facts, showing that his failure
to report or to make payment or delivery was not willful or negligent 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 )
