[Rev. 2/10/2015 4:18:43
PM--2014R2]
CHAPTER 120A - UNCLAIMED PROPERTY (UNIFORM
ACT)
NRS 120A.010 Short
title.
NRS 120A.020 Definitions.
NRS 120A.025 “Administrator”
defined.
NRS 120A.027 “Apparent
owner” defined.
NRS 120A.040 “Business
association” defined.
NRS 120A.051 “Domicile”
defined.
NRS 120A.070 “Financial
organization” defined.
NRS 120A.080 “Holder”
defined.
NRS 120A.090 “Insurance
company” defined.
NRS 120A.096 “Mineral”
defined.
NRS 120A.097 “Mineral
proceeds” defined.
NRS 120A.098 “Money
order” defined.
NRS 120A.100 “Owner”
defined.
NRS 120A.110 “Person”
defined.
NRS 120A.113 “Property”
defined.
NRS 120A.115 “Record”
defined.
NRS 120A.118 “State”
defined.
NRS 120A.120 “Utility”
defined.
NRS 120A.135 Inapplicability
of chapter to unredeemed gaming chips or tokens.
NRS 120A.140 Administration
of chapter; regulations.
NRS 120A.145 Information
to remain confidential.
NRS 120A.500 Presumption
of abandonment.
NRS 120A.510 Contents
of safe-deposit box or other safekeeping depository.
NRS 120A.520 Value
remaining on gift certificate.
NRS 120A.530 Rules
for taking custody.
NRS 120A.540 Dormancy
charge.
NRS 120A.550 Burden
of proof as to property evidenced by record of check or draft.
NRS 120A.560 Report
of abandoned property.
NRS 120A.570 Payment
or delivery of abandoned property.
NRS 120A.580 Notice
and publication of lists of abandoned property.
NRS 120A.590 Custody
by State; recovery by holder; defense of holder.
NRS 120A.600 Crediting
of dividends and increments to account of owner.
NRS 120A.610 Public
sale, destruction, disposition or transfer of abandoned property.
NRS 120A.620 Abandoned
Property Trust Account.
NRS 120A.630 Claim
of another state to recover property.
NRS 120A.640 Filing
claim with Administrator; handling of claims by Administrator.
NRS 120A.650 Action
to establish claim.
NRS 120A.660 Election
to take payment or delivery.
NRS 120A.670 Destruction
or disposition of property having no substantial commercial value; immunity
from liability.
NRS 120A.680 Periods
of limitation.
NRS 120A.690 Requests
for reports and examination of records.
NRS 120A.700 Retention
of records.
NRS 120A.710 Enforcement.
NRS 120A.720 Interstate
agreements and cooperation; joint and reciprocal actions with other states.
NRS 120A.730 Interest
and penalties.
NRS 120A.740 Agreement
to locate property.
NRS 120A.750 Uniformity
of application and construction.
_________
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NRS 120A.010 Short title. This
chapter may be cited as the Uniform Unclaimed Property Act.
(Added to NRS by 1979, 1750; A 1983, 1476; 2007, 767)
NRS 120A.020 Definitions. 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; 2007, 767)
NRS 120A.025 “Administrator” defined. “Administrator”
means the State Treasurer in his or her capacity as the Administrator of
Unclaimed Property.
(Added to NRS by 1983, 1461; A 2001, 2908)
NRS 120A.027 “Apparent owner” defined. “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)
NRS 120A.040 “Business association” defined. “Business
association” means a corporation, joint-stock company, investment company,
partnership, unincorporated association, joint venture, limited-liability
company, business trust, trust company, land bank, safe-deposit company or
other safekeeping depository, 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; 2007, 767)
NRS 120A.051 “Domicile” defined. “Domicile”
means the state of incorporation of a corporation and the state of the
principal place of business of a holder other than a corporation.
(Added to NRS by 2007, 756)
NRS 120A.070 “Financial organization” defined. “Financial
organization” means a savings and loan association, building and loan
association, savings bank, industrial bank, bank, banking organization or
credit union.
(Added to NRS by 1979, 1751; A 1983, 1462; 1985, 242; 2001, 2909; 2007, 768)
NRS 120A.080 “Holder” defined. “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)
NRS 120A.090 “Insurance company” defined. “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)
NRS 120A.096 “Mineral” defined. “Mineral”
means gas, oil, coal and other gaseous, liquid and solid hydrocarbons, oil
shale, cement material, sand, gravel, road material, building stone, chemical
raw material, gemstone, fissionable and nonfissionable ores, colloidal and
other clay, steam and other geothermal resource or any other substance defined
as a mineral by the law of this State.
(Added to NRS by 2007, 756)
NRS 120A.097 “Mineral proceeds” defined. “Mineral
proceeds” means amounts payable for the extraction, production or sale of
minerals or, upon the abandonment of those payments, all payments that become
payable thereafter. The term includes, without limitation, amounts payable:
1. For the acquisition and retention of a
mineral lease, including bonuses, royalties, compensatory royalties, shut-in
royalties, minimum royalties and delay rentals;
2. For the extraction, production or sale
of minerals, including net revenue interests, royalties, overriding royalties,
extraction payments and production payments; and
3. Under an agreement or option, including
a joint operating agreement, unit agreement, pooling agreement and farm-out
agreement.
(Added to NRS by 2007, 756)
NRS 120A.098 “Money order” defined. “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)
NRS 120A.100 “Owner” defined. “Owner”
means a person who has a legal or equitable interest in property subject to
this chapter or the person’s legal representative. The term includes, without
limitation, a depositor in the case of a deposit, a beneficiary in the case of
a trust other than a deposit in trust, and a creditor, claimant or payee in the
case of other property.
(Added to NRS by 1979, 1751; A 1983, 1463; 2007, 768)
NRS 120A.110 “Person” defined. “Person”
means a natural person, business association, financial organization, 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; 2007, 768)
NRS 120A.113 “Property” defined. “Property”
means tangible property described in NRS 120A.510
or a fixed and certain interest in intangible property that is held, issued or
owed in the course of a holder’s business or by a government, governmental
subdivision, agency or instrumentality, and all income or increments therefrom.
The term includes, without limitation, property that is referred to as or
evidenced by:
1. Money or a check, draft, deposit,
interest or dividend;
2. A credit balance, customer’s
overpayment, security deposit, refund, credit memorandum, unpaid wage, mineral
proceeds or unidentified remittance;
3. Stock or other evidence of ownership of
an interest in a business association or financial organization;
4. A bond, debenture, note or other
evidence of indebtedness;
5. Money deposited to redeem stocks,
bonds, coupons or other securities or to make distributions;
6. An amount due and payable under the
terms of an annuity or insurance policy, including policies providing life
insurance, property and casualty insurance, workers’ compensation insurance or
health and disability insurance; and
7. An amount distributable from a trust or
custodial fund established under a plan to provide health, welfare, pension,
vacation, severance, retirement, death, stock purchase, profit sharing,
employee savings, supplemental unemployment insurance or similar benefits.
(Added to NRS by 2007, 756)
NRS 120A.115 “Record” defined. “Record”
means information that is inscribed on a tangible medium or that is stored in
an electronic or other medium and is retrievable in perceivable form.
(Added to NRS by 2007, 756)
NRS 120A.118 “State” defined. “State”
means a state of the United States, the District of Columbia, the Commonwealth
of Puerto Rico or any territory or insular possession subject to the
jurisdiction of the United States.
(Added to NRS by 2007, 757)
NRS 120A.120 “Utility” defined. “Utility”
means any person who owns or operates for public use any plant, equipment, real
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; 2007, 768)
NRS 120A.135 Inapplicability of chapter to unredeemed gaming chips or tokens.
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 other than a slot machine wagering voucher as defined in NRS 463.369.
(Added to NRS by 1989, 418; A 2011, 2835)
NRS 120A.140 Administration of chapter; regulations. 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)
NRS 120A.145 Information to remain confidential. 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)
NRS 120A.500 Presumption of abandonment.
1. Except as otherwise provided in
subsections 6 and 7, property is presumed abandoned if it is unclaimed by the
apparent owner during the time set forth below for the particular property:
(a) A traveler’s check, 15 years after issuance;
(b) A money order, 7 years after issuance;
(c) Any stock or other equity interest in a
business association or financial organization, including a security
entitlement under NRS 104.8101 to 104.8511, inclusive, 3 years after the
earlier of the date of the most recent dividend, stock split or other
distribution unclaimed by the apparent owner, or 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;
(d) Any debt of a business association or
financial organization, other than a bearer bond or an original issue discount
bond, 3 years after the date of the most recent interest payment unclaimed by
the apparent owner;
(e) A demand, savings or time deposit, including
a deposit that is automatically renewable, 3 years after the earlier of
maturity or the date of the last indication by the owner of interest in the
property, but a deposit that is automatically renewable is deemed matured for
purposes of this section upon its initial date of maturity, unless the owner
has consented to a renewal at or about the time of the renewal and the consent
is in writing or is evidenced by a memorandum or other record on file with the
holder;
(f) Except as otherwise provided in NRS 120A.520, any money or credits owed to a customer
as a result of a retail business transaction, 3 years after the obligation
accrued;
(g) Any amount owed by an insurer on a life or
endowment insurance policy or an annuity that has matured or terminated, 3
years after the obligation to pay arose or, in the case of a policy or annuity
payable upon proof of death, 3 years after the insured has attained, or would
have attained if living, the limiting age under the mortality table on which
the reserve is based;
(h) Any property distributable by a business
association or financial organization in a course of dissolution, 1 year after
the property becomes distributable;
(i) Any property received by a court as proceeds
of a class action and not distributed pursuant to the judgment, 1 year after
the distribution date;
(j) Except as otherwise provided in NRS 607.170 and 703.375, any property held by a court,
government, governmental subdivision, agency or instrumentality, 1 year after
the property becomes distributable;
(k) Any wages or other compensation for personal
services, 1 year after the compensation becomes payable;
(l) A deposit or refund owed to a subscriber by a
utility, 1 year after the deposit or refund becomes payable;
(m) Any property in an individual retirement
account, defined benefit plan or other account or plan that is qualified for
tax deferral under the income tax laws of the United States, 3 years after the
earliest of the date of the distribution or attempted distribution of the
property, the date of the required distribution as stated in the plan or trust
agreement governing the plan or the date, if determinable by the holder,
specified in the income tax laws of the United States by which distribution of
the property must begin in order to avoid a tax penalty; and
(n) All other property, 3 years after the owner’s
right to demand the property or after the obligation to pay or distribute the
property arises, whichever first occurs.
2. At the time that an interest is
presumed abandoned under subsection 1, any other property right accrued or
accruing to the owner as a result of the interest, and not previously presumed
abandoned, is also presumed abandoned.
3. Property is unclaimed if, for the
applicable period set forth in subsection 1 or 7, as applicable, the apparent
owner has not communicated, in writing or by other means reflected in a
contemporaneous record prepared by or on behalf of the holder, with the holder
concerning the property or the account in which the property is held and has
not otherwise indicated an interest in the property. A communication with an
owner by a person other than the holder or its representative who has not in
writing identified the property to the owner is not an indication of interest
in the property by the owner.
4. An indication of an owner’s interest in
property includes:
(a) The presentment of a check or other
instrument of payment of a dividend or other distribution made with respect to
an account or underlying stock or other interest in a business association or
financial organization or, in the case of a distribution made by electronic or
similar means, evidence that the distribution has been received;
(b) Owner-directed activity in the account in
which the property is held, including a direction by the owner to increase,
decrease or change the amount or type of property held in the account;
(c) The making of a deposit to or withdrawal from
a bank account; and
(d) The payment of a premium with respect to a
property interest in an insurance policy, but the application of an automatic
premium loan provision or other nonforfeiture provision contained in an
insurance policy does not prevent a policy from maturing or terminating if the
insured has died or the insured or the beneficiary of the policy has otherwise become
entitled to the proceeds before the depletion of the cash surrender value of a
policy by the application of those provisions.
5. Property is payable or distributable
for purposes of this chapter notwithstanding the owner’s failure to make demand
or present an instrument or document otherwise required to obtain payment.
6. The following property clearly
designated as such must not be presumed abandoned because of inactivity or
failure to make a demand:
(a) An account or asset managed through a
guardianship;
(b) An account blocked at the direction of a
court;
(c) A trust account established to address a
special need;
(d) A qualified income trust account;
(e) A trust account established for tuition
purposes;
(f) A trust account established on behalf of a
client; and
(g) An account or fund established to meet the
costs of burial.
7. For property described in paragraphs
(c) to (f), inclusive, and (n) of subsection 1, the 3-year period described in
each of those paragraphs must be reduced to a 2-year period if the holder of
the property reported more than $10 million in property presumed abandoned on
the holder’s most recent report of abandoned property made pursuant to NRS 120A.560.
(Added to NRS by 2007, 757; A 2009, 1663;
2011, 2596)
NRS 120A.510 Contents of safe-deposit box or other safekeeping depository. Tangible property held in a safe-deposit box
or other safekeeping depository in this State in the ordinary course of the
holder’s business and proceeds resulting from the sale of the property
permitted by other law are presumed abandoned if the property remains unclaimed
by the owner for more than 3 years after expiration of the lease or rental
period on the box or other depository.
(Added to NRS by 2007, 758)
NRS 120A.520 Value remaining on gift certificate.
1. Sixty percent of the unredeemed or
uncharged value remaining on a gift certificate which is issued or sold in this
State and which has an expiration date is presumed abandoned and subject to the
provisions of this chapter on the expiration date.
2. If a gift certificate is issued or sold
in this State and the seller or issuer does not obtain and maintain in his or
her records the name and address of the owner of the gift certificate, the
address of the owner of the gift certificate shall be deemed to be the address
of the Office of the State Treasurer in Carson City.
3. This section does not create a cause of
action against a person who issues or sells a gift certificate.
4. As used in this section, “gift
certificate” has the meaning ascribed to it in NRS 598.0921.
(Added to NRS by 2007, 309)
NRS 120A.530 Rules for taking custody. Except
as otherwise provided in this chapter or by other statute of this State,
property that is presumed abandoned, whether located in this or another state,
is subject to the custody of this State if:
1. The last known address of the apparent
owner, as shown on the records of the holder, is in this State;
2. The records of the holder do not
reflect the identity of the person entitled to the property and it is
established that the last known address of the person entitled to the property
is in this State;
3. The records of the holder do not
reflect the last known address of the apparent owner and it is established
that:
(a) The last known address of the person entitled
to the property is in this State; or
(b) The holder is domiciled in this State or is a
government or governmental subdivision, agency or instrumentality of this State
and has not previously paid or delivered the property to the state of the last
known address of the apparent owner or other person entitled to the property;
4. The last known address of the apparent
owner, as shown on the records of the holder, is in a state that does not
provide for the escheat or custodial taking of the property and the holder is
domiciled in this State or is a government or governmental subdivision, agency
or instrumentality of this State;
5. The last known address of the apparent
owner, as shown on the records of the holder, is in a foreign country and the
holder is domiciled in this State or is a government or governmental
subdivision, agency or instrumentality of this State;
6. The transaction out of which the
property arose occurred in this State, the holder is domiciled in a state that
does not provide for the escheat or custodial taking of the property and the
last known address of the apparent owner or other person entitled to the
property is unknown or is in a state that does not provide for the escheat or
custodial taking of the property; or
7. The property is a traveler’s check or
money order purchased in this State or the issuer of the traveler’s check or
money order has its principal place of business in this State and the issuer’s
records show that the instrument was purchased in a state that does not provide
for the escheat or custodial taking of the property or do not show the state in
which the instrument was purchased.
(Added to NRS by 2007, 758)
NRS 120A.540 Dormancy charge. A
holder may deduct from property presumed abandoned 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. The
amount of the deduction must not exceed $5 per month.
(Added to NRS by 2007, 759)
NRS 120A.550 Burden of proof as to property evidenced by record of check or
draft. A record of the issuance of
a check, draft or similar instrument is prima facie evidence of an obligation.
In claiming property from a holder who is also the issuer, the Administrator’s
burden of proof as to the existence and amount of the property and its
abandonment is satisfied by showing issuance of the instrument and passage of
the requisite period of abandonment. Defenses of payment, satisfaction,
discharge and want of consideration are affirmative defenses that must be
established by the holder.
(Added to NRS by 2007, 759)
NRS 120A.560 Report of abandoned property.
1. A holder of property presumed abandoned
shall make a report to the Administrator concerning the property.
2. The report must be verified and must
contain:
(a) A description of the property;
(b) Except with respect to a traveler’s check or
money order, the name, if known, and last known address, if any, and the social
security number or taxpayer identification number, if readily ascertainable, of
the apparent owner of property of the value of $50 or more;
(c) In the case of an amount of $50 or more held
or owing under an annuity or a life or endowment insurance policy, the full
name and last known address of the annuitant or insured and of the beneficiary;
(d) In the case of property held in a
safe-deposit box or other safekeeping depository, an indication of the place
where it is held and where it may be inspected by the Administrator and any
amounts owing to the holder;
(e) The date, if any, on which the property
became payable, demandable or returnable and the date of the last transaction
with the apparent owner with respect to the property; and
(f) Other information that the Administrator by
regulation prescribes as necessary for the administration of this chapter.
3. If a holder of property presumed abandoned
is a successor to another person who previously held the property for the
apparent owner or the holder has changed its name while holding the property,
the holder shall file with the report its former names, if any, and the known
names and addresses of all previous holders of the property.
4. The report must be filed before
November 1 of each year and cover the 12 months next preceding July 1 of that
year, but a report with respect to an insurance company must be filed before
May 1 of each year for the calendar year next preceding.
5. The holder of property presumed
abandoned shall send written notice to the apparent owner, not more than 120
days or less than 60 days before filing the report, stating that the holder is
in possession of property subject to this chapter, if:
(a) The holder has in its records an address for
the apparent owner which the holder’s records do not disclose to be inaccurate;
(b) The claim of the apparent owner is not barred
by a statute of limitations; and
(c) The value of the property is $50 or more.
6. Before the date for filing the report,
the holder of property presumed abandoned may request the Administrator to
extend the time for filing the report. The Administrator may grant the
extension for good cause. The holder, upon receipt of the extension, may make an
interim payment on the amount the holder estimates will ultimately be due,
which terminates the accrual of additional interest on the amount paid.
7. The holder of property presumed
abandoned shall file with the report an affidavit stating that the holder has
complied with subsection 5.
8. The Administrator may require the
report to be filed electronically in the manner determined by the Administrator.
(Added to NRS by 2007, 759)
NRS 120A.570 Payment or delivery of abandoned property.
1. Except for property held in a
safe-deposit box or other safekeeping depository, upon filing the report
required by NRS 120A.560, the holder of property
presumed abandoned shall pay, deliver or cause to be paid or delivered to the
Administrator the property described in the report as unclaimed, but if the
property is an automatically renewable deposit, and a penalty or forfeiture in
the payment of interest would result, the time for compliance is extended until
a penalty or forfeiture would no longer result. Tangible property held in a
safe-deposit box or other safekeeping depository may not be delivered to the
Administrator until 60 days after filing the report required by NRS 120A.560.
2. If the property reported to the
Administrator is a security or security entitlement under NRS 104.8101 to 104.8511, inclusive, the Administrator is
an appropriate person to make an endorsement, instruction or entitlement order
on behalf of the apparent owner to invoke the duty of the issuer or its
transfer agent or the securities intermediary to transfer or dispose of the security
or the security entitlement in accordance with NRS 104.8101 to 104.8511, inclusive.
3. If the holder of property reported to
the Administrator is the issuer of a certificated security, the Administrator
has the right to obtain a replacement certificate pursuant to NRS 104.8405, but an indemnity bond is
not required.
4. An issuer, the holder and any transfer
agent or other person acting pursuant to the instructions of and on behalf of
the issuer or holder in accordance with this section is not liable to the
apparent owner and must be indemnified against claims of any person in
accordance with NRS 120A.590.
(Added to NRS by 2007, 760)
NRS 120A.580 Notice and publication of lists of abandoned property.
1. The Administrator shall publish a
notice not later than November 30 of the year next following the year in which
abandoned property has been paid or delivered to the Administrator. The notice
must be published in a newspaper of general circulation in the county of this
State in which is located the last known address of any person named in the
notice. If a holder does not report an address for the apparent owner or the
address is outside this State, the notice must be published in a county that
the Administrator reasonably selects. The advertisement must be in a form that,
in the judgment of the Administrator, is likely to attract the attention of the
apparent owner of the unclaimed property. The form must contain:
(a) The name of each person appearing to be the
owner of the property, as set forth in the report filed by the holder;
(b) The city or town in which the last known
address of each person appearing to be the owner of the property is located, if
a city or town is set forth in the report filed by the holder;
(c) A statement explaining that property of the
owner is presumed to be abandoned and has been taken into the protective
custody of the Administrator; and
(d) A statement that information about the
property and its return to the owner is available to a person having a legal or
beneficial interest in the property, upon request to the Administrator.
2. The Administrator is not required to
advertise the name and city or town of an owner of property having a total
value less than $50 or information concerning a traveler’s check, money order
or similar instrument.
(Added to NRS by 2007, 761)
NRS 120A.590 Custody by State; recovery by holder; defense of holder.
1. For the purposes of this section,
payment or delivery is made in “good faith” if:
(a) Payment or delivery was made in a reasonable
attempt to comply with this chapter;
(b) The holder was not then in breach of a
fiduciary obligation with respect to the property and had a reasonable basis
for believing, based on the facts then known, that the property was presumed
abandoned; and
(c) There is no showing that the records under
which the payment or delivery was made did not meet reasonable commercial
standards of practice.
2. Upon payment or delivery of property to
the Administrator, the State assumes custody and responsibility for the
safekeeping of the property. A holder who pays or delivers property to the
Administrator in good faith is relieved of all liability arising thereafter
with respect to the property.
3. A holder who has paid money to the
Administrator pursuant to this chapter may subsequently make payment to a
person reasonably appearing to the holder to be entitled to payment. Upon a
filing by the holder of proof of payment and proof that the payee was entitled
to the payment, the Administrator shall promptly reimburse the holder for the
payment without imposing a fee or other charge. If reimbursement is sought for
a payment made on a negotiable instrument, including a traveler’s check or
money order, the holder must be reimbursed upon filing proof that the
instrument was duly presented and that payment was made to a person who
reasonably appeared to be entitled to payment. The holder must be reimbursed
for payment made even if the payment was made to a person whose claim was
barred under subsection 1 of NRS 120A.680.
4. A holder who has delivered property
other than money to the Administrator pursuant to this chapter may reclaim the
property if it is still in the possession of the Administrator, without paying
any fee or other charge, upon filing proof that the apparent owner has claimed
the property from the holder.
5. The Administrator may accept a holder’s
affidavit as sufficient proof of the holder’s right to recover money and
property under this section.
6. If a holder pays or delivers property
to the Administrator in good faith and thereafter another person claims the
property from the holder or another state claims the money or property under
its laws relating to escheat or abandoned or unclaimed property, the
Administrator, upon written notice of the claim, shall defend the holder
against the claim and indemnify the holder against any liability on the claim
resulting from payment or delivery of the property to the Administrator.
7. Property removed from a safe-deposit
box or other safekeeping depository is received by the Administrator subject to
the holder’s right to be reimbursed for the 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 the holder out of
the proceeds remaining after deducting the expense incurred by the
Administrator in selling the property.
(Added to NRS by 2007, 761)
NRS 120A.600 Crediting of dividends and increments to account of owner. If property other than money is delivered to
the Administrator under this chapter, the owner is entitled to receive from the
Administrator any income or gain realized or accruing on the property at or
before liquidation or conversion of the property into money.
(Added to NRS by 2007, 762)
NRS 120A.610 Public sale, destruction, disposition or transfer of abandoned
property.
1. Except as otherwise provided in
subsections 4 to 8, inclusive, 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 or her judgment, the most favorable market
for the property. The Administrator may decline the highest bid and reoffer the
property for sale if the Administrator considers the bid to be insufficient.
2. Any sale held under this section must
be preceded by a single publication of notice, at least 3 weeks before sale, in
a newspaper of general circulation in the county in which the property is to be
sold.
3. The purchaser of property at any sale
conducted by the Administrator pursuant to this chapter takes the property free
of all claims of the owner or previous holder and of all persons claiming
through or under them. The Administrator shall execute all documents necessary
to complete the transfer of ownership.
4. Except as otherwise provided in
subsection 5, the Administrator need not offer any property for sale if the
Administrator considers that the probable cost of the sale will exceed the
proceeds of the sale. The Administrator may destroy or otherwise dispose of
such property or may transfer it to:
(a) The Nevada State Museum Las Vegas, 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; or
(b) A genealogical library, upon its written
request, if the property has genealogical value and is not wanted by the Nevada
State Museum Las Vegas, 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. The Administrator shall transfer property
to the Department of Veterans Services, upon its written request, if the
property has military value.
6. Securities delivered to the
Administrator pursuant to this chapter may be sold by the Administrator at any
time after the delivery. 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.
7. 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 and the Administrator determines that the probable
cost of the sale of the property will exceed the proceeds of the sale, it may
be destroyed.
8. All proceeds received by the
Administrator from abandoned gift certificates must be accounted for separately
in the Abandoned Property Trust Account in the State General Fund. At the end
of each fiscal year, before any other money in the Abandoned Property Trust
Account is transferred pursuant to NRS 120A.620,
the balance in the subaccount created pursuant to this subsection, less any
costs, service charges or claims chargeable to the subaccount, must be
transferred to the Educational Trust Account, which is hereby created in the
State General Fund. The money in the Educational Trust Account may be expended
only as authorized by the Legislature for educational purposes.
(Added to NRS by 1979, 1758; A 1983, 1471; 1985, 120, 1013; 1987, 753, 1300, 1318; 1995, 281; 2001, 2915; 2005, 419; 2007, 309, 768, 2905; 2009, 386; 2011, 440; 2013, 2507)—(Substituted
in revision for NRS 120A.360)
NRS 120A.620 Abandoned Property Trust Account.
1. There is hereby created in the State
General Fund the Abandoned Property Trust Account.
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 General Fund for credit to
the Account.
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 Account:
(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. Except as otherwise provided in NRS 120A.610, by the end of each fiscal year, the
balance in the Account must be transferred as follows:
(a) The first $7,600,000 each year must be
transferred to the Millennium Scholarship Trust Fund created by NRS 396.926.
(b) The remainder must be transferred to the
State General Fund, but remains subject to the valid claims of holders pursuant
to NRS 120A.590 and owners pursuant to NRS 120A.640. No such claim may be satisfied from
money in the Millennium Scholarship Trust Fund.
6. If there is an insufficient amount of
money in the Account 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 Account 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
Account.
(Added to NRS by 1979, 1759; A 1983, 1472; 1985, 120; 1987, 754; 2001, 2916; 2005,
22nd Special Session, 152; 2007, 769, 922; 2010, 26th
Special Session, 4)—(Substituted in revision for NRS 120A.370)
NRS 120A.630 Claim of another state to recover property.
1. After property has been paid or
delivered to the Administrator under this chapter, another state may recover the
property if:
(a) The property was paid or delivered to the
custody of this State because the records of the holder did not reflect a last
known location of the apparent owner within the borders of the other state and
the other state establishes that the apparent owner or other person entitled to
the property was last known to be located within the borders of that state and
under the laws of that state the property has escheated or become subject to a
claim of abandonment by that state;
(b) The property was paid or delivered to the
custody of this State because the laws of the other state did not provide for
the escheat or custodial taking of the property and under the laws of that
state subsequently enacted the property has escheated or become subject to a
claim of abandonment by that state;
(c) The records of the holder were erroneous in
that they did not accurately identify the owner of the property and the last
known location of the owner within the borders of another state and under the
laws of that state the property has escheated or become subject to a claim of
abandonment by that state;
(d) The property was subjected to custody by this
State under subsection 6 of NRS 120A.530, and
under the laws of the state of domicile of the holder the property has
escheated or become subject to a claim of abandonment by that state; or
(e) The property is a sum payable on a traveler’s
check, money order or similar instrument that was purchased in the other state
and delivered into the custody of this State under subsection 7 of NRS 120A.530, and under the laws of the other state
the property has escheated or become subject to a claim of abandonment by that
state.
2. A claim of another state to recover
escheated or abandoned property must be presented in a form prescribed by the
Administrator, who shall decide the claim within 90 days after it is presented.
The Administrator shall allow the claim upon determining that the other state
is entitled to the abandoned property under subsection 1.
3. The Administrator shall require another
state, before recovering property under this section, to agree to indemnify
this State and its officers and employees against any liability on a claim to
the property.
(Added to NRS by 2007, 762)
NRS 120A.640 Filing claim with Administrator; handling of claims by
Administrator.
1. A person, excluding another state,
claiming property paid or delivered to the Administrator may file a claim on a
form prescribed by the Administrator and verified by the claimant.
2. Within 90 days after a claim is filed,
the Administrator shall allow or deny the claim and give written notice of the
decision to the claimant. If the claim is denied, the Administrator shall
inform the claimant of the reasons for the denial and specify what additional
evidence is required before the claim will be allowed. The claimant may then
file a new claim with the Administrator or maintain an action under NRS 120A.650.
3. Except as otherwise provided in
subsection 5, within 30 days after a claim is allowed, the property or the net
proceeds of a sale of the property must be delivered or paid by the
Administrator to the claimant, together with any dividend, interest or other
increment to which the claimant is entitled under NRS
120A.600 and 120A.610.
4. A holder who pays the owner for
property that has been delivered to the State and which, if claimed from the
Administrator by the owner would be subject to an increment under NRS 120A.600 and 120A.610
may recover from the Administrator the amount of the increment.
5. The Administrator may require a person
with a claim in excess of $2,000 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 or other proof of ownership of securities, which
cannot be furnished by the person with the claim.
(Added to NRS by 2007, 763)
NRS 120A.650 Action to establish claim. A
person aggrieved by a decision of the Administrator or whose claim has not been
acted upon within 90 days after its filing may maintain an original action to
establish the claim in the district court, naming the Administrator as a
defendant. If the aggrieved person establishes the claim in an action against
the Administrator, the court may award the claimant reasonable attorney’s fees.
(Added to NRS by 2007, 764)
NRS 120A.660 Election to take payment or delivery.
1. The Administrator may decline to
receive property reported under this chapter which the Administrator considers
to have a value less than the expenses of notice and sale.
2. A holder, with the written consent of
the Administrator and upon conditions and terms prescribed by the
Administrator, may report and deliver property 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 under this
chapter.
(Added to NRS by 2007, 764)
NRS 120A.670 Destruction or disposition of property having no substantial
commercial value; immunity from liability. If
the Administrator determines after investigation that property delivered under
this chapter has no substantial commercial value, the Administrator may destroy
or otherwise dispose of the property at any time. An action or proceeding may
not be maintained against the State or any officer or employee or against the
holder for or on account of an act of the Administrator under this section,
except for intentional misconduct or malfeasance.
(Added to NRS by 2007, 764)
NRS 120A.680 Periods of limitation.
1. The expiration, before or after October
1, 2007, of a period of limitation on the owner’s right to receive or recover
property, whether specified by contract, statute or court order, does not
preclude the property from being presumed abandoned or affect a duty to file a
report or to pay or deliver or transfer property to the Administrator as
required by this chapter.
2. An action or proceeding may not be
maintained by the Administrator to enforce this chapter in regard to the
reporting, delivery or payment of property more than 7 years after the holder
specifically identified the property in a report filed with the Administrator
or gave express notice to the Administrator of a dispute regarding the
property. In the absence of such a report or other express notice, the period
of limitation is tolled. The period of limitation is also tolled by the filing
of a report that is fraudulent.
(Added to NRS by 2007, 764; A 2009, 2652)
NRS 120A.690 Requests for reports and examination of records.
1. The Administrator may require a person
who has not filed a report, or a person who the Administrator believes has
filed an inaccurate, incomplete or false report, to file a verified report in a
form specified by the Administrator. The report must state whether the person
is holding property reportable under this chapter, describe property not
previously reported or as to which the Administrator has made inquiry, and
specifically identify and state the amounts of property that may be in issue.
2. The Administrator, at reasonable times
and upon reasonable notice, may examine the records of any person to determine
whether the person has complied with this chapter. The Administrator may
conduct the examination even if the person believes he or she is not in
possession of any property that must be reported, paid or delivered under this
chapter. The Administrator may contract with any other person to conduct the
examination on behalf of the Administrator.
3. The Administrator at reasonable times
may examine the records of an agent, including a dividend disbursing agent or
transfer agent, of a business association or financial organization that is the
holder of property presumed abandoned if the Administrator has given the notice
required by subsection 2 to both the association or organization and the agent
at least 90 days before the examination.
4. Documents and working papers obtained
or compiled by the Administrator, or the Administrator’s agents, employees or
designated representatives, in the course of conducting an examination are
confidential and are not public records, but the documents and papers may be:
(a) Used by the Administrator in the course of an
action to collect unclaimed property or otherwise enforce this chapter;
(b) Used in joint examinations conducted with or
pursuant to an agreement with another state, the Federal Government or any
other governmental subdivision, agency or instrumentality;
(c) Produced pursuant to subpoena or court order;
or
(d) Disclosed to the abandoned property office of
another state for that state’s use in circumstances equivalent to those
described in this subdivision, if the other state is bound to keep the
documents and papers confidential.
5. If an examination of the records of a
person results in the disclosure of property reportable under this chapter, the
Administrator may assess the cost of the examination against the holder at the
rate of $200 a day for each examiner or a greater amount that is reasonable and
was incurred, but the assessment may not exceed the value of the property found
to be reportable. The cost of an examination made pursuant to subsection 3 may
be assessed only against the business association or financial organization.
6. If, after October 1, 2007, a holder
does not maintain the records required by NRS 120A.700
and the records of the holder available for the periods subject to this chapter
are insufficient to permit the preparation of a report, the Administrator may
require the holder to report and pay to the Administrator the amount the
Administrator reasonably estimates, on the basis of any available records of
the holder or by any other reasonable method of estimation, should have been
but was not reported.
(Added to NRS by 2007, 764)
NRS 120A.700 Retention of records.
1. Except as otherwise provided in
subsection 2, a holder required to file a report under NRS
120A.560 shall maintain the records containing the information required to
be included in the report for 7 years after the holder files the report, unless
a shorter period is provided by regulation of the Administrator.
2. A business association or financial
organization that sells, issues or provides to others for sale or issue in this
State, traveler’s checks, money orders or similar instruments other than
third-party bank checks, on which the business association or financial
organization is directly liable, shall maintain a record of the instruments
while they remain outstanding, indicating the State and date of issue, for 3
years after the holder files the report.
(Added to NRS by 2007, 765)
NRS 120A.710 Enforcement. The
Administrator may maintain an action in this State or another state to enforce this
chapter. The court may award reasonable attorney’s fees to the prevailing
party.
(Added to NRS by 2007, 766)
NRS 120A.720 Interstate agreements and cooperation; joint and reciprocal
actions with other states.
1. The Administrator may enter into an
agreement with another state to exchange information relating to abandoned
property or its possible existence. The agreement may permit the other state,
or another person acting on behalf of a state, to examine records as authorized
in NRS 120A.690. The Administrator by regulation
may require the reporting of information needed to enable compliance with an
agreement made under this section and prescribe the form.
2. The Administrator may join with another
state to seek enforcement of this chapter against any person who is or may be
holding property reportable under this chapter.
3. At the request of another state, the
Attorney General of this State may maintain an action on behalf of the other
state to enforce, in this State, the unclaimed property laws of the other state
against a holder of property subject to escheat or a claim of abandonment by
the other state, if the other state has agreed to pay expenses incurred by the
Attorney General in maintaining the action.
4. The Administrator may request that the
attorney general of another state or another attorney commence an action in the
other state on behalf of the Administrator. With the approval of the Attorney
General of this State, the Administrator may retain any other attorney to
commence an action in this State on behalf of the Administrator. This State
shall pay all expenses, including attorney’s fees, in maintaining an action
under this subsection. With the Administrator’s approval, the expenses and
attorney’s fees may be paid from money received under this chapter. The
Administrator may agree to pay expenses and attorney’s fees based in whole or
in part on a percentage of the value of any property recovered in the action.
Any expenses or attorney’s fees paid under this subsection may not be deducted
from the amount that is subject to the claim by the owner under this chapter.
(Added to NRS by 2007, 766)
NRS 120A.730 Interest and penalties.
1. A holder who fails to report, pay or
deliver property within the time prescribed by this chapter shall pay to the
Administrator interest at the rate of 18 percent per annum on the property or
value thereof from the date the property should have been reported, paid or delivered.
2. Except as otherwise provided in
subsection 3, a holder who fails to report, pay or deliver property within the
time prescribed by this chapter or fails to perform other duties imposed by
this chapter shall pay to the Administrator, in addition to interest as
provided in subsection 1, a civil penalty of $200 for each day the report,
payment or delivery is withheld or the duty is not performed, up to a maximum
of $5,000.
3. A holder who willfully fails to report,
pay or deliver property within the time prescribed by this chapter or willfully
fails to perform other duties imposed by this chapter shall pay to the
Administrator, in addition to interest as provided in subsection 1, a civil
penalty of $1,000 for each day the report, payment or delivery is withheld or
the duty is not performed, up to a maximum of $25,000, plus 25 percent of the
value of any property that should have been but was not reported.
4. A holder who makes a fraudulent report
shall pay to the Administrator, in addition to interest as provided in
subsection 1, a civil penalty of $1,000 for each day from the date a report
under this chapter was due, up to a maximum of $25,000, plus 25 percent of the
value of any property that should have been but was not reported.
5. The Administrator for good cause may
waive, in whole or in part, interest under subsection 1 and penalties under
subsections 2 and 3, and shall waive penalties if the holder acted in good
faith and without negligence.
(Added to NRS by 2007, 766)
NRS 120A.740 Agreement to locate property.
1. An agreement by an owner, the primary
purpose of which is to locate, deliver, recover or assist in the recovery of
property that is presumed abandoned, is void and unenforceable if it was
entered into during the period commencing on the date the property was presumed
abandoned and extending to a time that is 24 months after the date the property
is paid or delivered to the Administrator. This subsection does not apply to an
owner’s agreement with an attorney to file a claim as to identified property or
contest the Administrator’s denial of a claim.
2. An agreement by an owner, the primary purpose
of which is to locate, deliver, recover or assist in the recovery of property,
is enforceable only if the agreement is in writing, clearly sets forth the
nature of the property and the services to be rendered, is signed by the
apparent owner and states the value of the property before and after the fee or
other compensation has been deducted.
3. If an agreement covered by this section
applies to mineral proceeds and the agreement contains a provision to pay
compensation that includes a portion of the underlying minerals or any mineral
proceeds not then presumed abandoned, the provision is void and unenforceable.
4. An agreement covered by this section
must not provide for compensation that is more than 10 percent of the total
value of the property that is the subject of the agreement. An agreement that
provides for compensation that is more than 10 percent of the total value of
the property that is the subject of the agreement is unenforceable except by
the owner. An owner who has agreed to pay compensation that is more than 10
percent of the total value of the property that is the subject of the
agreement, or the Administrator on behalf of the owner, may maintain an action
to reduce the compensation to an amount that does not exceed 10 percent of the
total value of the property. The court may award reasonable attorney’s fees to
an owner who prevails in the action.
5. This section does not preclude an owner
from asserting that an agreement covered by this section is invalid on grounds
other than that the compensation is more than 10 percent of the total value of
the property that is the subject of the agreement.
(Added to NRS by 2007, 767)
NRS 120A.750 Uniformity of application and construction. This chapter shall be applied and construed to
effectuate its general purpose to make uniform the law with respect to the
subject matter of the Uniform Unclaimed Property Act among the states that
enact it.
(Added to NRS by 1979, 1751; A 1983, 1476; 2007, 768)—(Substituted
in revision for NRS 120A.130)
