Nrs: Chapter 120A - Unclaimed Property (Uniform Act)

Link to law: https://www.leg.state.nv.us/NRS/NRS-120A.html
Published: 2015

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[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.

_________

_________

 

      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)