[Rev. 11/21/2013 1:02:34

PM--2013]



CHAPTER 664 - WITHDRAWALS AND COLLECTIONS

NRS 664.015           Division

of Financial Institutions may authorize restriction of withdrawals; procedure;

segregation of new deposits.

NRS 664.025           Cashier’s

check acceptable in lieu of certified check.

_________

 

      NRS 664.015  Division of Financial Institutions may authorize restriction of

withdrawals; procedure; segregation of new deposits.

      1.  The Division of Financial Institutions

may, upon a proper application in writing showing good cause therefor,

authorize any bank in this state or organized under this title to restrict, for

a limited period, the percentage of withdrawals from all of the accounts of

such bank.

      2.  Whenever, in the interest of public

business, any bank doing business in this state deems it necessary to curtail

or restrict the withdrawals of its patrons for a limited period, such bank,

through its proper officers, may make application in writing, setting forth the

reasons therefor, to the Division of Financial Institutions requesting an order

or authorization from the Division to restrict, for a limited period,

withdrawals by the depositors of the bank to a specific percentage of their

respective deposits.

      3.  Upon receipt of such application by the

Division of Financial Institutions, and good cause appearing therefor, the

Division may issue to the applicant an authorization specifying therein the

percentage of all deposits which the bank may pay to its depositors, and the

period to which such restriction or limitation may extend. For good cause

shown, the Division of Financial Institutions may shorten, cancel, extend or

renew such authorization whenever the Division deems such action proper in the

interest of public business.

      4.  Any bank obtaining any order or

authorization authorized by this section shall post and maintain, during the

period of restriction, in a conspicuous place in or upon its banking premises,

a certified copy of each order or authorization.

      5.  The Division of Financial Institutions

may authorize all such banks thereafter to receive new deposits, which must be

segregated from the old deposits, and the new deposits are not subject to any

restriction as to the withdrawal thereof, except as provided in the terms of

any time certificate of deposit or savings passbook; and the new deposits must

be invested in such liquid assets as may be approved by the Division in order

that such banks may at all times have sufficient funds available to meet the

demands on such new deposits in accordance herewith.

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

      NRS 664.025  Cashier’s check acceptable in lieu of certified check.  Any time that a certified check is required in

any legal document or transaction, the effectiveness of which document or

transaction is governed by the laws of this state, a bank may issue a cashier’s

check which shall be accepted in lieu of a certified check and which shall have

the same force and effect as a certified check.

      (Added to NRS by 1971, 993)