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