Nevada Law Summary
Disposition of Unclaimed Property Act
Note: This summary is not intended to be an all inclusive discussion of abandoned property law, but does include basic provisions. You should check the State Laws for updates.
Nevada Revised Statutes
TITLE 10–PROPERTY RIGHTS AND TRANSACTIONS
CHAPTER 120A – DISPOSITION OF UNCLAIMED PROPERTY (UNIFORM ACT)
This chapter may be cited as the Uniform Disposition of Unclaimed Property Act.
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.
“Administrator” means the chief of the division of unclaimed property.
“Banking organization” defined.
“Banking organization” means any bank, trust company, savings bank, industrial bank, land bank, safe-deposit company or a private banker.
“Business association” defined.
“Business association” means any corporation (other than a public corporation), joint-stock company, investment company, business trust, partnership or any association for business purposes of two or more natural persons, whether or not for profit, including a banking organization, financial organization, insurance company or utility.
“Division” means the division of unclaimed property in the department of business and industry.
“Financial organization” defined.
“Financial organization” means any savings and loan association, building and loan association, thrift company, credit union, cooperative bank or investment company.
“Holder” means a person, wherever organized or domiciled, who is:
1. In possession of property belonging to another;
2. A trustee; or
3. Indebted to another on an obligation.
“Insurance company” defined.
“Insurance company” means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance, including the following kinds: Accident, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety and wage protection.
“Intangible property” defined. “Intangible property” includes:
1. Money, checks, drafts, deposits, interest, dividends and income;
2. Credit balances, customers’ overpayments, gift certificates, security deposits, refunds, credit memoranda, unpaid wages, unused airline tickets and unidentified remittances;
3. Stocks and other intangible interests in business associations;
4. Money deposited to redeem stocks, bonds, coupons and other securities or to make distributions;
5. Amounts due under the terms of insurance policies; and
6. Amounts distributable from a trust or custodial fund established under a plan to provide benefits such as health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employees’ savings, supplemental unemployment insurance or the like.
“Owner” means a depositor in the case of a deposit, a beneficiary in the case of a trust other than a deposit in trust, a creditor, claimant or payee in the case of other intangible property, or a person having a legal or equitable interest in property subject to this chapter, or his legal representative.
“Person” includes a government, a governmental agency and a political subdivision of a government.
“Utility” means any person who owns or operates within this state for public use any plant, equipment, property, franchise or license for the transmission of communications or the production, storage, transmission, sale, delivery or furnishing of electricity, water, steam or gas.
Uniformity of interpretation.
This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.
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.
Administration of chapter; regulations.
The administrator shall carry out the provisions of this chapter and may adopt regulations appropriate for this purpose.
Information to remain confidential.
The administrator or any officer, agent or employee of the division 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 division 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.
Periods of limitation not bar for purposes of chapter; limitation on actions by administrator.
1. The expiration, before, on or after January 1, 1980, of any period specified by a contract, statute or court order, during which a claim for money or property can be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or to recover property, does not prevent the money or property from being presumed abandoned or affect any duty to file a report or to pay or deliver abandoned property to the administrator as required by this chapter.
2. Except as otherwise provided in this subsection, no action or proceeding may be commenced by the administrator with respect to any duty of a holder pursuant to this chapter more than 10 years after the duty arose. The provisions of this subsection do not apply to any action or proceeding against a state or the Federal Government, or any agency or entity thereof.
PROPERTY PRESUMED ABANDONED
Property held by banking or financial organizations or by business associations.
The following property held or owing by a banking or financial organization or by a business association is presumed abandoned:
1. Any demand, savings or matured time deposit or other certificate of deposit with a banking organization, together with any interest or dividend thereon, excluding any charges that may lawfully be withheld, including a deposit that is automatically renewable, and any money paid toward the purchase of a share, a mutual investment certificate or any other interest in a banking or financial organization, unless the owner has within 5 years:
(a) In the case of a deposit, increased or decreased the amount of the deposit, or presented the passbook or other similar evidence of the deposit for the crediting of interest;
(b) Communicated in writing with the banking organization concerning the property;
(c) Otherwise indicated an interest in the property as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization;
(d) Owned other property to which paragraph (a), (b) or (c) applies and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be presumed abandoned under this subsection at the address to which communications regarding the other property regularly are sent; or
(e) Had another relationship with the banking or financial organization concerning which the owner has:
(1) Communicated in writing with the banking or financial organization; or
(2) Otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this subsection at the address to which communications regarding the other relationship regularly are sent.
For the purposes of this subsection, “property” includes interest and dividends.
2. Any property described in subsection 1 that is automatically renewable is matured for purposes of subsection 1 upon the expiration of its initial time period, but in the case of any renewal to which the owner consents at or about the time of renewal by communicating in writing with the banking or financial organization or otherwise indicating consent as evidenced by a memorandum or other record on file prepared by an employee of the organization, the property is matured upon the expiration of the last time period for which consent was given. If, at the time provided for delivery in NRS 120A.320, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when no penalty or forfeiture would result.
3. Any sum payable on a check certified in this state or on a written instrument issued in this state on which a banking or financial organization or business association is directly liable, including any draft or cashier’s check, which has been outstanding for more than 5 years after the date it was payable, or after the date of its issuance if payable on demand, or any sum payable on a money order which has been outstanding for more than 7 years after its issuance, or any sum payable on a traveler’s check which has been outstanding for more than 15 years after the date of its issuance, unless the owner has within the specified period corresponded in writing with the banking or financial organization or business association concerning it, or otherwise indicated an interest as evidenced by a memorandum on file with the banking or financial organization or business association.
4. Any money or other personal property, tangible or intangible, removed from a safe-deposit box or any other safekeeping repository on which the lease or rental period has expired because of nonpayment of rental charges or other reason, or any surplus amounts arising from the sale thereof pursuant to law, that have been unclaimed by the owner for more than 5 years from the date on which the lease or rental period expired. A safe-deposit box for which no rent is charged or which is provided to the user because of a specific amount deposited with a banking or financial organization or business association is presumed abandoned at the same time as the account for which it was given.
Unclaimed money held by insurance companies.
1. Unclaimed money held and owing by an insurance company is presumed abandoned if the last known address, according to the records of the company, of the person entitled to the money is within this state. If a person other than the insured or annuitant is entitled to the money and no address of such person is known to the company or if it is not definite and certain from the records of the company what person is entitled to the money, it is presumed that the last known address of the person entitled to the money is the same as the last known address of the insured or annuitant according to the records of the company.
2. “Unclaimed money,” as used in this section, means all money held and owing by any insurance company unclaimed and unpaid for more than 5 years after the money became due and payable as established from the records of the company under any life or endowment insurance policy or annuity contract which has matured or terminated. A life insurance policy not matured by actual proof of the death of the insured shall be deemed matured and the proceeds thereof deemed due if the policy was in force when the insured attained the limiting age under the mortality table on which the reserve is based, unless the person appearing entitled thereto has within the preceding 5 years:
(a) Assigned, readjusted or paid premiums on the policy or subjected the policy to loan; or
(b) Corresponded in writing with the insurance company concerning the policy.
3. Money otherwise payable according to the records of the company shall be deemed due although the policy or contract has not been surrendered as required.
Deposits and advance payments held by utilities.
Any money held or owing by any utility is presumed abandoned if it is money deposited by a subscriber with a utility to secure payment for or to pay in advance for utility services, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than 1 year after the termination of the services for which the deposit or advance payment was made.
Unclaimed wages held by business.
All earned but unpaid wages, including wages represented by unpresented checks, owing in the ordinary course of the holder’s business that have remained unclaimed by the owner for more than 1 year after becoming payable are presumed abandoned.
Intangible interest or money held or owing by business associations; exception.
1. Any stock or other intangible interest, or any dividend, profit, distribution, interest, payment on principal or other sum held or owing by a business association is presumed abandoned if, within 5 years after the date prescribed for payment or delivery the shareholder, certificate holder, member, bondholder, other security holder or the participating patron of a cooperative has not claimed the property, corresponded in writing with the business association or otherwise indicated an interest in the property as evidenced by a memorandum or other record on file with the association. As to that property, the business association shall be deemed to be the holder.
2. Any dividend, profit, interest or other distributions held for or owing to a person at the time the stock or other property to which they attach are presumed to be abandoned shall be deemed to be abandoned at the same time as the stock or other property.
3. This section does not apply to any stock or other intangible interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest unless the records available to the administrator of the plan show, with respect to any intangible interest not enrolled in the reinvestment plan, that the owner has not within 5 years communicated in any manner described in subsection 1.
Intangible personal property distributable in course of dissolution.
All intangible personal property distributable in the course of a dissolution of a business association, banking organization or financial organization organized under the laws of or created in this state that is unclaimed by the owner within 1 year after the date for final distribution is presumed abandoned.
Intangible personal property held in fiduciary capacity.
All intangible personal property and any income or increment thereon held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner has, within 5 years after it becomes payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary:
1. If the property is held by a banking organization or a financial organization or by a business association organized under the laws of or created in this state;
2. If it is held by a business association doing business in this state but not organized under the laws of or created in this state and the records of the business association indicate that the last known address of the person entitled thereto is in this state; or
3. If it is held in this state by any other person.
Intangible personal property held by court, public corporation or officer, or governmental entity.
All intangible personal property held for the owner by any court, public corporation, public authority or public officer, an appointee thereof, a federal or state governmental entity or a political subdivision thereof, that has remained unclaimed by the owner for more than 5 years after it became payable or distributable is presumed abandoned and subject to the provisions of this chapter if:
1. The last known address or residence of the owner of the property is in this state; or
2. The property is otherwise abandoned in this state.
This section does not apply to refunds held by the public utilities commission of Nevada pursuant to NRS 703.375.
Intangible personal property held by intermediary in another state.
1. All intangible personal property, including, but not limited to, any income or increment thereon, that is held for the owner outside this state by a court, public corporation, public authority or public officer, an appointee thereof, a federal or state governmental entity or a political subdivision thereof or any business association, that has remained unclaimed by the owner for more than 3 years after it became payable or distributable by the issuer of the property is presumed abandoned and subject to the provisions of this chapter if:
(a) The last known address of the owner is unknown to the holder of the property; and
(b) The property was issued or originated by:
(1) This state;
(2) A political subdivision of this state; or
(3) An entity or organization that was incorporated or organized under the laws of this state or was otherwise located in this state at the time the property was issued or originated.
2. The provisions of subsection 1 do not apply to property which is or may be presumed abandoned and subject to the custody of this state pursuant to any other specific statute.
Intangible personal property not otherwise covered by chapter.
All intangible personal property not otherwise covered by this chapter, including any income or increment thereon and deducting any lawful charges, that is held or owing in this state in the ordinary course of the holder’s business and has remained unclaimed by the owner for more than 5 years after it became payable or distributable is presumed abandoned.
Reciprocity for property presumed abandoned or escheated under laws of another state.
If specific property which is subject to the provisions of NRS 120A.160, 120A.190, 120A.200, 120A.210 and 120A.230 is held for or owed or distributable to an owner whose last known address is in another state by a holder who is subject to the jurisdiction of that state, the specific property is not presumed abandoned in this state and subject to this chapter if:
1. It may be claimed as abandoned or escheated under the laws of the other state; and
2. The laws of the other state make reciprocal provision that similar specific property is not presumed abandoned or escheatable by the other state when held for or owed or distributable to an owner whose last known address is within this state by a holder who is subject to the jurisdiction of this state.
REPORTS; NOTICES; CHARGES
Annual report of property presumed abandoned: Filing; contents; verification.
1. Every person holding money or other property presumed abandoned under this chapter shall make a verified report to the division with respect to the property.
2. The report must include:
(a) Except with respect to traveler’s checks and money orders, the name, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of any property of the value of $50 or more presumed abandoned under this chapter.
(b) In case of unclaimed money held by an insurance company, the full name of the insured or annuitant and his last known address according to the corporation’s records.
(c) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of value under $50 each may be reported in the aggregate.
(d) The date when the property became payable, demandable or returnable and the date of the last transaction with the owner with respect to the property.
(e) Other information which the administrator prescribes by regulation as necessary for the administration of this chapter.
3. If the person holding property presumed abandoned is a successor to other persons who previously held the property for the owner, or if the holder has changed his name while holding the property, he shall file with his report all prior known names and addresses of each holder of the property.
4. The report must be filed before November 1 of each year for the preceding fiscal year ending June 30 except that the report of an insurance company must be filed before May 1 of each year for the preceding calendar year. The administrator may, in writing, postpone the reporting date upon written request by any person required to file a report.
5. Verification of the report, if made by:
(a) A partnership, must be executed by a partner.
(b) An unincorporated association or private corporation, must be executed by an officer.
(c) A public entity or corporation, must be executed by its chief fiscal officer.
Communication with owner before filing annual report.
1. If the holder of property presumed abandoned under this chapter knows the whereabouts of the owner and if the owner’s claim has not been barred by the statute of limitations, the holder shall, before filing the annual report, communicate with the owner and take necessary steps to prevent abandonment from being presumed. The holder shall exercise due diligence to ascertain the whereabouts of the owner.
2. The administrator may, by regulation, prescribe a form on which the owner may indicate his interest in maintaining the deposit, shares or account. If a form is so prescribed, the holder shall send the form to each owner whose balance is more than $50, not less than 6 nor more than 12 months before the holder’s report is due. If the owner fills out, signs and returns the form to the holder, this action prevents abandonment from being presumed. The administrator may, by regulation, authorize the holder to impose a charge of not more than a prescribed amount upon the owner’s deposit, shares or account for the expense of mailing the form. In the absence of a regulation prescribing the maximum charge, the holder may impose a charge of not more than $2.
Reports by banking or financial organization or business association not holding property presumed abandoned.
Any banking or financial organization or business association which holds property for another, if it does not hold property presumed to be abandoned, shall file a report with the administrator, on or before November 1 of each 5-year period after November 1, 1984, which indicates that it is not a holder of any property presumed to be abandoned during that period. The reports of an insurance company under this section must be filed before May 1 of each year for the preceding calendar years.
Notice to owners of abandoned property.
1. Within 180 days after the filing of the report required by NRS 120A.250 and the payment or delivery of the property required by NRS 120A.360, the administrator shall cause notice to be published in at least one newspaper of general circulation in the county in this state in which is located the last known address of any person to be named in the notice. If no address is listed or if the address is outside this state, the notice must be published in the county in which the holder of the abandoned property has his principal place of business within this state.
2. The published notice must be entitled “Notice of Names of Persons Appearing To Be Owners of Abandoned Property,” and must contain:
(a) The names in alphabetical order and last known addresses, if any, of persons listed in the report and entitled to notice within the county.
(b) A statement that information concerning the amount or description of the property and the name and address of the holder may be obtained by any person possessing an interest in the property by addressing an inquiry to the division.
(c) If the property was removed from a safe-deposit box or other safekeeping repository, a statement declaring that the administrator will hold the property for 1 year after the date the property was delivered to the division, and that the property may be destroyed if no claims are made for it within that period.
3. The administrator is not required to publish in the notice any item valued at less than $50 unless he deems the publication to be in the public interest.
4. In addition to the notice required to be published pursuant to this section, the administrator shall take such actions as are reasonably calculated to give actual notice to the owner of property presumed abandoned, including, without limitation, using information obtained from the department of motor vehicles and public safety and other governmental agencies or executing contracts with private businesses to assist in locating such owners of property.
Charge upon dormant accounts: Notice; limitation upon rate.
1. A banking or financial organization shall not impose a charge upon a depositor’s account based on the dormancy of the account unless the organization has first mailed a notice of its intended charge to the depositor at his last known address and has allowed him 60 days to respond.
2. The administrator may prescribe by regulation the highest rate of charge which a banking or financial organization may impose upon a dormant account.
3. In the absence of such a regulation, a banking or financial institution shall not impose a charge upon a dormant account of more than $5 per month.
Charge upon unclaimed property.
No service, handling, maintenance or other charge or fee may be deducted or withheld from any property subject to this chapter if, under the holder’s policy or practice, the holder would not have excluded, withheld or deducted such a charge or fee if the property had been claimed by the owner before it was paid or delivered to the division.
PLACEMENT OF PROPERTY WITH DIVISION
Time for paying or delivering abandoned property to division; delivery of duplicate certificate or other evidence of ownership to administrator.
1. Except as otherwise provided in subsection 3 and NRS 120A.160, every person who files a report under NRS 120A.250 shall, at the time of filing the report, pay or deliver to the division all abandoned property specified in this report.
2. The holder of an interest under NRS 120A.190 shall deliver a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership to the division. Upon delivery of a duplicate certificate to the administrator, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the division, for any losses or damages resulting to any person by the issuance and delivery to the division of the duplicate certificate.
3. Property which in all probability will be presumed abandoned pursuant to NRS 120A.200 may, upon approval of the administrator, be reported and delivered by the holder to the division before the date it is statutorily presumed abandoned.
Administrator may decline to receive abandoned property.
Except for property that was removed from a safe-deposit box, the administrator may decline to receive any abandoned property which he deems to have a value less than the cost of giving notice and holding a sale, or he may, if he deems it desirable because of the small sum involved, postpone taking possession until a sufficient sum accumulates. Unless it gives notice to the contrary at the time it receives abandoned property, the division shall be deemed to have elected to receive and maintain the custody of the property.
Relief from liability by payment or delivery; reimbursement or indemnification of holder.
1. Upon the payment or delivery to it of abandoned property, the division shall assume custody of the property and is thereafter responsible for its safe-keeping.
2. Any person who pays or delivers abandoned property to the division under this chapter is relieved of all liability to the extent of the value of the property so paid or delivered for any claim which then exists or which thereafter may arise or be made in respect to the property.
3. Any holder who has paid money to the division pursuant to this chapter may make payment to any person appearing to the holder to be entitled thereto, and if the holder files with the division proof of such payment and proof that the payee was entitled thereto, the division shall forthwith reimburse the holder for the payment, without charge. Where reimbursement is sought for a payment made on a negotiable instrument (including a traveler’s check or money order), the division shall reimburse the holder upon his filing proof that the instrument was presented to him and that payment was made thereon to a person who appeared to the holder to be entitled to payment.
4. If the holder pays or delivers property to the division in accordance with this chapter and thereafter any person claims the property from the holder, or another state claims the property from the holder under that state’s laws, the attorney general shall, upon written request of the holder, defend him against the claim and the administrator shall indemnify him against any liability on the claim.
5. Property removed from a safe-deposit box or other safekeeping repository is received by the administrator subject to the holder’s right to be reimbursed for the actual cost of the opening and to any valid lien or contract providing for the holder to be reimbursed for unpaid rent or storage charges. The administrator shall reimburse or pay the holder out of the proceeds remaining after deducting the administrator’s selling cost.
Interest, dividends and other increments accruing before liquidation or conversion to money.
When property other than money is paid or delivered to the division under this chapter, the owner is entitled to receive from the division any dividends, interest or other increments realized or accruing on the property at or before liquidation or conversion thereof into money.
Sale or destruction of abandoned property.
1. Except as otherwise provided in subsections 4, 5 and 6, all abandoned property other than money delivered to the division under this chapter must, within 1 year after the delivery, be sold by the administrator to the highest bidder at public sale in whatever city in the state affords in his judgment the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if he considers the price bid insufficient.
2. Any sale held under this section must be preceded by a single publication of notice thereof at least 2 weeks in advance of sale in a newspaper of general circulation in the county where the property is to be sold.
3. The purchaser at any sale conducted by the administrator pursuant to this chapter is vested with title to the property purchased, free from all claims of the owner or prior holder and of all persons claiming through or under them. The administrator shall execute all documents necessary to complete the transfer of title.
4. The administrator need not offer any property for sale if in his opinion the probable cost of sale exceeds the value of the property. The administrator may destroy or otherwise dispose of such property or may transfer it to:
(a) The Nevada museum and historical society, the Nevada state museum or the Nevada historical society, upon its written request, if the property has, in the opinion of the requesting institution, historical, artistic or literary value and is worthy of preservation; or
(b) A genealogical library, upon its written request, if the property has genealogical value and is not wanted by the Nevada museum and historical society, the Nevada state museum or the Nevada historical society. An action may not be maintained by any person against the holder of the property because of that transfer, disposal or destruction.
5. Securities listed on an established stock exchange must be sold at the prevailing price for that security on the exchange at the time of sale. Other securities not listed on an established stock exchange may be sold:
(a) Over the counter at the prevailing price for that security at the time of sale; or
(b) By any other method the administrator deems acceptable.
6. The administrator shall hold property that was removed from a safe-deposit box or other safekeeping repository for 1 year after the date of the delivery of the property to the division, 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 division. If no claims are filed for the property within that period, it may be destroyed.
Abandoned property trust fund.
1. There is hereby created in the state treasury the abandoned property trust fund.
2. All money received by the division under this chapter, including the proceeds from the sale of abandoned property, must be deposited by the administrator in the state treasury for credit to the abandoned property trust fund.
3. Before making a deposit, the administrator shall record the name and last known address of each person appearing from the holders’ reports to be entitled to the abandoned property and of the name and last known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of an insurance company, its number, the name of the company and the amount due. The record must be available for public inspection at all reasonable business hours.
4. The administrator may pay from money available in the abandoned property trust fund:
(a) Any costs in connection with the sale of abandoned property.
(b) Any costs of mailing and publication in connection with any abandoned property.
(c) Reasonable service charges.
(d) Any costs incurred in examining the records of a holder and in collecting the abandoned property.
(e) Any valid claims filed pursuant to this chapter.
5. At the end of each fiscal year the amount of the balance in the fund in excess of $100,500 must be deposited with the state treasurer for credit to the state general fund but remains subject to the valid claims of holders pursuant to NRS 120A.340 or owners pursuant to NRS 120A.380.
6. If there is an insufficient amount of money in the abandoned property trust fund to pay any cost or charge pursuant to subsection 4, the state board of examiners may, upon the application of the administrator, authorize a temporary transfer from the state general fund to the abandoned property trust fund of an amount necessary to pay those costs or charges. The administrator shall repay the amount of the transfer as soon as sufficient money is available in the abandoned property trust fund.
RECOVERY OF PROPERTY BY OWNER
Claim for property delivered to state.
Any person claiming an interest in any property delivered to the state under this chapter may file a claim to the property or to the proceeds from the sale thereof on the form prescribed by the administrator.
Determination of claim.
1. The administrator shall review each claim filed under this chapter and may hold a hearing and receive evidence concerning the claim. If a hearing is held, he shall prepare findings of fact and a decision in writing stating the substance of any evidence heard and the reasons for his decision. The decision is a public record.
2. If the administrator allows the claim, he shall pay it, without deduction for costs of notices or sale or for service charges, from the abandoned property trust fund as other claims against the state are paid.
Review of administrator’s decision; action to establish claim.
Any person aggrieved by a decision of the administrator, or as to whose claim the administrator has failed to render a decision within 90 days after the filing of the claim, may do either of the following, or both:
1. Request the director of the department of business and industry to review the administrative record. The request must be made in writing and must be filed with the director within 90 days after the decision of the administrator or within 180 days after the filing of the claim. The decision of the director constitutes the final decision in a contested case.
2. Commence an action in the district court to establish his claim. The proceeding must be brought within 90 days after the decision of the administrator or within 180 days after the filing of the claim if the administrator has failed to render a decision. The action must be tried without a jury in cases where the administrator has failed to render a decision.
Agreements to recover property presumed abandoned.
1. Any agreement to locate, deliver, recover or assist in the recovery of property presumed abandoned which is entered into by or on behalf of the owner of the property must:
(a) Be in writing.
(b) Be signed by the owner.
(c) Include a description of the property.
(d) Include the value of the property.
(e) Include the name and address of the person in possession of the property, if known.
2. No such agreement is valid unless it is executed:
(a) Before the date on which the property is reported to the division pursuant to NRS 120A.250; or
(b) Two years after the property has been paid or delivered to the division.
3. No fee charged for the location, delivery, recovery or assistance in the recovery of property presumed abandoned may be more than 10 percent of the total value of the property.
1. The administrator may enter into an agreement to provide information needed to enable another state to determine the existence of unclaimed property to which it may be entitled if the other state agrees to provide this state with information needed to enable this state to determine the existence of unclaimed property to which this state may be entitled. The administrator may, by regulation, require the reporting of information needed to enable him to comply with agreements made pursuant to this section and may, by regulation, prescribe the form, including verification, of the information to be reported and the times for filing the reports.
2. At the request of another state, the attorney general of this state may bring an action in the name of the other state, in any court of competent jurisdiction of this state or federal court within this state, to enforce the unclaimed property laws of the other state against a holder in this state of property to which the other state is entitled, if:
(a) The courts of the other state cannot obtain jurisdiction over the holder;
(b) The other state has agreed to bring actions in the name of this state at the request of the attorney general of this state to enforce the provisions of this chapter against any person in the other state believed by the administrator to hold property to which this state is entitled, where the courts of this state cannot obtain jurisdiction over that person; and
(c) The other state has agreed to pay reasonable costs incurred by the attorney general in bringing the action on its behalf.
3. If the administrator believes that a person in another state holds property to which this state is entitled under this chapter and the courts of this state cannot obtain jurisdiction over that person, the attorney general of this state may request an officer of the other state to bring an action in the name of this state to enforce the provisions of this chapter against that person. This state shall pay all reasonable costs incurred by the other state in any action brought under the authority of this section. The administrator may agree to pay to the state, a political subdivision of the state, or an agency of either, which employs the officer bringing such an action a reward not to exceed 15 percent of the value, after deducting reasonable costs, of any property recovered for this state as a direct or indirect result of the action. Any costs or rewards paid pursuant to this section must be paid from the abandoned property trust fund and must not be deducted from the amount that is subject to be claimed by the owner in accordance with this chapter.
Examination of records of holders of abandoned property.
1. The chief of the division of unclaimed property may at reasonable times and upon reasonable notice examine the records of any person if he has reason to believe that the person has failed to report property which should have been reported pursuant to this chapter.
2. To determine compliance with this chapter, the commissioner of financial institutions may examine the records of any banking organization and any savings and loan association doing business within this state but not organized under the laws of or created in this state.
3. When requested by the chief of the division of unclaimed property, any licensing or regulating agency otherwise empowered by the laws of this state to examine the records of the holder shall include in its examination a determination whether the holder has complied with this chapter.
Action to enforce payment or delivery of abandoned property to division; award of costs and attorney’s fees; imposition of civil penalty.
If any person refuses to pay or deliver property to the division as required under this chapter, the attorney general, upon request of the administrator, may bring an action in a court of competent jurisdiction to enforce the payment or delivery. In such an action, the court may award costs and reasonable attorney’s fees to the prevailing party, and, if the division is the prevailing party, may impose a civil penalty against the losing party in an amount not to exceed 2 percent of the value of the property, or $1,000, whichever is greater.
1. Any person who willfully fails to make any report or perform any other duty required under this chapter is guilty of a misdemeanor. Each day such a report is withheld constitutes a separate offense.
2. Any person who willfully refuses to pay or deliver abandoned property to the division as required under this chapter is guilty of a gross misdemeanor.
1. Except as otherwise provided in subsection 2, in addition to any penalties for which he may be liable, any person who fails to report or to pay or deliver abandoned property within the time prescribed by this chapter shall pay to the division interest at the rate of 18 percent per annum on the money or the value of other property from the date on which the property should have been paid or delivered.
2. The administrator may waive any right to the payment of interest pursuant to this section if:
(a) The person otherwise obligated to make payment files with the division a verified statement of the facts, showing that his failure to report or to make payment or delivery was not willful or negligent but occurred because of circumstances beyond his control; and
(b) The administrator so finds.