Nevada Revised Statutes Section 120A.260 - Property Rights and Transactions

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 60 nor more than 120 days 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.

Last modified: February 27, 2006