Property held by business associations. The following property held or owing 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 financial organization, unless the owner has within 3 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 financial 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 financial organization;
(d) Owned other property to which paragraph (a), (b) or (c) applies and if the 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 financial organization concerning which the owner has:
(1) Communicated in writing with the financial organization; or
(2) Otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the financial organization and if the 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.
Ę 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 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 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 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 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 business association concerning it, or otherwise indicated an interest as evidenced by a memorandum on file with the 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 3 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 business association is presumed abandoned at the same time as the account for which it was given.
Last modified: February 27, 2006