Nevada Revised Statutes Section 120A.405 - Property Rights and Transactions

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. Such an agreement is valid unless it is executed:

(a) Before the date on which the property is reported to the Administrator pursuant to NRS 120A.250; or

(b) Two years after the property has been paid or delivered to the Administrator.

3. A fee charged for the location, delivery, recovery or assistance in the recovery of property presumed abandoned must not be more than 10 percent of the total value of the property.

Last modified: February 27, 2006