NRS 120A.505
Certain items due or owing between business associations with ongoing business relationship not presumed abandoned.

1.

Except as otherwise provided in this subsection, any credit memoranda, overpayments, credit balances, deposits, unidentified remittances, nonrefunded overcharges, discounts, refunds and rebates due or owing from a holder that is a business association to another business association shall not be presumed abandoned if the holder and such business association have an ongoing business relationship. The provisions of this subsection do not apply to outstanding checks, drafts or other similar instruments.

2.

For the purposes of subsection 1, an ongoing business relationship shall be deemed to exist if the holder has engaged in at least one commercial, business or professional transaction involving the sale, lease, license or purchase of goods or services with the business association or a predecessor-in-interest of the business association within each 3-year period that follows the date of the transaction giving rise to the property interest that shall not be presumed abandoned pursuant to subsection 1.

Source: Section 120A.505 — Certain items due or owing between business associations with ongoing business relationship not presumed abandoned., https://www.­leg.­state.­nv.­us/NRS/NRS-120A.­html#NRS120ASec505.

120A.010
Short title. 120A.020
Definitions. 120A.025
“Administrator” defined. 120A.027
“Apparent owner” defined. 120A.040
“Business association” defined. 120A.051
“Domicile” defined. 120A.070
“Financial organization” defined. 120A.080
“Holder” defined. 120A.090
“Insurance company” defined. 120A.096
“Mineral” defined. 120A.097
“Mineral proceeds” defined. 120A.098
“Money order” defined. 120A.100
“Owner” defined. 120A.105
“Payroll card” defined. 120A.110
“Person” defined. 120A.113
“Property” defined. 120A.115
“Record” defined. 120A.118
“State” defined. 120A.119
“Stored-value card” defined. 120A.120
“Utility” defined. 120A.125
Inapplicability of chapter to tangible property held in safe-deposit box or other safekeeping depository not maintained by bank or other financial institution or safe-deposit company. 120A.135
Inapplicability of chapter to unredeemed gaming chips or tokens and intersection improvement project proceeds. 120A.140
Administration of chapter 120A.145
Information to remain confidential. 120A.500
Presumption of abandonment. 120A.505
Certain items due or owing between business associations with ongoing business relationship not presumed abandoned. 120A.510
Contents of safe-deposit box or other safekeeping depository. 120A.520
Value remaining on gift certificate. 120A.525
United States savings bonds. 120A.530
Rules for taking custody. 120A.540
Dormancy charge. 120A.550
Burden of proof as to property evidenced by record of check or draft. 120A.560
Report of abandoned property. 120A.570
Payment or delivery of abandoned property. 120A.580
Notice and publication of lists of abandoned property 120A.590
Custody by State 120A.600
Crediting of dividends and increments to account of owner. 120A.610
Public sale, destruction, disposition or transfer of abandoned property. 120A.620
Abandoned Property Trust Account. 120A.630
Claim of another state to recover property. 120A.640
Filing claim with Administrator 120A.645
Donation to State for educational purposes. 120A.650
Action to establish claim. 120A.660
Election to take payment or delivery. 120A.670
Destruction or disposition of property having no substantial commercial value 120A.680
Periods of limitation. 120A.690
Requests for reports and examination of records. 120A.700
Retention of records. 120A.710
Enforcement. 120A.715
Intrastate agreements and cooperation 120A.720
Interstate agreements and cooperation 120A.730
Interest and penalties. 120A.733
Fraudulent claims 120A.737
False statements 120A.740
Agreement to locate property. 120A.750
Uniformity of application and construction.
Last Updated

Feb. 5, 2021

§ 120A.505’s source at nv​.us