NRS 120A.610
Public sale, destruction, disposition or transfer of abandoned property.


1.

Except as otherwise provided in subsections 4 to 8, inclusive, all abandoned property other than money delivered to the Administrator under this chapter must, within 2 years after the delivery, be sold by the Administrator to the highest bidder at public sale in whatever manner affords, in his or her judgment, the most favorable market for the property. The Administrator may decline the highest bid and reoffer the property for sale if the Administrator considers the bid to be insufficient.

2.

Any sale held under this section must be preceded by a single publication of notice, not less than 21 days before sale, in a newspaper of general circulation in the county in which the property is to be sold. The Administrator may provide additional notice of any such sale at any time and in any manner that the Administrator selects.

3.

The purchaser of property at any sale conducted by the Administrator pursuant to this chapter takes the property free of all claims of the owner or previous holder and of all persons claiming through or under them. The Administrator shall execute all documents necessary to complete the transfer of ownership.

4.

Except as otherwise provided in subsection 5, the Administrator need not offer any property for sale if the Administrator considers that the probable cost of the sale will exceed the proceeds of the sale. The Administrator may destroy or otherwise dispose of such property or may transfer it to:

(a)

The Nevada State Museum Las Vegas, 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 State Museum Las Vegas, the Nevada State Museum or the Nevada Historical Society.
Ê An action may not be maintained by any person against the holder of the property because of that transfer, disposal or destruction.

5.

The Administrator shall transfer property to the Department of Veterans Services, upon its written request, if the property has military value.

6.

Securities delivered to the Administrator pursuant to this chapter may be sold by the Administrator at any time after the delivery. 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.

7.

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 Administrator, 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 Administrator. If no claims are filed for the property within that period and the Administrator determines that the probable cost of the sale of the property will exceed the proceeds of the sale, it may be destroyed.

8.

All proceeds received by the Administrator from abandoned gift certificates must be accounted for separately in the Abandoned Property Trust Account in the State General Fund. At the end of each fiscal year, before any other money in the Abandoned Property Trust Account is transferred pursuant to NRS 120A.620, the balance in the subaccount created pursuant to this subsection, less any costs, service charges or claims chargeable to the subaccount, must be transferred to the Educational Trust Account, which is hereby created in the State General Fund. The money in the Educational Trust Account may be expended only as authorized by the Legislature, if it is in session, or by the Interim Finance Committee, if the Legislature is not in session, for educational purposes.

Source: Section 120A.610 — Public sale, destruction, disposition or transfer of abandoned property., https://www.­leg.­state.­nv.­us/NRS/NRS-120A.­html#NRS120ASec610.

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.610’s source at nv​.us