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Learn the unclaimed property rules and their time limits for the state of Nevada.
In Nevada, all things relating to unclaimed property are handled by the Unclaimed Property Division of the Office of State Treasurer.
Nevada businesses have a number of responsibilities concerning unclaimed property. Initially, written notice must be sent to the apparent owner of the unclaimed property, if known. If the property remains unclaimed, businesses have a number of filing and reporting requirements to fulfill. Most importantly, businesses are required to turn over any and all unclaimed property to the state. Stiff penalties apply to businesses who fail to comply with any of these requirements.
Individuals should know that Nevada property is generally presumed abandoned three years after the owner's right to demand the property or the obligation to pay or distribute the property arises, whichever comes first. However, this time limit varies depending on the type of property involved. Once abandoned property is turned over to the state by a business, an individual then has three years to reclaim it before the state sells the property to the highest bidder at a public sale.
In Nevada, a holder of abandoned property reports the property as of June 30 to the Office of the State Treasurer by November 1. The Treasurer may extend the time to file the report upon written request.
Prior notice to owner. Not more than 120 days or fewer than 60 days before filing the report, a holder sends written notice that the property is unclaimed to owners of property valued at $50 or more.
Delivery. Along with the report, the holder delivers the unclaimed funds and intangible property to the Treasurer. The Treasurer may decline to receive property of little value, except property from a safe deposit box. The holder may deliver property before it is presumed abandoned.
Recordkeeping. Nevada has no specific recordkeeping provisions concerning unclaimed property.
Penalties. a holder who fails to report, pay or deliver property within the prescribed time is required to pay interest at the rate of 18 percent annually on the property or value thereof from the date the property should have been reported, paid or delivered. A holder who fails to report, pay or deliver property within the prescribed time or fails to perform other duties imposed is required to pay, in addition to interest as provided above, a civil penalty of $200 for each day the report, payment or delivery is withheld or the duty is not performed, up to a maximum of $5,000.
A holder who willfully fails to report, pay or deliver property within the prescribed time or willfully fails to perform other duties imposed is also subject to a civil penalty of $1,000 for each day the report, payment or delivery is withheld or the duty is not performed, up to a maximum of $25,000, plus 25 percent of the value of any property that should have been but was not reported.
In addition, if an examination of the records of a person results in the disclosure of reportable property, the Treasurer may assess the cost of the examination against the holder at the rate of $200 a day for each examiner or a greater amount that is reasonable and was incurred. However, the assessment may not exceed the value of the property found to be reportable.
In Nevada, property is generally presumed abandoned three years after the owner's right to demand the property or the obligation to pay or distribute the property arises, whichever comes first. However, this time limit varies depending on the type of property involved. Once abandoned property is turned over to the state by a business, an individual then has three years to reclaim it before the state sells the property to the highest bidder at a public sale.
Locating abandoned property held by the state. Unclaimed property held by the state may be found by searching the state's website (https://nevadatreasurer.gov/UPSearch/).
To find out if other states may be holding your unclaimed property, search the national database established by the National Association of Unclaimed Property Administrators (NAUPA).
Filing a claim. Any person claiming an interest in property delivered to the Nevada Office of the State Treasurer may file a claim online (https://nevadatreasurer.gov/UnclaimedProperty.htm) after performing a successful online search. The Treasurer gives a written decision of each claim for which there was a hearing.
A person dissatisfied with the decision or whose claim has not been acted upon within the 90 days may request that the claim be reviewed or bring an action in district court. The request or action is filed within 90 days of the decision or, if the claim was not acted upon, within 180 days of filing the claim.
If you're looking for additional information on unclaimed property, we recommend contacting your state's governmental agency that oversees the administration of this area of the law. For help in answering a specific unclaimed property question in Nevada, contact the following:
Nevada Office of the State Treasurer
Unclaimed Property Division
555 E Washington Avenue
Las Vegas, NV 89101-1070
Phone: (702) 486-4140, 1-800-521-0019 (toll free)
Fax: (702) 486-4177
|Property Type||Presumed Abandoned After|
|Bank account||five years|
|Checks or drafts||five years|
|Demutualization proceeds||no specific provision|
|Gift certificates, gift cards, and credit memos||no specific provision|
|Insurance policies||Life or annuity policies: three years|
|IRAs or retirement funds||no specific provision|
|Money orders||seven years|
|Other intangible personal property not otherwise specified||three years|
|Proceeds from class action suits||no specific provision|
|Property distributable by a business association in the course of dissolution||one year|
|Property held by courts or public agencies||three years|
|Property held by fiduciaries||three years|
|Safe deposit boxes||three years|
|Shares in a financial institution||five years|
|Stocks, dividends, and distributions||three years|
|Traveler's checks||15 years|
|Deposits and advances owed utility company customer||one year|
|Wages or salaries||one year|