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Can you summarize NVRS 120A?
PROPERTY RIGHTS AND TRANSACTIONS > Unclaimed Property (Uniform Act)
Short Summary
The legal document reviewed is the Unclaimed Property (Uniform Act) chapter under the Nevada Revised Statutes. It governs the handling of unclaimed property in Nevada. The document defines key terms related to unclaimed property, such as ‘property,’ ‘holder,’ ‘apparent owner,’ and ‘administrator.’ It establishes the presumption of abandonment for various types of property and outlines the time periods after which property is considered abandoned. The document specifies exemptions for certain types of property, such as property held in safe-deposit boxes, gaming chips or tokens, and intersection improvement project proceeds. It also provides guidelines for reporting and payment requirements for holders of unclaimed property, including the filing of annual reports and the delivery of property to the Administrator. The document addresses the custody and recovery of unclaimed property, the filing of claims by individuals or entities claiming the property, and the establishment of the Abandoned Property Trust Account. It also allows for the recovery of property by other states and provides guidelines for cooperative agreements between the Administrator and other agencies. The document does not specify any penalties for non-compliance or violation of its provisions. Overall, the document establishes the framework for handling unclaimed property in Nevada and provides guidelines for holders and claimants of such property.
Whom does it apply to?
The provisions of this legal document apply to persons or businesses that hold property that is presumed abandoned, as well as individuals or entities claiming such property.
What does it govern?
The legal document governs the Unclaimed Property (Uniform Act) chapter under the Nevada Revised Statutes. It covers the definition of property, presumption of abandonment, custody and recovery of unclaimed property, reporting and payment requirements for holders, filing of claims, the Abandoned Property Trust Account, recovery of property by other states, and penalties for non-compliance.
What are exemptions?
The document specifies exemptions for tangible property held in a safe-deposit box or other safekeeping depository not maintained by a bank or safe-deposit company, gaming chips or tokens that are not redeemed at an establishment, intersection improvement project proceeds, property held in ABLE accounts, game-related digital content, loyalty cards, and property held in endowment care funds.
What are the Penalties?
The document does not specify any penalties for non-compliance or violation of its provisions.
Jurisdiction
Nevada