Nevada Revised Statutes 120A.525 – United States savings bonds
1. Notwithstanding any other provision of law, a United States savings bond is presumed abandoned in this State if the United States savings bond:
Terms Used In Nevada Revised Statutes 120A.525
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Service of process: The service of writs or summonses to the appropriate party.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(a) Is in the possession of the Administrator or if the last known address of the apparent owner of the United States savings bond is located in this State; and
(b) Is unclaimed pursuant to the provisions of subsection 3 of NRS 120A.500 for 3 years after the date of maturity.
2. A United States savings bond that is presumed abandoned in this State pursuant to subsection 1 escheats to this State and all property rights and legal title to, and ownership of, the United States savings bond and proceeds from the bond, including without limitation, all the rights, powers and privileges of survivorship of any owner, co-owner or beneficiary, vest solely in this State according to the procedure set forth in this section.
3. Except as otherwise provided in this subsection, if within 180 days after a United States savings bond is presumed abandoned pursuant to subsection 1, no claim to the bond has been filed with the Administrator, the Administrator shall commence a civil action in the First Judicial District Court, or in any other court of competent jurisdiction, for a determination that the bond has escheated to this State. The Administrator may postpone the commencement of such an action until the Administrator determines that sufficient United States savings bonds have accumulated in his or her custody to justify the expense of such a proceeding.
4. In any civil action commenced by the Administrator pursuant to subsection 3, service of process must be made by publication in accordance with the provisions of N.R.C.P. 4 and NRS 238.010 to 238.080, inclusive.
5. If, in a civil action brought pursuant to subsection 3, no person files a claim to the United States savings bond or appears at a hearing to substantiate his or her claim, or if the court, after considering the claim, determines that the claimant is not entitled to the property claimed by the claimant, the court shall, if satisfied by evidence that the Administrator has substantially complied with the laws of this State, enter a judgment that:
(a) The United States savings bond has escheated to the State of Nevada; and
(b) All property rights and legal title to, and ownership of, the United States savings bond and proceeds from the bond, including all rights, powers and privileges of survivorship of any owner, co-owner or beneficiary, have vested solely in the State of Nevada.
6. The Administrator shall redeem each United States savings bond that has escheated to the State pursuant to this section. After the Administrator has paid from the proceeds from the redemption of a United States savings bond all costs incident to the collection and recovery of the proceeds, the Administrator shall deposit the remainder of the proceeds in the State General Fund for credit to the Abandoned Property Trust Account created by NRS 120A.620. Before making the deposit, the Administrator shall record the name and last known address of the apparent owner of the United States savings bond.
7. Notwithstanding any provision of NRS 120A.640 to the contrary:
(a) Any person, excluding another state, claiming a United States savings bond which has escheated to the State of Nevada pursuant to this section, or for the proceeds from such a bond, may file a claim with the Administrator.
(b) Upon providing sufficient proof of the validity of the person’s claim, the Administrator may, in his or her sole discretion, pay the claim less any expenses and costs that have been incurred by the State in securing full title and ownership of the property by escheat.
(c) If payment of the proceeds from a United States savings bond have been made to any claimant, no action may thereafter be maintained by any other claimant against the State or any officer thereof, for or on account of those proceeds.