Nevada Revised Statutes 154.115 – Duties of State Controller
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The State Controller shall:
Terms Used In Nevada Revised Statutes 154.115
- 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
- Personal property: All property that is not real property.
1. Keep a true account of all money paid into the State Treasury for credit to the Fund for Escheated Estates and of all real and personal property vested in the State by escheat.
2. Account separately for the proportionate share of interest earned on the money in the Fund for Escheated Estates and credit an amount equal to that interest to the Fund.
3. Transfer:
(a) All of the interest earned on the money in the Fund for Escheated Estates;
(b) All income of any kind which is earned on any real or personal property vested in the State by escheat; and
(c) All estates which are not claimed within the period fixed by NRS 154.120, to the State Permanent School Fund at least annually.