Nevada Revised Statutes 360A.440 – Sale of seized property: Disposition of excess proceeds
1. If, upon the sale, the money received exceeds the total of all amounts, including interest, penalties and costs due this State, the Department shall return the excess to the person liable for the amounts and obtain his or her receipt.
Terms Used In Nevada Revised Statutes 360A.440
- Department: means the Department of Motor Vehicles. See Nevada Revised Statutes 360A.010
- 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.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Trustee: A person or institution holding and administering property in trust.
2. If a person who has an interest in or lien upon the property files with the Department a notice of his or her interest or lien before the sale, the Department shall withhold any excess pending a determination of the rights of the respective parties to it by a court of competent jurisdiction.
3. If the receipt of the person liable for the amount is not available, the Department shall deposit the excess money with the State Treasurer, as trustee for the owner, subject to the order of the person liable for the amount, his or her heirs, successors or assigns.