SUMMARY--Revises circumstances under which intangible interest or money held or owing by business association is presumed abandoned. (BDR 10-1235)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State or on Industrial Insurance: No.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
AN ACT relating to the disposition of unclaimed property; revising the circumstances under which an intangible interest or money held or owing by a business association is presumed abandoned; and providing other matters properly relating thereto.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1 NRS 120A.190 is hereby amended to read as follows:
120A.190 1. Any stock or other intangible interest, or any dividend, profit, distribution, interest, payment on principal or other sum held or owing by a business association is presumed abandoned if, within 5 years after the date prescribed for payment or delivery , the shareholder, certificate holder, member, bondholder [,] or other security holder [or the participating patron of a cooperative] has not claimed the property, corresponded in writing with the business association or otherwise indicated an interest in the property as evidenced by a memorandum or other record on file with the association. As to that property, the business association shall be deemed to be the holder.
2. Any dividend, profit, interest or other distributions held for or owing to a person at the time the stock or other property to which they attach are presumed to be abandoned shall be deemed to be abandoned at the same time as the stock or other property.
3. This section does not apply to any stock or other intangible interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions [,] or other sums payable as a result of the interest unless the records available to the administrator of the plan show, with respect to anyintangible interest not enrolled in the reinvestment plan, that the owner has not within 5 years communicated in any manner described in subsection 1.