381.009 - Acquisition of abandoned property held by institution. - Nevada Statutes

381.009  Acquisition of abandoned property held by institution.

      1.  Any property held by an institution for 3 years or more, to which no person has made claim, shall be deemed to be abandoned and becomes the property of the Division if the Administrator complies with the provisions of subsection 2.

      2.  The Administrator shall cause to be published in at least one newspaper of general circulation in the county in which the institution is located at least once a week for 2 consecutive weeks a notice and listing of the property. The notice must contain:

      (a) The name and last known address, if any, of the last known owner of the property;

      (b) A description of the property; and

      (c) A statement that if proof of a claim is not presented by the owner to the institution and if the owner’s right to receive the property is not established to the Administrator’s satisfaction within 60 days after the date of the second published notice, the property will be considered abandoned and become the property of the Division.

      3.  If no claim has been made to the property within 60 days after the date of the second published notice, title, including literary rights, to the property vests in the Division, free from all claims of the owner and of all persons claiming through or under the owner.

      (Added to NRS by 1985, 134; A 1993, 1587; 2001, 932, 1648)