Nevada § 120A.525 - United States savings bonds

§ 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: (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.