Nevada § 374.515 - Authority of Department; amount; sales; return of surplus
Full text of Nevada Nevada Revised Statutes § 374.515 — Authority of Department; amount; sales; return of surplus, with citation guidance and answers to common questions.
§ 374.515. Authority of Department; amount; sales; return of surplus
1. The Department, whenever it deems it necessary to insure compliance with this chapter,
may require any person subject to the chapter to place with it such security as the
Department may determine. The Department shall fix the amount of the security which, except as otherwise provided
in subsection 2, may not be greater than twice the estimated average tax due quarterly
of persons filing returns for quarterly periods, three times the estimated average
tax due monthly of persons filing returns for monthly periods or four times the estimated
average tax due annually of persons filing returns for annual periods, determined
in such a manner as the Department deems proper. 2. In case of persons habitually delinquent in their obligations under this chapter,
the amount of the security may not be greater than three times the average actual
tax due quarterly of persons filing returns for quarterly periods, five times the
average actual tax due monthly of persons filing returns for monthly periods or seven
times the average actual tax due annually of persons filing returns for annual periods. 3. The limitations provided in this section apply regardless of the type of security
placed with the Department. 4. The amount of the security may be increased or decreased by the Department subject
to the limitations in this section. 5. The Department may sell the security at public auction if it becomes necessary
to recover any tax or any amount required to be collected, or interest or penalty
due. Notice of the sale may be served upon the person who placed the security personally
or by mail. If the notice is served by mail, service must be made in the manner prescribed for
service of a notice of a deficiency determination and must be addressed to the person
at his or her address as it appears in the records of the Department. Security in the form of a bearer bond issued by the United States or the State of
Nevada which has a prevailing market price may be sold by the Department at a private
sale at a price not lower than the prevailing market price. 6. Upon any sale any surplus above the amounts due must be returned to the person
who placed the security.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 374.515
What does Nevada Revised Statutes § 374.515 cover?
Section 374.515 ("Authority of Department; amount; sales; return of surplus") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 374.515?
A common citation format is "Nevada Revised Statutes § 374.515" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 374.515 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.