A holder may deduct from property presumed abandoned a charge imposed by reason of the owner’s failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the charge, which is not regularly reversed or otherwise cancelled. The amount of the deduction must not exceed $5 per month.
NRS 120A.540
Dormancy charge
Known as the Uniform Unclaimed Property Act
The act spans §§ 120A.010 to 120A.740 (59 sections).
(Added to NRS by 2007, 759)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.