Nevada Administrative Code Chapter 120A - Disposition of Unclaimed Property
Here’s a detailed overview of Nevada Administrative Code (NAC) Chapter 120A – Disposition of Unclaimed Property:
📘 NAC Chapter 120A — Disposition of Unclaimed Property
1. General Provisions & Definitions
NAC 120A.003: Defines terms used throughout the chapter; see sections 120A.006 and 120A.009 for specific definitions (regulations.justia.com).
2. Filing Requirements
NAC 120A.020 — Filing: Generally
Every holder required to report under NRS 120A.560 must use Form UP‑1 (Report of Unclaimed Property) with verification.
Form UP‑2 (Detail report) must accompany UP‑1 and is mandatory for securities.
Reporting options:
Paper forms (UP‑1, UP‑2)
Computer printouts with equivalent info
Electronic filing using the NAUPA standard (mandatory if reporting 11+ items) (law.cornell.edu).
3. Handling of Securities
**NAC 120A.025 — Filing: Additional requirements if unclaimed property consists of a security**
Holders of securities must include in their report:
1. Summary: issuer name, ID number, shares count.
2. Sold securities: a statement with name, ID, and shares.
3. Undeliverable securities: likewise.
4. Distinguish certificated from uncertificated securities.
5. If certificate details differ from previous, include prior info.
6. Omit zero‑value securities—but must report later if value returns above zero (law.cornell.edu).
4. Negative (“No Property”) Reporting
NAC 120A.035 — Filing: Requirements if no unclaimed property to report; extension of time to file
Holders conducting business in Nevada—or based in the state—must:
File a certification declaring no property to report using the prescribed form.
Deadline: by November 1 annually (for fiscal year July 1–June 30); May 1 for insurance companies (calendar year) (law.cornell.edu).
Extensions possible, upon good‑cause request.
5. Cross‑References
These NAC rules implement NRS Chapter 120A (Uniform Unclaimed Property Act), which governs statutes of limitation, notices, holder duties, safekeeping, and Administrator authority (law.cornell.edu, leg.state.nv.us).
📝 At‑a‑Glance Table
Section
Key Focus
120A.0
Core definitions from sections 006 & 009
120A.020
Forms (UP‑1, UP‑2), verification, electronic filing rules
120A.025
Detailed reporting rules for securities
120A.035
Filing when no property exists; deadlines; extension pathway
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