NAC120A.065. Outstanding check or credit balance not included in report of unclaimed property: Identification by Administrator; rebuttal of presumption of abandonment.

     1. If the Administrator identifies in the records of a holder an outstanding check or a credit balance that the holder has not included in a report filed pursuant to NRS 120A.560 and that the Administrator believes may be property presumed abandoned, the Administrator will accept as proof sufficient to rebut the presumption of abandonment written confirmation from the apparent owner of the property that complies with this section.

     2. A holder may request the apparent owner to provide written confirmation concerning an outstanding check or a credit balance identified by the Administrator pursuant to subsection 1 by sending a request to the apparent owner. The request must be in the form prescribed by the Administrator and include, without limitation:

     (a) A statement that the request is submitted as part of an ongoing examination of unclaimed property which has identified a check or credit balance that may be owed to the apparent owner;

     (b) The amount of the check or credit balance;

     (c) A request that the apparent owner review his or her records and return the request for confirmation to the holder with the results of the apparent owner’s review; and

     (d) Blank spaces for the apparent owner to provide:

          (1) The signature, name and title of the apparent owner or person who signs the confirmation on behalf of the apparent owner;

          (2) The date on which the confirmation is signed; and

          (3) The address and telephone number of the apparent owner or person who signs the confirmation on behalf of the apparent owner.

     3. Except as otherwise provided in subsection 5, if the request for confirmation concerns an outstanding check, the holder and apparent owner must use Form UP-50, Outstanding Check Confirmation Letter. Using Form UP-50:

     (a) The holder must provide information that identifies the check, including, without limitation:

          (1) The check number;

          (2) The amount of the check;

          (3) The date of issuance of the check; and

          (4) If applicable, the number and date of the holder’s invoice.

     (b) The apparent owner must confirm that he or she has reviewed his or her records and indicate whether:

          (1) The check is not owed to the apparent owner;

          (2) The check was owed to the apparent owner and has been cashed; or

          (3) The check is owed to the apparent owner and the holder should reissue the check to the apparent owner because:

               (I) The check was received by the apparent owner and not cashed; or

               (II) The check was not received by the apparent owner.

Ê If the apparent owner returns the confirmation requesting the reissuance of a check, the holder must provide evidence to the Administrator that the holder has reissued the check.

     (c) The holder and apparent owner must provide any other information required by the Administrator.

     4. Except as otherwise provided in subsection 5, if the request for written confirmation concerns a credit balance, the holder and apparent owner must use Form UP-51, Credit Balance Confirmation Letter. Using Form UP-51:

     (a) The holder must provide information that identifies the credit balance, including, without limitation, the date of each transaction that contributes to the credit balance.

     (b) The apparent owner must confirm that he or she has reviewed his or her records and indicate whether:

          (1) The credit balance is owed to the apparent owner;

          (2) The credit balance is not owed to the apparent owner;

          (3) The apparent owner has been unable to determine whether the credit balance is owed to him or her; or

          (4) The credit balance was owed to the apparent owner, but has been settled through a settlement agreement with the holder. The apparent owner must include the date of the settlement.

     (c) The holder and apparent owner must provide any other information required by the Administrator.

     5. A holder and an apparent owner are not required to comply with subsection 3 or 4, as applicable, if the holder and apparent owner:

     (a) Are business entities; and

     (b) Have engaged in at least one business transaction with each other in the 24-month period immediately preceding the date on which the holder requests the written confirmation from the apparent owner.

     6. As used in this section, “check” includes a draft or similar instrument as described in NRS 120A.550. The term does not include a traveler’s check, money order or similar instrument.

     (Added to NAC by Admin. of Unclaimed Property by R162-09, eff. 8-13-2010)