Nev. Rev. Stat. § 361.915 — Relinquishment

1.  A homeowner or heir who has inherited
the property may relinquish the allodial title to the home at any time and
shall relinquish such title:
(a) Upon the sale, lease or other transfer of the
property during the lifetime of the last surviving allodial titleholder of the
property;
(b) Within 150 days after the date on which the
last surviving allodial titleholder no longer occupies the dwelling; or
(c) At the time the home is converted to anything
other than a single-family dwelling occupied by the owner.
2.  If the last surviving allodial
titleholder, all allodial titleholders of the residence or all heirs are
required by subsection 1 or choose to relinquish the allodial title, the State
Treasurer must be notified in a written document that is signed by each
allodial titleholder or heir and notarized.
3.  Upon receipt of a notice to relinquish
allodial title, the State Treasurer shall prepare a refund of the unused
portion of the money in the Allodial Title Trust Account that is attributable
to the title being relinquished, if any. The unused portion must be calculated
by:
(a) Determining the total amount paid by the
allodial titleholder into the Allodial Title Trust Account plus the income and
interest actually accrued on that money; and
(b) Subtracting from the amount determined
pursuant to paragraph (a):
(1) The amount which was paid out for
taxes from the Allodial Title Trust Account on behalf of the property during
the period for which the allodial title was held;
(2) A pro rata share of any expenses
incurred by the State Treasurer that are directly and indirectly related to the
investment of the money in the Allodial Title Trust Account and any costs
directly and indirectly related to the administration of the allodial title
program during the period for which the allodial title was held; and
(3) Any money removed from the subaccount
for the property pursuant to subsection 3 of NRS
361.920 .
4.  Immediately upon the acceptance of a
notice to relinquish allodial title, the State Treasurer shall transmit a copy
of the notice to the county assessor of the county in which the property is
located. Upon receipt of such a notice, the county assessor shall make a
notation on the tax roll and proceed to collect all future taxes directly from
the homeowner.
5.  Allodial title may not be relinquished
by less than all of the allodial titleholders or heirs of the residence.