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.

(Added to NRS by 1997, 3411; A 2005, 1487)