NRS 163.010 – Short title.

NRS 163.010 to 163.200, inclusive, may be cited as the Uniform Trusts Act. [20:136:1941; 1931 NCL § 7718.49]—(NRS A 1967, 763; 1999, 2367)

NRS 163.020 – Definitions.

As used in NRS 163.010 to 163.200, inclusive, unless the context or subject matter otherwise requires: 1. “Affiliate” means any person directly or indirectly controlling or controlled by another person, or any person under direct or indirect common control with another person. It includes any person with whom a trustee has an express or implied […]

NRS 163.023 – Powers of trustee.

A trustee has the powers provided in the trust instrument, expressed by law or granted by the court upon petition, as necessary or appropriate to accomplish a purpose of the trust, but the court may not grant a power expressly prohibited by the trust instrument. (Added to NRS by 1999, 2366)

NRS 163.025 – Combining or dividing certain trusts.

1. Except as otherwise provided by the terms of the trust instrument, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts if the combination or division does not: (a) Impair the rights of any beneficiary; (b) Substantially affect the accomplishment of the […]

NRS 163.026 – Giving name to or changing name of certain trusts.

Except as otherwise specifically provided in the trust instrument and except to the extent it would be materially detrimental to the administration of the trust or to the furtherance of its purposes, a trustee may change the name of an irrevocable trust or give a name to an irrevocable trust that does not have one. […]

NRS 163.027 – Distribution of property or money of trust: Powers of trustee; manner; consent of affected beneficiaries required for distribution without proration under certain circumstances.

1. Except as otherwise provided in subsection 2 or in the trust, a trustee may distribute property and money: (a) In divided or undivided interests; and (b) With or without proration. 2. Each affected beneficiary must consent before property or money is distributed without proration unless the trust specifically authorizes the trustee to make that […]

NRS 163.030 – Loan of money held in trust.

1. Except as provided in NRS 163.040, no corporate trustee shall lend trust funds to itself or an affiliate, or to any director, officer, or employee of itself or of an affiliate. 2. Except as otherwise: (a) Provided in a trust instrument and: (1) Consented to by all beneficiaries of the trust; or (2) Performed […]

NRS 163.040 – Corporate trustee may deposit with self certain money held in trust.

1. A corporate trustee which is subject to regulation and supervision by state or federal authorities may deposit with itself trust funds which are being held necessarily pending investment, distribution, or the payment of debts, provided it pays into the trust for the deposit such interest as it is required by statute to pay on […]

NRS 163.050 – Trustee buying from or selling to self or affiliate.

1. Except as otherwise provided in subsection 2, no trustee may directly or indirectly buy or sell any property for the trust from or to itself or an affiliate, or from or to a director, officer or employee of the trustee or of an affiliate, or from or to a relative, employer, partner or other […]

NRS 163.060 – Trustee selling from one trust to self as trustee of another trust.

1. Except as otherwise provided in subsection 2 or authorized by the trust instrument, a trustee shall not as trustee of one trust sell property to itself as trustee of another trust except with the approval of the court having jurisdiction of the trust estate. 2. A bank or other corporate trustee which is subject […]

NRS 163.070 – Purchase by corporate trustee of its own stocks, bonds or other securities for trust prohibited unless specifically authorized.

Except as otherwise authorized by the trust instrument or order of the court, a corporate trustee shall not purchase for a trust shares of its own stock, or its bonds or other securities, or the stock, bonds or other securities of an affiliate. [6:136:1941; 1931 NCL § 7718.35]—(NRS A 1999, 2367)

NRS 163.080 – Voting stock.

A trustee owning corporate stock may vote it by proxy, but shall be liable for any loss resulting to the beneficiaries from a failure to use reasonable care in deciding how to vote the stock and in voting it. [7:136:1941; 1931 NCL § 7718.36]

NRS 163.090 – Holding stock in name of nominee.

A trustee owning stock may hold it in the name of a nominee without mention of the trust in the stock certificate or stock registration books; providing that: 1. The trust records and all reports or accounts rendered by the trustee clearly show the ownership of the stock by the trustee and the facts regarding […]

NRS 163.100 – Powers of trustee attached to office.

Unless it is otherwise provided by the trust instrument or by court order, all powers of a trustee are attached to the office and are not personal. [9:136:1941; 1931 NCL § 7718.38]—(NRS A 1999, 2368)

NRS 163.110 – Powers of cotrustees: Exercisable by majority if more than two cotrustees; liability of dissenting cotrustee; unanimous action required if only two cotrustees; petition of interested person.

1. Unless it is otherwise provided by the trust instrument or by court order, any power vested in three or more trustees may be exercised by a majority of the trustees. A trustee who has not joined in exercising a power is not liable to the beneficiaries or to others for the consequences of the […]

NRS 163.115 – Removal of trustee; maintenance of proceeding for breach of trust by trustee; permissible purposes for maintenance of proceeding; penalties for not filing petition in good faith; nonexclusivity of remedies; method of commencing proceeding.

1. A settlor, cotrustee or beneficiary of the trust may request the court to remove a trustee, or a trustee may be removed by the court on its own motion pursuant to subsection 2. 2. The court may remove a trustee if: (a) The trustee commits or threatens to commit a breach of trust; (b) […]

NRS 163.117 – Ex parte order restraining trustee from taking certain actions.

1. On petition or ex parte application of a beneficiary or trustee, the court, with or without bond, may enter an ex parte order restraining a trustee from performing specified acts of administration, disbursement or distribution, or exercising any powers or discharging any duties of the office, or enter any other order to secure proper […]

NRS 163.120 – Claims based on certain contracts or obligations: Assertion against trust; entry of judgment; notice; intervention; personal liability of trustee; significance of use of certain terms.

1. A claim based on a contract entered into by a trustee in the capacity of representative, or on an obligation arising from ownership or control of trust property, may be asserted against the trust by proceeding against the trustee in the capacity of representative, whether or not the trustee is personally liable on the […]

NRS 163.130 – Exoneration or reimbursement of trustee for tort.

1. A trustee who has incurred personal liability for a tort committed in the administration of the trust is entitled to exoneration therefor from the trust property if the trustee has not discharged the claim, or to be reimbursed therefor out of trust funds if the trustee has paid the claim, if: (a) The tort […]

NRS 163.140 – Commission of tort by trustee or predecessor: Prerequisites to suit and collection from trust property; plaintiff not required to prove certain matters; entry of judgment; notice; intervention; personal liability of trustee; nonalteration of certain existing law.

1. If a trustee or the trustee’s predecessor has committed a tort in the course of his or her administration of the trust, the trustee in the capacity of representative may be sued and collection had from the trust property, if the court determines in the action that: (a) The tort was a common incident […]