NRS 164.705 – Short title.
NRS 164.700 to 164.775, inclusive, may be cited as the Uniform Prudent Investor Act. (Added to NRS by 2003, 1967)
NRS 164.710 – Administration of trust or estate by fiduciary in accordance with its terms or in accordance with provisions of NRS.
In performing his or her duties under NRS 164.700 to 164.925, inclusive, a fiduciary: 1. Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in NRS 164.700 to 164.925, inclusive; 2. May administer a trust or estate by the exercise […]
NRS 164.715 – Acting in interest of beneficiaries.
A trustee shall invest and manage the trust property solely in the interest of the beneficiaries. (Added to NRS by 2003, 1966)
NRS 164.720 – Trust having two or more beneficiaries; impartial administration of trust or estate.
1. If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust property, taking into account any differing interests of the beneficiaries. 2. In exercising the power to adjust under NRS 164.795 or 164.796 or a discretionary power of administration regarding a matter within the scope of […]
NRS 164.725 – Notice of proposed action: Authorized; to whom notice must be sent; content; objection to proposed action; limitations on liability; court order to take action over objection; burden of proof; notice when action not taken.
1. As used in this section, “action” includes a course of action and a decision on whether or not to take action. 2. A trustee may provide a notice of proposed action regarding any matter governed by NRS 163.556 or 164.700 to 164.925, inclusive. Except as otherwise provided in the trust instrument, a trustee, trust […]
NRS 164.730 – No duty to make adjustment between principal and income; trustee immunity from liability.
1. The provisions of NRS 164.700 to 164.925, inclusive, do not impose or create a duty of a trustee to make an adjustment between principal and income pursuant to the provisions of NRS 164.795 or 164.796. 2. A trustee shall not be liable for: (a) Not considering whether to make such an adjustment; or (b) […]
NRS 164.735 – Applicability.
Except as specifically provided in a trust instrument, a will or NRS 164.700 to 164.925, inclusive, the provisions of NRS 164.700 to 164.925, inclusive, apply to any trust or estate of a decedent existing on or after October 1, 2003. (Added to NRS by 2003, 1967)
NRS 164.740 – Duty to comply with prudent investor rule; circumstances under which trustee is immune from liability.
Except as otherwise provided in chapter 669A of NRS, a trustee who invests and manages trust property owes a duty to the beneficiaries of the trust to comply with the prudent investor rule as set forth in NRS 164.700 to 164.775, inclusive, but a trustee is not liable to a beneficiary to the extent that […]
NRS 164.745 – Satisfaction of prudent investor standard; evaluation of decisions; consideration of circumstances; verification of facts; types of investments; special skills or expertise of trustee.
1. A trustee shall invest and manage trust property as a prudent investor would, considering the terms, purposes, requirements for distribution, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution. 2. A trustee’s decisions concerning investment and management as applied to individual assets must be […]
NRS 164.750 – Diversification of investments.
A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying. (Added to NRS by 2003, 1968)
NRS 164.755 – Duty to bring trust portfolio into compliance with terms and circumstances of trust and provisions of NRS within reasonable time.
Within a reasonable time after accepting a trusteeship or receiving trust property, a trustee shall review the trust property and make and carry out decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, requirements for distribution and other circumstances of the trust, and […]
NRS 164.760 – Incurring costs.
In investing and managing trust property, a trustee may only incur costs that are appropriate and reasonable in relation to the property, the purposes of the trust and the skills of the trustee. (Added to NRS by 2003, 1968)
NRS 164.765 – Determination of compliance with prudent investor rule.
Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight. (Added to NRS by 2003, 1968)
NRS 164.770 – Delegation of functions by trustee; standard of care owed by agent; trustee immunity from liability; jurisdiction over agent.
1. A trustee may delegate functions of investment and management that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in: (a) Selecting an agent; (b) Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; […]
NRS 164.775 – Terms and language of trust which authorize certain investments or strategies.
The following terms or comparable language in the terms of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under NRS 164.700 to 164.775, inclusive: “investments permissible by law for investment of trust funds,” “legal investments,” “authorized investments,” “using the judgment and care under the circumstances then prevailing that persons of […]