NRS 166A.310 – Reporting and accounting by custodial trustee; determination of liability of custodial trustee.
1. Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property: (a) Once each year; (b) Upon request at reasonable times by the beneficiary or the beneficiary’s legal representative; (c) […]
NRS 166A.320 – Limitations of action against custodial trustee.
1. Except as otherwise provided in subsection 3, unless previously barred by adjudication, consent or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered or the legal representative of an […]
NRS 166A.330 – Distribution on termination.
1. Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (a) To the beneficiary, if not incapacitated or deceased; (b) To the conservator or other recipient designated by the court for an incapacitated beneficiary; or (c) Upon the beneficiary’s death, in the following order: (1) As last directed […]
NRS 166A.340 – Methods and forms for creating custodial trusts.
1. If a transaction, including, without limitation, a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of NRS 166A.180 are satisfied by either: (a) The execution and either delivery to the custodial trustee or recording of an instrument in substantially the following form: TRANSFER UNDER THE NEVADA […]
NRS 166A.350 – Applicable law.
1. This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration, the transferor, beneficiary or custodial trustee is a resident of or has its principal place of business in this State or custodial trust property is located in this […]
NRS 166A.360 – Uniformity of application and construction.
In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Added to NRS by 2007, 295)
NRS 166A.290 – Declination, resignation, incapacity, death or removal of custodial trustee; designation of successor custodial trustee.
1. Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the transferor or the transferor’s legal representative. If an event giving rise to a transfer has not occurred, the substitute custodial trustee designated under NRS 166A.190 becomes the custodial trustee […]
NRS 166A.300 – Expenses, compensation and bond of custodial trustee.
Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary or by court order, a custodial trustee: 1. Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services; 2. Has a noncumulative election, to be made no later than 6 […]
NRS 166A.190 – Custodial trustee for future payment or transfer.
1. A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: “as custodial trustee for _______________ (name of beneficiary) under the Nevada Uniform Custodial Trust […]
NRS 166A.200 – Form and effect of receipt and acceptance by custodial trustee; jurisdiction.
1. Obligations of a custodial trustee, including, without limitation, the obligation to follow the directions of the beneficiary, arise under this chapter upon the custodial trustee’s acceptance, express or implied, of the custodial trust property. 2. The custodial trustee’s acceptance may be evidenced by a writing stating in substance: CUSTODIAL TRUSTEE’S RECEIPT AND ACCEPTANCE I, […]