NRS 167.010 – Short title.
This chapter may be cited as Nevada’s Uniform Act on Transfers to Minors. (Added to NRS by 1957, 21; A 1967, 370; 1985, 69)
NRS 167.020 – Definitions.
In this chapter, unless the context otherwise requires: 1. “Adult” means a person who has attained the age of 18 years. 2. “Benefit plan” means an employer’s plan for the benefit of an employee or partner. 3. “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for his […]
NRS 167.021 – Applicability; custodian subject to personal jurisdiction.
1. This chapter applies to a transfer that refers to Nevada’s Uniform Act on Transfers to Minors in the designation under subsection 1 of NRS 167.030 by which the transfer is made if at the time of the transfer, the transferor, the minor or the custodian is a resident of this state or the custodial […]
NRS 167.023 – Transfer by gift or exercise of power of appointment.
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to the provisions of this chapter. (Added to NRS by 1985, 67)
NRS 167.025 – Transfer authorized in will or trust.
1. A personal representative or trustee may make an irrevocable transfer pursuant to the provisions of this chapter to a custodian for the benefit of a minor as authorized in the governing will or trust. 2. If the testator or settlor has nominated a custodian to receive the custodial property, the transfer must be made […]
NRS 167.027 – Transfer not authorized in will or trust; transfer by conservator.
1. A personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to the provisions of this chapter, in the absence of a will or under a will or trust that does not contain an authorization to do so. 2. A […]
NRS 167.029 – Transfer by debtor or person holding property of minor.
1. A person not subject to NRS 167.025 or 167.027 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to the provisions of this chapter. 2. If a person has nominated a custodian […]
NRS 167.030 – Creation of custodial property; manner of making transfer.
1. Custodial property is created and a transfer is made when: (a) An uncertificated security or a certificated security in registered form is: (1) Registered in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: “as custodian for…………….(name of minor) under Nevada’s Uniform […]
NRS 167.033 – Nomination of custodian to serve upon future event.
1. A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: “as custodian for ……………. (name of […]
NRS 167.034 – Delay of time for certain transfers; requirements.
1. Subject to the limitations of this section, the time for transfer to the minor of custodial property transferred under NRS 167.023, 167.025 or 167.033 may be delayed until a specified time after the time the minor attains 18 years of age. The time must be specified in the transfer made under NRS 167.030. 2. […]
NRS 167.035 – Validity of transfer.
The validity of a transfer made in a manner prescribed in this chapter is not affected by: 1. The failure of the transferor to comply with the provisions of NRS 167.030 concerning possession and control; 2. The designation of an ineligible custodian, except the designation of the transferor in the case of property for which […]
NRS 167.040 – Effect of transfer.
1. A transfer made in a manner prescribed in this chapter is irrevocable and conveys to the minor indefeasibly vested legal title to the custodial property, but the custodian has any right, power, duty or authority provided in this chapter and neither the minor nor the minor’s legal representative has any right, power, duty or […]
NRS 167.043 – Acknowledgment of delivery of custodial property.
A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to the provisions of this chapter. (Added to NRS by 1985, 68)
NRS 167.045 – Rights of custodian.
1. A custodian, acting in a custodial capacity, has all the rights, powers and authority over custodial property that an unmarried adult has over his or her own property, but a custodian may exercise those rights, powers and authority in that capacity only. 2. This section does not relieve a custodian from liability for breach […]
NRS 167.050 – Duties and powers of custodian.
1. The custodian shall: (a) Take control of the custodial property; (b) Register or record title to the custodial property, if appropriate; and (c) Collect, hold, manage, invest and reinvest the custodial property. 2. In dealing with custodial property, the custodian shall observe the standard of care that would be observed by a prudent person […]
NRS 167.055 – Delivery, payment or expenditure of custodial property for benefit of minor.
1. A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to: (a) The duty or ability of the custodian personally or of any other […]
NRS 167.060 – Expenses, compensation and bond of custodian.
1. A custodian is entitled to reimbursement from the custodial property for reasonable expenses incurred in the performance of the custodian’s duties. 2. Unless a custodian is a transferor under NRS 167.023, the custodian may elect to receive from the custodial property during each calendar year reasonable compensation for the custodian’s services performed during that […]
NRS 167.070 – Exemption of third persons from liability.
A third person acting in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, without knowledge, is not responsible for determining: 1. Whether the person designated as custodian or purporting […]
NRS 167.080 – Disclaimer, resignation, death or removal of custodian; designation of successor custodian; petition to remove or require bond of custodian.
1. A person nominated or designated as a custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving rise to a transfer has not occurred and no substitute custodian able, willing and eligible to serve […]
NRS 167.085 – Claims against custodial property; liability of custodian and minor.
1. A claim based on: (a) A contract entered into by a custodian acting in a custodial capacity; (b) An obligation arising from the ownership or control of custodial property; or (c) A tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in his or her custodial […]