The Legislature finds as facts and determines that: 1. There exists a need to modernize trust company laws in Nevada to make Nevada more competitive in attracting new business, for Nevada to remain competitive with a majority of other states that have modernized their laws and to ensure the safety and soundness of all trust […]
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 669A.030 to 669A.090, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2009, 1137; A 2011, 1814; 2015, 1210)
“Affiliate” means a family affiliate of any family member of the family trust company who is qualified to serve and any person controlling, controlled by or under common control with the family trust company. (Added to NRS by 2009, 1137)
“Beneficiary” has the meaning ascribed to it in NRS 132.050. (Added to NRS by 2015, 1208)
“Confidential information” includes: 1. The names of stockholders, members or other owners; 2. Ownership information; 3. Capital contributions; 4. Addresses; 5. Business affiliations; 6. Information obtained from the family trust company; 7. Findings of the Commissioner through any examination or investigation; 8. Any information required to be reported to or filed with the Commissioner; 9. […]
“Designated relative” means the common ancestor of the family, who may be either a living or deceased person. With regard to: 1. A licensed family trust company or a family trust company applying to be licensed pursuant to this chapter, the designated relative is the person who is designated in the application for a license […]
“Family affiliate” means a company or other entity with respect to which one or more family members or affiliates own, directly or indirectly, a material interest in the company or entity, or possess, directly or indirectly, the power to direct or cause the direction of the management and policies of that company or entity, whether […]
1. “Family member” includes, without limitation, the designated relative and: (a) Any person within the tenth degree of lineal kinship of the designated relative; (b) Any person within the ninth degree of collateral kinship to the designated relative; (c) Any nonfamily member who is an individual beneficiary under a will or trust created by a […]
“Family trust company” means a corporation or limited-liability company that: 1. Acts or proposes to act as a fiduciary; 2. Is organized or qualified to do business in this State to serve family members; and 3. Does not: (a) Transact trust company business with; (b) Propose to act as a fiduciary for; or (c) Solicit […]
“Fiduciary” means: 1. A person described in NRS 132.145; 2. A person described in NRS 163.554; 3. A directed fiduciary as provided in NRS 163.5548; and 4. A trust protector as defined in NRS 163.5547, who may not be acting as a fiduciary under the terms of the trust instrument or will. (Added to NRS […]
“Interested person” means a person, other than the grantor of a trust, who is: 1. A person who would be a necessary party to a judicial proceeding involving a trust; or 2. An authorized representative pursuant to NRS 164.038. (Added to NRS by 2011, 1809)
“Licensed family trust company” means a trust company licensed pursuant to this chapter. (Added to NRS by 2009, 1138)
The rule that statutes in derogation of the common law are to be strictly construed has no application to this chapter. This chapter must be liberally construed to give maximum effect to the principle of freedom of disposition and to the enforceability of trust instruments. This chapter will control over any contrary provisions of law. […]
Except as otherwise provided in this chapter or by specific statute, a family trust company or licensed family trust company is subject to the provisions of this chapter only to the extent that the family trust company or licensed family trust company is engaged in the business of a family trust company or licensed family […]
1. Except as otherwise specified in the trust or in this chapter, a family trust company or licensed family trust company shall comply with the provisions of NRS 165.147. 2. Any fiduciary duties required pursuant to title 12 or 13 of NRS after October 1, 2015, apply only to a trust or estate administered by […]
A family trust company is not required to be licensed as a trust company pursuant to chapter 669 of NRS. Unless a family trust company applies for licensure pursuant to chapter 669 of NRS, the family trust company is not: 1. Subject to supervision by the Commissioner pursuant to this chapter or chapter 669 of […]
A family trust company: 1. Is not required to be licensed pursuant to this chapter or chapter 669 of NRS. 2. May apply for a license as: (a) A trust company pursuant to chapter 669 of NRS; or (b) A licensed family trust company pursuant to this chapter. 3. Is subject to the supervision of […]
A trust company licensed pursuant to the provisions of chapter 669 of NRS may exchange its license granted pursuant to that chapter for a license under this chapter, thereby becoming a licensed family trust company, upon providing the Commissioner with satisfactory evidence that at or before the effective date of its license under this chapter, […]
Except as otherwise provided in NRS 669A.150, a family trust company licensed pursuant to this chapter has all the rights, privileges and exemptions from licensing and regulation requirements made applicable by any law of this State to trust companies licensed pursuant to chapter 669 of NRS, including, without limitation, the requirements for registration, licensing and […]
While acting as the fiduciary of a trust, a family trust company or licensed family trust company: 1. Shall administer and manage the trust in accordance with the terms of the trust; 2. Shall administer and manage the trust in the interest of the beneficiaries of the trust; 3. Shall administer and manage the trust […]
