Delegation of functions by trustee; standard of care owed by agent; trustee immunity from liability; jurisdiction over agent.

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; and (c) Periodically reviewing the agent’s actions in order to verify the agent’s performance and compliance with the terms of the delegation. 2. In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation. 3. A trustee who complies with the requirements of subsection 1 is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated. 4. By accepting the delegation of a function from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state. (Added to NRS by 2003, 1968)