Title 13

NRS 166A.060 “Court” defined. “Court” means a district court of this State. (Added to NRS by 2007, 285)

NRS 166A.070 “Custodial trust property” defined. “Custodial trust property” means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest. (Added to NRS by 2007, 285)

NRS 166A.080 “Custodial trustee” defined. “Custodial trustee” means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated. (Added to NRS by 2007, 285)

NRS 166A.090 “Guardian” defined. “Guardian” means a person appointed or qualified by a court as a guardian of an individual, including, without limitation, a limited guardian, but not a person who is only a guardian ad litem. (Added to NRS by 2007, 285)

NRS 166A.100 “Incapacitated” defined. “Incapacitated” means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention b…

NRS 166A.110 “Legal representative” defined. “Legal representative” means a personal representative or conservator. (Added to NRS by 2007, 285)

NRS 166A.120 “Member of the beneficiary’s family” defined. “Member of the beneficiary’s family” means a beneficiary’s spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption. (Added to NRS b…

NRS 166A.130 “Person” defined. “Person” means an individual, corporation, business trust, estate, trust, partnership, joint venture, association or any other legal or commercial entity. (Added to NRS by 2007, 285)

NRS 166A.140 “Personal representative” defined. “Personal representative” means an executor, administrator or special administrator of a decedent’s estate, a person legally authorized to perform substantially the same functions or a successor to any of them. (Added to NRS by 2007…

NRS 166A.150 “State” defined. “State” means a state, territory or possession of the United States, the District of Columbia or the Commonwealth of Puerto Rico. (Added to NRS by 2007, 285)

NRS 166A.160 “Transferor” defined. “Transferor” means a person who creates a custodial trust by transfer or declaration. (Added to NRS by 2007, 285)

NRS 166A.170 “Trust company” defined. “Trust company” means a financial institution, corporation or other legal entity, authorized to exercise general trust powers. (Added to NRS by 2007, 285) CUSTODIAL TRUSTS

NRS 166A.180 Custodial trust; general. 1. A person may create a custodial trust of property by a written transfer of the property to another person evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary an individual who…

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 recipi…

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 accep…

NRS 166A.210 Transfer to custodial trustee by fiduciary or obligor; facility of payment. 1. Unless otherwise directed by an instrument designating a custodial trustee pursuant to NRS 166A.190, a person, including, without limitation, a fiduciary other than a custodial trustee, wh…

NRS 166A.220 Multiple beneficiaries; separate custodial trusts; survivorship. 1. Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or decl…

NRS 166A.230 General duties of custodial trustee. 1. If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. 2. If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficia…

NRS 166A.240 General powers of custodial trustee. 1. A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those ri…

NRS 166A.250 Use of custodial trust property. 1. A custodial trustee shall pay to the beneficiary or expend for the beneficiary’s use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. 2. If the bene…

NRS 166A.260 Determination of incapacity; effect. 1. The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if: (a) The custodial trust was created under NRS 166A.210; (b) The transferor has so directed in the instrument creating the custod…

NRS 166A.270 Exemption of third person from liability. A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absenc…

NRS 166A.280 Liability to third person. 1. A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property or a tort committed in the course of administering the custod…

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 t…

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 proper…

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 pr…

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 benefi…

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 …

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 ex…

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…

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)