Title 7

NRS 88A.010 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 88A.020 to 88A.110, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1999, 1561; A 2003, 3155; 2007, 2695)

NRS 88A.020 “Beneficial owner” defined. “Beneficial owner” means the owner of a beneficial interest in a business trust. (Added to NRS by 1999, 1561)

NRS 88A.030 “Business trust” defined. “Business trust” means an unincorporated association which: 1. Is created by a governing instrument under which property is held, administered, managed, controlled, invested, reinvested or operated, or any combination of these, or business or…

NRS 88A.040 “Foreign business trust” defined. “Foreign business trust” means a business trust formed pursuant to the laws of a foreign nation or other foreign jurisdiction and denominated as such pursuant to those laws. (Added to NRS by 1999, 1561)

NRS 88A.050 “Governing instrument” defined. “Governing instrument” means any one or more instruments, whether referred to as a trust instrument, declaration of trust or otherwise, that create a trust and provide for the governance of its affairs and the conduct of its business. (…

NRS 88A.057 “Registered agent” defined. “Registered agent” has the meaning ascribed to it in NRS 77.230. (Added to NRS by 2007, 2695)

NRS 88A.060 “Registered office” defined. “Registered office” means the office of a business trust maintained at the street address of its registered agent. (Added to NRS by 1999, 1561; A 2007, 2695)

NRS 88A.110 “Trustee” defined. “Trustee” means the person or persons appointed as trustee in accordance with the governing instrument of a business trust. (Added to NRS by 1999, 1562) APPLICABILITY

NRS 88A.150 Applicability of chapter to foreign and interstate commerce. The provisions of this chapter apply to commerce with foreign nations and among the several states. It is the intention of the Legislature by enactment of this chapter that the legal existence of business tr…

NRS 88A.160 Applicability of laws pertaining to trusts; principle of freedom of contract and enforceability of governing instruments. 1. Except as otherwise provided in the certificate of trust, the governing instrument or this chapter, the laws of this State pertaining to trusts…

NRS 88A.170 Provisions of chapter may be altered or repealed. All provisions of this chapter may be altered from time to time or repealed, and all rights of business trusts, trustees, beneficial owners and other persons are subject to this reservation. (Added to NRS by 1999, 1574…

NRS 88A.200 Purpose; prohibition against formation of business trust for certain illegal purposes. 1. A business trust may be formed to carry on any lawful business or activity. 2. A person shall not form a business trust for any illegal purpose or with the fraudulent intent to c…

NRS 88A.210 Filing requirements; required and optional provisions of certificate of trust. 1. One or more persons may create a business trust by adopting a governing instrument and signing and filing with the Secretary of State a certificate of trust. The certificate of trust mus…

NRS 88A.215 Penalty for purporting to do business as business trust without filing certificate of trust; enforcement; regulations. 1. Every person, other than a foreign business trust, who is purporting to do business in this State as a business trust and who willfully fails or n…

NRS 88A.220 Amendment and restatement of certificate of trust. 1. A certificate of trust may be amended by filing with the Secretary of State a certificate of amendment signed by at least one trustee. The certificate of amendment must set forth: (a) The name of the business trust…

NRS 88A.230 Name of trust: Distinguishable name required; availability of name of revoked, merged or otherwise terminated trust; regulations. 1. The name of a business trust formed pursuant to the provisions of this chapter must contain the words “Business Trust” or the abbreviat…

NRS 88A.240 Name of trust: Reservation; injunctive relief. 1. The Secretary of State, when requested to do so, shall reserve, for a period of 90 days, the right to use a name available pursuant to NRS 88A.230 for the use of a proposed business trust. During the period, the name s…

NRS 88A.250 Certificate of amendment, restatement or cancellation and articles of merger: Filing and effectiveness of certificates and articles. 1. A certificate of amendment or restatement filed with the Secretary of State pursuant to this chapter is effective: (a) At the time o…

NRS 88A.260 Perpetual existence of trust; artificial person formed pursuant to other laws who is beneficial owner or trustee; inapplicability of certain laws. 1. Except as otherwise provided in the certificate of trust, the governing instrument or this chapter, a business trust h…

NRS 88A.270 Governing instrument: Optional provisions. A governing instrument may consist of one or more agreements, instruments or other writings and may include or incorporate bylaws containing provisions relating to the business of the business trust, the conduct of its affair…

NRS 88A.280 Governing instrument: Optional provisions relating to management of trust and rights, duties and obligations of trustees, beneficial owners and other persons. A governing instrument may contain any provision relating to the management or the business or affairs of the…

NRS 88A.300 General powers. A business trust formed and existing pursuant to this chapter has such powers as are necessary or convenient to effect any of the purposes for which the business trust is formed. (Added to NRS by 1999, 1569)

NRS 88A.310 Management of business and affairs by trustees; giving directions to trustees. 1. Except as otherwise provided in this section, the certificate of trust or the governing instrument, the business and affairs of a business trust must be managed by or under the direction…

NRS 88A.320 Ownership of beneficial interest in trust: Participation in profits and losses; creditor of beneficial owner; personal property; evidence of interest; transferability; distributions. 1. Except as otherwise provided in the governing instrument, a beneficial owner parti…

NRS 88A.330 Beneficial owners: Contributions to trust; obligations; penalties. 1. A contribution of a beneficial owner to a business trust may be any tangible or intangible property or benefit to the business trust, including cash, a promissory note, services performed, a contrac…

NRS 88A.340 Maintenance of records at principal office in State or with custodian of records. 1. A business trust shall keep a copy of the following records at its principal office in this State or with its custodian of records whose name and street address are available at the r…

NRS 88A.345 Information concerning records; requirement to assist in criminal investigation; failure to comply; regulations. 1. Upon the request of the Secretary of State, a business trust shall: (a) Provide the Secretary of State with the name and contact information of the cust…

NRS 88A.350 Right of beneficial owners to inspect and copy ledger; denial of inspection. 1. A person who has been a beneficial owner of record of a business trust for at least 6 months immediately preceding the person’s demand, or a person holding, or authorized in writing by the…

NRS 88A.360 Duties and liabilities of trustee. 1. Except as otherwise provided in the governing instrument but subject to the provisions of subsection 3, a trustee shall act in good faith and in a manner the trustee reasonably believes to be in the best interest of the business t…

NRS 88A.370 Duties and liabilities of officer, employee, manager or other person acting pursuant to certificate of trust or governing instrument. To the extent that, at law or in equity, an officer, employee, manager or other person acting pursuant to the certificate of trust or …

NRS 88A.380 Enforceability of debts, liabilities, obligations and expenses against assets of series of trustees, beneficial owners or beneficial interests. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular…

NRS 88A.390 Liability of beneficial owner, trustee, officer, agent, manager or employee for debts or liabilities of trust. 1. Unless otherwise provided in the certificate of trust, the governing instrument or an agreement signed by the person to be charged, a beneficial owner, tr…

NRS 88A.400 Indemnification of trustee, beneficial owner or other person. 1. Subject to the standards and restrictions, if any, set forth in the certificate of trust or the governing instrument, a business trust may indemnify and hold harmless a trustee, beneficial owner or other…

NRS 88A.410 Derivative actions: Authority of beneficial owner to bring action; qualifications of plaintiff; pleading; expenses. 1. A beneficial owner may maintain an action in the right of a business trust to recover a judgment in its favor if trustees having authority to do so h…

NRS 88A.420 Cancellation of certificate of trust upon termination of trust. 1. A certificate of trust must be cancelled upon the completion or winding up of the business trust and its termination. A certificate of cancellation must be signed by a trustee, filed with the Secretary…

NRS 88A.500 Requirement; address; penalty for noncompliance. 1. A business trust shall have a registered agent who resides or is located in this State. A registered agent shall have a street address for the service of process and may have a mailing address such as a post office b…

NRS 88A.520 Powers; service of process, demand or notice. 1. If the registered agent is a bank or an artificial person formed or organized pursuant to this title, it may: (a) Act as the fiscal or transfer agent of a state, municipality, body politic or business trust, and in that…

NRS 88A.530 Resignation of registered agent or termination of registration of commercial registered agent. 1. If its registered agent resigns pursuant to NRS 77.370 or if its commercial registered agent terminates its registration as a commercial registered agent pursuant to NRS …

NRS 88A.600 Filing requirements; fee; notice; regulations. 1. A business trust formed pursuant to this chapter shall, at the time of the filing of its certificate of trust with the Secretary of State, or, if the business trust has selected an alternative due date pursuant to subs…

NRS 88A.610 Certificate of authorization to transact business. When the fee for filing the annual list has been paid, the cancelled check or other proof of payment received by the business trust constitutes a certificate authorizing it to transact its business within this State u…

NRS 88A.620 Addresses of trustees required; failure to file. 1. Each list required to be filed pursuant to the provisions of NRS 88A.600 to 88A.665, inclusive, must, after the name of each trustee listed thereon, set forth the trustee’s address, either residence or business. 2. I…

NRS 88A.630 Defaulting trusts: Identification; penalty. 1. Each business trust required to file the list and pay the fee prescribed in NRS 88A.600 to 88A.665, inclusive, which refuses or neglects to do so within the time provided shall be deemed in default. 2. For default, there …

NRS 88A.640 Defaulting trusts: Duties of Secretary of State; forfeiture of right to transact business; assets held in trust. 1. The Secretary of State shall notify, by providing written notice to its registered agent, each business trust deemed in default pursuant to the provisio…

NRS 88A.650 Defaulting trusts: Conditions and procedure for reinstatement. 1. Except as otherwise provided in subsections 3 and 4 and NRS 88A.345, the Secretary of State shall reinstate a business trust which has forfeited or which forfeits its right to transact business pursuant…

NRS 88A.660 Defaulting trusts: Reinstatement or revival under old or new name. 1. Except as otherwise provided in subsection 2, if a certificate of trust is revoked pursuant to the provisions of this chapter and the name of the business trust has been legally reserved or acquired…

NRS 88A.665 Cancellation of revoked certificate of trust without additional fees and penalties; regulations. 1. The Secretary of State shall authorize a business trust whose certificate of trust has been revoked to cancel its certificate of trust without paying additional fees an…