Title 13

NRS 164.067 Power to sell, convey or encumber. 1. When title to real or personal property is taken in the name of a trustee, the trustee has the power to sell, convey or encumber that property unless the deed or conveyance to the trustee specifically limits the power of the trust…

NRS 164.070 Short title. NRS 164.070 to 164.100, inclusive, may be cited as the Uniform Common Trust Fund Act. [1:21:1955]—(NRS A 1999, 2379)

NRS 164.080 Establishment; investments; management. 1. Any bank or trust company qualified to act as fiduciary in this State, or in any other state if affiliated with a bank or trust company qualified to act as fiduciary in this State, may: (a) Establish common trust funds to fur…

NRS 164.090 Accountings. Unless ordered by a court of competent jurisdiction, the bank or trust company operating common trust funds is not required to render a court accounting with regard to those funds, but it may, by petition to the court, secure approval of such an accountin…

NRS 164.100 Uniformity of interpretation. NRS 164.070 to 164.100, inclusive, must be so interpreted and construed as to effectuate their general purpose to make uniform the law of those states which enact them. [4:21:1955]—(NRS A 1999, 2380) TRANSFER OF SUPERVISION OF TRUSTS

NRS 164.130 Transfer by court to district court in this State or court outside Nevada. Upon petition by any trustee or beneficiary, a court having jurisdiction of a trust may transfer supervision of the trust to: 1. Any district court within the State, or to any court outside Nev…

NRS 164.400 Presentation; effect; form. 1. Except in connection with an application for benefits pursuant to chapter 422 or 422A of NRS, a trustee may present a certification of trust to any person, in lieu of a copy of any trust instrument, to establish the existence or terms of…

NRS 164.410 Contents. 1. A certification of trust may confirm the following facts or contain the following information: (a) The existence of the trust and date of execution of any trust instrument; (b) The identity of the settlor and each currently acting trustee; (c) The powers …

NRS 164.420 Dispositive provisions not required; person presented with certification may request excerpts from trust instrument designating trustee. A certification of trust need not contain the dispositive provisions of the trust, but the person to whom the certification is pres…

NRS 164.430 Reliance upon facts contained in certification; enforceability. 1. A person who acts in reliance upon a certification of trust without knowledge that the representations contained therein are incorrect is not liable to any person for so acting. A person who does not k…

NRS 164.440 Failure to demand certification not improper act; liability. A person’s failure to demand a certification of trust may not be considered to be an improper act by the person and no inference as to whether the person has acted in good faith may be drawn from the failure…

NRS 164.640 Short title. The provisions of NRS 164.640 to 164.680, inclusive, may be cited as the Uniform Prudent Management of Institutional Funds Act. (Added to NRS by 2007, 112)

NRS 164.643 Definitions. As used in NRS 164.640 to 164.680, inclusive, unless the context otherwise requires, the words and terms defined in NRS 164.645 to 164.663, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2007, 112)

NRS 164.645 “Charitable purpose” defined. “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose or any other purpose the achievement of which is beneficial to the community. (Ad…

NRS 164.647 “Endowment fund” defined. “Endowment fund” means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an end…

NRS 164.650 “Gift instrument” defined. “Gift instrument” means a record or records, including, without limitation, an institutional solicitation, under which property is granted to, transferred to or held by an institution as an institutional fund. (Added to NRS by 2007, 112)

NRS 164.653 “Institution” defined. “Institution” means: 1. A person, other than an individual, organized and operated exclusively for charitable purposes; 2. A government or governmental subdivision, agency or instrumentality, to the extent that it holds funds exclusively for a c…

NRS 164.655 “Institutional fund” defined. “Institutional fund” means a fund held by an institution exclusively for charitable purposes. The term does not include: 1. Program-related assets; 2. A fund held for an institution by a trustee that is not an institution; or 3. A fund in…

NRS 164.657 “Person” defined. “Person” means an individual, corporation, business trust, estate, trust, partnership, limited-liability company, association, joint venture, public corporation, government or governmental subdivision, agency or instrumentality, or any other legal or…

NRS 164.660 “Program-related asset” defined. “Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment. (Added to NRS by 2007, 113)

NRS 164.663 “Record” defined. “Record” means information which is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form. (Added to NRS by 2007, 113)

NRS 164.665 Standard of conduct in managing and investing institutional fund. 1. Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the pur…

NRS 164.667 Appropriation for expenditure or accumulation of endowment fund; rules of construction. 1. Subject to the intent of a donor expressed in the gift instrument and to subsection 4, an institution may appropriate for expenditure or accumulate so much of an endowment fund …

NRS 164.670 Delegation of management and investment functions. 1. Subject to any specific limitation set forth in a gift instrument or in law other than NRS 164.640 to 164.680, inclusive, an institution may delegate to an external agent the management and investment of an institu…

NRS 164.673 Release or modification of restrictions on management, investment or purpose. 1. If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment or purpose of an i…

NRS 164.675 Reviewing compliance. Compliance with NRS 164.640 to 164.680, inclusive, is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. (Added to NRS by 2007, 116)

NRS 164.677 Relation to Electronic Signatures in Global and National Commerce Act. The provisions of NRS 164.640 to 164.680, inclusive, modify, limit and supersede the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. §§ 7001 et seq., but do not modify, limit o…

NRS 164.680 Uniformity of application and construction. In applying and construing the Uniform Prudent Management of Institutional Funds Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (A…

NRS 164.700 Definitions. As used in NRS 164.700 to 164.925, inclusive: 1. “Fiduciary” means a trustee or, to the extent that NRS 164.780 to 164.925, inclusive, apply to an estate, a personal representative. 2. “Terms of a trust” means the manifestation of the intent of a settlor …

NRS 164.705 Short title. NRS 164.700 to 164.775, inclusive, may be cited as the Uniform Prudent Investor Act. (Added to NRS by 2003, 1967)

NRS 164.710 Administration of trust or estate by fiduciary in accordance with its terms or in accordance with provisions of NRS. In performing his or her duties under NRS 164.700 to 164.925, inclusive, a fiduciary: 1. Shall administer a trust or estate in accordance with the term…

NRS 164.715 Acting in interest of beneficiaries. A trustee shall invest and manage the trust property solely in the interest of the beneficiaries. (Added to NRS by 2003, 1966)

NRS 164.720 Trust having two or more beneficiaries; impartial administration of trust or estate. 1. If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust property, taking into account any differing interests of the benefic…

NRS 164.725 Notice of proposed action: Authorized; to whom notice must be sent; content; objection to proposed action; limitations on liability; court order to take action over objection; burden of proof; notice when action not taken. 1. As used in this section, “action” includes…

NRS 164.730 No duty to make adjustment between principal and income; trustee immunity from liability. 1. The provisions of NRS 164.700 to 164.925, inclusive, do not impose or create a duty of a trustee to make an adjustment between principal and income pursuant to the provisions …

NRS 164.735 Applicability. Except as specifically provided in a trust instrument, a will or NRS 164.700 to 164.925, inclusive, the provisions of NRS 164.700 to 164.925, inclusive, apply to any trust or estate of a decedent existing on or after October 1, 2003. (Added to NRS by 20…

NRS 164.740 Duty to comply with prudent investor rule; circumstances under which trustee is immune from liability. Except as otherwise provided in chapter 669A of NRS, a trustee who invests and manages trust property owes a duty to the beneficiaries of the trust to comply with th…

NRS 164.745 Satisfaction of prudent investor standard; evaluation of decisions; consideration of circumstances; verification of facts; types of investments; special skills or expertise of trustee. 1. A trustee shall invest and manage trust property as a prudent investor would, co…

NRS 164.750 Diversification of investments. A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying. (Added to NRS by 2003, 1968)

NRS 164.755 Duty to bring trust portfolio into compliance with terms and circumstances of trust and provisions of NRS within reasonable time. Within a reasonable time after accepting a trusteeship or receiving trust property, a trustee shall review the trust property and make and…

NRS 164.760 Incurring costs. In investing and managing trust property, a trustee may only incur costs that are appropriate and reasonable in relation to the property, the purposes of the trust and the skills of the trustee. (Added to NRS by 2003, 1968)

NRS 164.765 Determination of compliance with prudent investor rule. Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight. (Added to NRS by 2003, 1968)

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…

NRS 164.775 Terms and language of trust which authorize certain investments or strategies. The following terms or comparable language in the terms of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under NRS 164.700 to 164.775, inclu…

NRS 164.780 Short title. NRS 164.700, subsection 2 of NRS 164.720 and NRS 164.780 to 164.925, inclusive, may be cited as the Uniform Principal and Income Act (1997). (Added to NRS by 2003, 1969)

NRS 164.785 Definitions. As used in NRS 164.780 to 164.925, inclusive: 1. “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income intere…