Nev. Rev. Stat. § 669.049

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 669.049 - "Noncustodial trust company" defined

1. "Noncustodial trust company" means a grandfathered trust company that:

(a) Does not manage, or advise regarding, in the aggregate, more than $100,000,000 worth of a client's assets;

(b) Does not have custody or control of clients' assets that exceed 20 percent of the total assets that the trust company manages for all clients; and

(c) To the extent that the trust company has custody or control of a client's assets, invests such assets pursuant to:

(1) Direction by the client; or

(2) The prudent investor standards of NRS 164.700 to 164.775, inclusive.

2. For the purposes of this section:

(a) "Advise" means to provide investment advice.

(b) "Control" means the ability to invest or transfer cash or any other asset in a fiduciary or client account to any person other than:

(1) In the case of an account for which the trust company acts as fiduciary, the settlor or beneficiary; and

(2) In the case of any other account of a client, the owner of the account.

(c) "Manage" means the exercise of discretion regarding investments, whether or not that discretion is delegated to another person.

NRS 669.049

Added to NRS by 2009, 1949