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 custodial trust may be asserted by a third person against the custodial trust property by proceeding against the custodial trustee in a fiduciary capacity, whether or not the custodial trustee or the beneficiary is personally liable.
2. A custodial trustee is not personally liable to a third person:
(a) On a contract properly entered into in a fiduciary capacity unless the custodial trustee fails to reveal that capacity or to identify the custodial trust in the contract; or
(b) For an obligation arising from control of custodial trust property or for a tort committed in the course of the administration of the custodial trust unless the custodial trustee is personally at fault.
3. A beneficiary is not personally liable to a third person for an obligation arising from beneficial ownership of custodial trust property or for a tort committed in the course of administration of the custodial trust unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault.
4. Subsections 2 and 3 do not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary to the extent the person sued is protected as the insured by liability insurance.
(Added to NRS by 2007, 289)
Structure Nevada Revised Statutes
Chapter 166A - Custodial Trusts (Uniform Act)
NRS 166A.030 - Adult" defined.
NRS 166A.040 - Beneficiary" defined.
NRS 166A.050 - Conservator" defined.
NRS 166A.060 - Court" defined.
NRS 166A.070 - Custodial trust property" defined.
NRS 166A.080 - Custodial trustee" defined.
NRS 166A.090 - Guardian" defined.
NRS 166A.100 - Incapacitated" defined.
NRS 166A.110 - Legal representative" defined.
NRS 166A.120 - Member of the beneficiary’s family" defined.
NRS 166A.130 - Person" defined.
NRS 166A.140 - Personal representative" defined.
NRS 166A.150 - State" defined.
NRS 166A.160 - Transferor" defined.
NRS 166A.170 - Trust company" defined.
NRS 166A.180 - Custodial trust; general.
NRS 166A.190 - Custodial trustee for future payment or transfer.
NRS 166A.200 - Form and effect of receipt and acceptance by custodial trustee; jurisdiction.
NRS 166A.210 - Transfer to custodial trustee by fiduciary or obligor; facility of payment.
NRS 166A.220 - Multiple beneficiaries; separate custodial trusts; survivorship.
NRS 166A.230 - General duties of custodial trustee.
NRS 166A.240 - General powers of custodial trustee.
NRS 166A.250 - Use of custodial trust property.
NRS 166A.260 - Determination of incapacity; effect.
NRS 166A.270 - Exemption of third person from liability.
NRS 166A.280 - Liability to third person.
NRS 166A.300 - Expenses, compensation and bond of custodial trustee.
NRS 166A.320 - Limitations of action against custodial trustee.
NRS 166A.330 - Distribution on termination.
NRS 166A.340 - Methods and forms for creating custodial trusts.