1. A family trust company or licensed family trust company may refrain from taking an action that is authorized by a nonjudicial settlement agreement if the family trust company or licensed family trust company determines in good faith that the action is not in the interest of the beneficiaries of the trust.
2. A family trust company or licensed family trust company that refrains from taking an action pursuant to subsection 1 shall provide written notice to each interested person within 15 days after its decision not to take the action and include in the notice the reasons for not taking the action.
3. An interested person who receives notice pursuant to subsection 2 may petition the court for an order requiring the family trust company or licensed family trust company to take the action authorized by the nonjudicial settlement agreement. The burden is on the beneficiary to prove that the proposed action is in the interest of the beneficiaries of the trust and should be taken.
4. A family trust company or licensed family trust company is not liable to an interested person for not taking an action that is authorized by a nonjudicial settlement agreement if the family trust company or licensed family trust company acted in good faith in not taking the action.
(Added to NRS by 2011, 1813)
Structure Nevada Revised Statutes
Chapter 669A - Family Trust Companies
NRS 669A.010 - Declaration of legislative intent.
NRS 669A.030 - "Affiliate" defined.
NRS 669A.035 - "Beneficiary" defined.
NRS 669A.040 - "Confidential information" defined.
NRS 669A.050 - "Designated relative" defined.
NRS 669A.060 - "Family affiliate" defined.
NRS 669A.070 - "Family member" defined.
NRS 669A.080 - "Family trust company" defined.
NRS 669A.082 - "Fiduciary" defined.
NRS 669A.085 - "Interested person" defined.
NRS 669A.090 - "Licensed family trust company" defined.
NRS 669A.094 - Liberal construction of chapter.
NRS 669A.095 - Applicability of chapter.
NRS 669A.097 - Applicability of other provisions of NRS.
NRS 669A.100 - Family trust company not required to be licensed as trust company.
NRS 669A.110 - Family trust company not required to be licensed but may apply for license.
NRS 669A.120 - Exchange of license as trust company for license as family trust company.
NRS 669A.133 - Standards for administration and management of trust.
NRS 669A.135 - Limitations on liability.
NRS 669A.150 - Unlawful to use or advertise word "trust" as part of name; exceptions.
NRS 669A.160 - Minimum stockholders’ equity required for organization and operation.
NRS 669A.190 - Application for license: Contents; fees; regulations; withdrawal of application.
NRS 669A.210 - Payment of license fees; deposit in State Treasury.
NRS 669A.220 - Powers of family trust companies; banking business prohibited.
NRS 669A.222 - Appointment of guardian for certain persons who are not residents of this State.
NRS 669A.225 - Authorized actions and transactions; conflicts of interest.
NRS 669A.233 - Nonjudicial settlement agreements: Authority to enter; scope; judicial approval.
NRS 669A.237 - Nonjudicial settlement agreements: Refraining from taking authorized action.
NRS 669A.240 - Discontinuing business.
NRS 669A.250 - Fidelity bonds; insurance.
NRS 669A.255 - Annual and final reports; allocation to income.
NRS 669A.256 - Sealing of trust documents.
NRS 669A.257 - Privileged communications; applicability of attorney-client relationship.
NRS 669A.260 - Fees for examination.
NRS 669A.270 - Regulations of Commissioner; determination of organization as family trust company.
NRS 669A.280 - Authority of Commissioner to revoke license.
NRS 669A.290 - Failure to submit required report; fees; regulations.