Nevada Revised Statutes 163.0095 – Electronic trust: Requirements; conversion into certified paper original; destruction of electronic record
1. An electronic trust is a trust instrument that:
Terms Used In Nevada Revised Statutes 163.0095
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Trustee: A person or institution holding and administering property in trust.
(a) Is created and maintained in an electronic record in such a manner that any alteration thereto is detectable;
(b) Contains the electronic signature of the settlor and the date and time thereof;
(c) Includes, without limitation, an authentication method which is attached to or logically associated with the trust instrument to identify the settlor or is electronically notarized in accordance with all applicable provisions of law;
(d) Is subject to the provisions of chapter 719 of NRS; and
(e) Meets the requirements set forth in this chapter for a valid trust.
2. Regardless of the physical location of the settlor, an electronic trust shall be deemed to be executed in this State and will be governed by the laws of this State and subject to the jurisdiction of the courts of this State if the electronic trust is:
(a) Transmitted to and maintained by a custodian designated in the trust instrument at the custodian’s place of business in this State or at the custodian’s residence in this State; or
(b) Maintained by the settlor at the settlor’s place of business in this State or at the settlor’s residence in this State, or by the trustee at the trustee’s place of business in this State or at the trustee’s residence in this State.
3. Notwithstanding the provisions of subsection 2, the validity of a notarial act performed by an electronic notary public must be determined by applying the laws of the jurisdiction in which the electronic notary public is commissioned or appointed.
4. The provisions of this section do not apply to a testamentary trust.
5. The custodian of an electronic trust may convert the electronic trust into a certified paper original of the electronic trust under the following circumstances:
(a) At the direction of the settlor or the trustee; or
(b) Except as otherwise provided in subsection 8, with 30 days’ written notice, delivered to the last known address of the settlor or trustee, that the custodian intends to convert the electronic trust into a certified paper original.
6. An electronic trust may be converted into a certified paper original by creating a tangible document that contains the following:
(a) The text of the electronic trust; and
(b) An affidavit of the custodian or an employee of the custodian stating:
(1) That the electronic record was created at the time the settlor executed the electronic trust;
(2) The identities of all custodians who have had custody of the electronic record since the execution of the electronic trust;
(3) That the certified paper original is a true, correct and complete tangible manifestation of the electronic trust; and
(4) That the electronic record of the electronic trust is presently in the custody of the custodian.
7. The custodian of an electronic trust may destroy the electronic record of the electronic trust after converting the electronic trust into a certified paper original if the custodian:
(a) Provides 30 days’ written notice, delivered to the last known address of the settlor or trustee, that the custodian intends to destroy the record and the settlor or trustee does not object within the 30-day period; and
(b) Makes a reasonable effort to provide the electronic record to the settlor or trustee before destroying the electronic record.
8. Before the expiration of the 30 days after the custodian gives notice to the settlor or trustee pursuant to paragraph (b) of subsection 5, if the settlor or trustee objects to the conversion of the electronic trust into a certified paper original and agrees to take custody of the electronic trust, the custodian shall not convert the electronic trust into a certified paper original and shall deliver the electronic record of the electronic trust to the settlor or trustee or to such other person as the settlor or trustee may direct.
9. As used in this section:
(a) ’Authentication characteristic’ has the meaning ascribed to it in NRS 133.085.
(b) ’Authentication method’ means a method of identification using any applicable method authorized or required by law, including, without limitation, a digital certificate using a public key or a physical device, including, without limitation, a smart card, flash drive or other type of token, an authentication characteristic or another commercially reasonable method.
(c) ’Certified paper original’ means a tangible document that contains the text of an electronic trust.
(d) ’Public key’ has the meaning ascribed to it in NRS 720.110.