Nevada Revised Statutes 669.049 – ‘Noncustodial trust company’ defined
1. ’Noncustodial trust company’ means a grandfathered trust company that:
Terms Used In Nevada Revised Statutes 669.049
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- 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
(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.