Nevada Revised Statutes 163.5549 – Limitations on liability of directed fiduciary
1. A directed fiduciary is not liable, individually or as a fiduciary for any loss which results from:
Terms Used In Nevada Revised Statutes 163.5549
- Fiduciary: A trustee, executor, or administrator.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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) Complying with a direction of a directing trust adviser, whether the direction is to act or to not act; or
(b) Failing to take any action proposed by a directed fiduciary if the action:
(1) Required the approval, consent or authorization of a person who did not provide the approval, consent or authorization; or
(2) Was contingent upon a condition that was not met or satisfied.
2. A directed fiduciary is not liable for any obligation to perform an investment or suitability review, inquiry or investigation or to make any recommendation or evaluation with respect to any investment, to the extent that the investment is made by a directing trust adviser.
3. The provisions of this section do not impose an obligation or liability on a custodian of a custodial account for providing any authorization.