Nevada Revised Statutes 164.740 – Duty to comply with prudent investor rule; circumstances under which trustee is immune from liability
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Except as otherwise provided in chapter 669A of NRS, a trustee who invests and manages trust property owes a duty to the beneficiaries of the trust to comply with the prudent investor rule as set forth in NRS 164.700 to 164.775, inclusive, but a trustee is not liable to a beneficiary to the extent that the trustee:
Terms Used In Nevada Revised Statutes 164.740
- 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
- Trustee: A person or institution holding and administering property in trust.
1. Acted in reasonable reliance on the terms of the trust or a court order; and
2. Determined in good faith to not diversify the investments of a trust pursuant to NRS 164.750.