Nevada Revised Statutes 662.235 – Powers and duties when carrying on trust company business; segregation of assets and recordkeeping
1. Any bank organized under chapters 657 to 671, inclusive, of NRS may state in its articles of incorporation that it will carry on a trust company business in connection with the banking business, and in addition to the powers conferred upon banks may:
Terms Used In Nevada Revised Statutes 662.235
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- 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) Act as trustee under any mortgage or bond of any person, firm or corporation, or of any municipality or body politic.
(b) Accept and execute any municipal, corporate or individual trust not inconsistent with the laws of this State.
(c) Act under the order or appointment of any court as guardian, commissioner, receiver or trustee.
(d) Act as executor or trustee under any will.
(e) Act as fiscal or transfer agent of any state, municipality, body politic or corporation, and in a capacity to receive and disburse money and register, transfer and countersign certificates of stock, bonds and other evidences of indebtedness.
(f) Act as local or registered agent of foreign corporations.
2. Any such bank holding any asset as a fiduciary shall:
(a) Segregate all such assets from any other assets of the bank and from the assets of any other trust, except as may be expressly provided otherwise by law or by the writing creating the trust.
(b) Record such assets in a separate set of books maintained for fiduciary activities.