Nevada Revised Statutes 722.420 – Fiduciary duties and authority
1. The legal duties imposed on a fiduciary charged with managing tangible property apply to the management of digital assets, including:
Terms Used In Nevada Revised Statutes 722.420
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- 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
- Personal property: All property that is not real property.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(a) The duty of care;
(b) The duty of loyalty; and
(c) The duty of confidentiality.
2. A fiduciary’s or designated recipient’s authority with respect to a digital asset of a user:
(a) Except as otherwise provided in NRS 722.310, is subject to the applicable terms of service;
(b) Is subject to other applicable law, including copyright law;
(c) In the case of a fiduciary, is limited by the scope of the fiduciary’s duties; and
(d) May not be used to impersonate the user.
3. A fiduciary with authority over the property of a decedent, protected person, principal or settlor has the right to access any digital asset in which the decedent, protected person, principal or settlor had a right or interest and that is not held by a custodian or subject to a terms-of-service agreement.
4. A fiduciary acting within the scope of the fiduciary’s duties is an authorized user of the property of the decedent, protected person, principal or settlor for the purpose of NRS 205.473 to 205.513, inclusive.
5. A fiduciary with authority over the tangible personal property of a decedent, protected person, principal or settlor:
(a) Has the right to access the property and any digital asset stored in it; and
(b) Is an authorized user for the purpose of computer-fraud and unauthorized-computer-access laws.
6. A custodian may disclose information in an account to a fiduciary of the user when the information is required to terminate an account used to access digital assets licensed to the user.
7. A fiduciary of a user may request a custodian to terminate the user’s account. A request for termination must be in writing, in either physical or electronic form, and accompanied by:
(a) If the user is deceased, a certified copy of the death certificate of the user;
(b) A certified copy of the court order appointing the representative or the court order, power of attorney or trust giving the fiduciary authority over the account; and
(c) If requested by the custodian:
(1) A number, username, address or other unique subscriber or account identifier assigned by the custodian to identify the user’s account;
(2) Evidence linking the account to the user; or
(3) A finding by the court that the user had a specific account with the custodian, identifiable by the information specified in subparagraph (1).