Nevada Revised Statutes 86.471 – Effect of providing insurance or other financial arrangements against liability of member, manager, employee or agent
Current as of: 2023 | Check for updates
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In the absence of fraud:
Terms Used In Nevada Revised Statutes 86.471
- 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
- Fraud: Intentional deception resulting in injury to another.
- 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
1. The decision of a limited-liability company as to the propriety of the terms and conditions of any insurance or other financial arrangement made pursuant to NRS 86.461 and the choice of the person to provide the insurance or other financial arrangement is conclusive; and
2. The insurance or other financial arrangement:
(a) Is not void or voidable; and
(b) Does not subject any manager or member approving it to personal liability for the approval, even if a manager or member approving the insurance or other financial arrangement is a beneficiary of the insurance or other financial arrangement.