Terms Used In Nevada Revised Statutes > Chapter 432B > Administration

• Account: means a report of the financial condition of the trust estate prepared by a trustee which:

  (1) Must include the information set forth in Nevada Revised Statutes 165.020

• Accounting period: means the period for which the trustee is accounting and, except as otherwise provided in this chapter, commencing with the first day following the previous accounting period and ending on the date specified by the trustee or on the date specified by the court if the account is ordered by the court. See Nevada Revised Statutes 165.020
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Allegation: something that someone says happened.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Board of Regents: means the Board of Regents of the University of Nevada. See Nevada Revised Statutes 550.010
• Broad power of appointment: means a power of appointment held by a person, commonly referred to as a power holder, that can be exercised in favor of:

  (1) The power holder, without any restriction or limitation; or

  (2) Any person other than one or more of the following:

  (I) The power holder;

  (II) The power holder"s estate;

  (III) The power holder"s creditors; or

  (IV) The creditors of the power holder"s estate. See Nevada Revised Statutes 165.020

• controlled substance: means a drug, immediate precursor or other substance which is listed in schedule I, II, III, IV or V for control by the State Board of Pharmacy pursuant to Nevada Revised Statutes 0.031
• Conviction: A judgement of guilt against a criminal defendant.
• county: includes Carson City. See Nevada Revised Statutes 0.033
• Current beneficiary: means a distribution beneficiary to whom or for whose benefit the trustee is authorized or required to make distributions of income or principal at any time during the accounting period. See Nevada Revised Statutes 165.020
• Dependent: A person dependent for support upon another.
• Director: means the Director of the Agricultural Extension Department of the Public Service Division of the Nevada System of Higher Education. See Nevada Revised Statutes 550.010
• Distribution beneficiary: has the meaning ascribed to it in Nevada Revised Statutes 165.020
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Grantor: The person who establishes a trust and places property into it.
• 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.
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• 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
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• population: means the number of people in a specified area as determined by the last preceding national decennial census conducted by the Bureau of the Census of the United States Department of Commerce pursuant to Section 2 of Nevada Revised Statutes 0.050
• Probate: Proving a will
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remote beneficiary: means a natural person or an entity whose interest in the trust estate is preceded by the priority interest of one or more current beneficiaries and one or more remainder beneficiaries, all of whose interests must be extinguished by death or pursuant to the terms of the trust instrument before the remote beneficiary may become a current beneficiary. See Nevada Revised Statutes 165.020
• Settlor: means the creator of a testamentary as well as a nontestamentary trust. See Nevada Revised Statutes 165.020
• substantial bodily harm: means :

  1. See Nevada Revised Statutes 0.060

• Successor trustee: means a successor to the acting trustee or substitute trustee named or appointed to succeed a predecessor trustee who has not yet assumed the role of trustee. See Nevada Revised Statutes 165.020
• Testamentary trustee: means a trustee serving under a trust created by a will of a testator domiciled in this state at the time of the testator"s death, whose will has been admitted to probate in this state, whether the trustee was appointed by the testator or by a court or other authority. See Nevada Revised Statutes 165.020
• Testator: A male person who leaves a will at death.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust: means :

  (1) A trust as defined in Nevada Revised Statutes 165.020

• Trustee: includes a nontestamentary trustee, a testamentary trustee and a corporate trustee, as well as a natural person. See Nevada Revised Statutes 165.020
• Trustee: A person or institution holding and administering property in trust.
• Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
• Venue: The geographical location in which a case is tried.