NRS 669.049 “Noncustodial trust company” defined.

194 words·~1 min read·/nv/chapter-669-trust-companies/669-049

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. “Noncustodial trust company” means a grandfathered trust company that:

(a)Does not manage, or advise regarding, in the aggregate, more than $100,000,000 worth of a client’s assets;

(b)Does not have custody or control of clients’ assets that exceed 20 percent of the total assets that the trust company manages for all clients; and

(c)To the extent that the trust company has custody or control of a client’s assets, invests such assets pursuant to:

(1)Direction by the client; or

(2)The prudent investor standards of NRS 164.700 to 164.775 , inclusive.

2. For the purposes of this section:

(a)“Advise” means to provide investment advice.

(b)“Control” means the ability to invest or transfer cash or any other asset in a fiduciary or client account to any person other than:

(1)In the case of an account for which the trust company acts as fiduciary, the settlor or beneficiary; and

(2)In the case of any other account of a client, the owner of the account.

(c)“Manage” means the exercise of discretion regarding investments, whether or not that discretion is delegated to another person.