2005 Nevada Revised Statutes - Chapter 165 — Trustees Accounting (Uniform Act)
CHAPTER 165 - TRUSTEES ACCOUNTING (UNIFORMACT)
TITLE AND DEFINITIONS
NRS 165.010 Shorttitle.
NRS 165.020 Definitions.
TESTAMENTARY TRUSTS
NRS 165.030 Inventory.
NRS 165.040 Intermediateaccountings: General requirements; exceptions.
NRS 165.045 Intermediateaccountings: Notice; hearing.
NRS 165.050 Finalaccounting: General requirements.
NRS 165.055 Finalaccounting: Notice.
NRS 165.060 Accountingof distribution of property; discharge of trustee.
NRS 165.090 Vouchers,cancelled checks or other documents supporting account; lost vouchers.
NRS 165.100 Representationof beneficiary.
NRS 165.110 Proceedingsin court.
NRS 165.120 Approvalor disapproval by court; reopening.
NONTESTAMENTARY TRUSTS
NRS 165.135 Accounts.
GENERAL PROVISIONS
NRS 165.150 Dutiesof clerks and courts.
NRS 165.160 Powerof settlor.
NRS 165.170 Powerof beneficiary.
NRS 165.180 Accountabilityof trustees at other times.
NRS 165.190 Enforcement.
NRS 165.200 Penaltiesfor violation of chapter.
NRS 165.210 Formof inventory and accounts; compensation of attorney for intermediate and finalaccounts.
NRS 165.220 Oaths.
NRS 165.230 Charitabletrusts.
NRS 165.240 Uniformityof interpretation.
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TITLE AND DEFINITIONS
NRS
[24:135:1941; 1931 NCL 7718.23]
1. As used in this chapter:
(a) Affiliate means any person directly or indirectlycontrolling or controlled by another person, or any person under direct orindirect common control by another person. It includes any person with whom atrustee has an express or implied agreement regarding the purchase of trustinvestments by each from the other, directly or indirectly.
(b) Beneficiary includes a beneficiary under thetrust, a person who is entitled to the trust capital at the termination of thetrust and a surety on the bond of the trustee.
(c) Nontestamentary trustee means a trustee servingunder a trust created in this state otherwise than by a will, or such a trustadministered in this state, whether the trustee was appointed by the settlor orby a court or other authority.
(d) Relative means a spouse, ancestor, descendant,brother or sister.
(e) Settlor includes the creator of a testamentary aswell as a nontestamentary trust.
(f) Testamentary trustee means a trustee servingunder a trust created by a will of a testator domiciled in this state at thetime of the testators death, whose will has been admitted to probate in thisstate, whether the trustee was appointed by the testator or by a court or otherauthority.
(g) Trustee includes trustees, a corporate as well asa natural person, a successor or substitute trustee, and the successor ininterest of a deceased sole trustee.
2. This chapter does not apply to resulting trusts,constructive trusts, business trusts where certificates of beneficial interestare issued to the beneficiaries, investment trusts, voting trusts, insurancetrusts prior to the death of the insured, trusts in the nature of mortgages orpledges, trusts created by judgment or decree of a federal court or a statecourt other than the district court acting in probate matters, liquidationtrusts, or trust for the sole purpose of paying dividends, interest or interestcoupons, salaries, wages or pensions.
[1:135:1941; 1931 NCL 7718](NRS A
TESTAMENTARY TRUSTS
NRS
[2:135:1941; 1931 NCL 7718.01](NRS A 1975, 1781;
NRS
1. Except as otherwise provided in subsection 3,within 60 days after the end of the calendar year in which the testamentarytrustee had a duty to file an inventory, as prescribed in
(a) The period which the account covers;
(b) The names and addresses of the living beneficiariesknown to the trustee, with a statement as to those known to be minors orincapacitated persons, a description of any possible unborn or unascertainedbeneficiaries, and the name of the surety or sureties on the trustees bondwith the amount of the bond;
(c) In a separate schedule, additions to trustprincipal during the accounting period with the dates and sources ofacquisition, investments collected, sold or charged off during the accountingperiod, investments made during the accounting period, with the date, sourceand cost of each, deductions from principal during the accounting period, withthe date and purpose of each, and the trust principal, invested or uninvested,on hand at the end of the accounting period, reflecting the approximate marketvalue thereof;
(d) In a separate schedule, the trust income on hand atthe beginning of the accounting period, and in what form held, trust incomereceived during the accounting period, when and from what source, trust incomepaid out during the accounting period, when, to whom and for what purpose,trust income on hand at the end of the accounting period and how invested;
(e) That, without prior court authority, neither anyseller to, nor buyer from, the trustee of trust property during the accountingperiod was at the time of the sale or purchase:
(1) In the case of a corporate trustee, anaffiliate or any officer, employee, or nominee of the trust or of an affiliate;or
(2) In the case of a noncorporate trustee, arelative, partner, employer, employee or business associate,
but none ofthe provisions of this paragraph apply to purchases and sales made by brokersfor the trustee or to stock exchanges;
(f) A statement of unpaid claims with the reason forfailure to pay them, including a statement as to whether any estate orinheritance taxes have become due with regard to the trust property, and ifdue, whether paid;
(g) A brief summary of the account; and
(h) Such other facts as the court may by rule or courtorder require.
2. Except as otherwise provided in subsection 3,within 60 days after the end of each calendar year thereafter during the lifeof the trust, the testamentary trustee then in office shall file with the samecourt an intermediate account under oath showing corresponding facts regardingthe current accounting period.
3. A corporate trustee is not required to file theintermediate accounts specified in subsections 1 and 2. A corporate trusteeshall include the information specified in subsection 1 in the final accountfor the entire time for which the trustee administered the trust.
[3:135:1941; A 1949, 586; 1955, 21](NRS A 1983,1680; 1985, 245; 1999,2381)
NRS
1. Every testamentary trustee who files anintermediate account in court shall, within 10 days after the filing, deliverto each known beneficiary a notice of the filing, and if there is to be nocourt hearing on the account, a summary of the account with an offer to deliverthe full account on demand, or if there is to be a court hearing on theaccount, a copy of the account. The delivery may be:
(a) By handing the notice and summary or full accountto the beneficiary personally, or to the beneficiarys guardian or attorney ofrecord; or
(b) By sending them by registered, certified orfirst-class mail to the beneficiary, guardian or attorney of record, at thelast known address of the addressee.
2. Any beneficiary or the trustees may petition thecourt for a hearing on any intermediate account, and the holding of such ahearing is in the discretion of the court. In the case of the thirdintermediate accounting, and every 3 years thereafter, the trustee shallpetition the court for a hearing on and approval of all unapproved accounts,and shall give each known beneficiary written notice of the petition at least10 days before the day of the hearing, in the manner prescribed for thedelivery of the copy of the account. The date of the hearing on a petition toapprove intermediate accounting must be at least 10 days after the latestaccount was filed. The notice by the trustee of the petition for a hearing onand approval of the account must inform the beneficiaries of the amount of feesto be requested by the trustee on the hearing, and the amount of other feeswhich the court will then be requested to allow.
[6:135:1941; 1931 NCL 7718.05](NRS A 1969, 95;
NRS
[4:135:1941; 1931 NCL 7718.03](NRS A
NRS
[7:135:1941; 1931 NCL 7718.06](NRS A
NRS
[5:135:1941; 1931 NCL 7718.04](NRS A
NRS
1. Except as provided in subsection 2, when anintermediate or final account is presented for consideration in court, thetestamentary trustee is not required to file vouchers with the court tosubstantiate payments made in the administration of the trust, but shall retainpossession of the vouchers and permit examination thereof by the court or anyperson interested in the estate.
2. The court on its own motion, or upon application exparte for good cause by any interested person, may order production forexamination of vouchers, cancelled checks or other documents that support anaccount.
3. If any vouchers are lost, or for other good reasoncannot be produced on settlement of an account, the payment may be proved bythe oath of one competent witness. If it is proved that vouchers for adisbursement have been lost or destroyed, that it is impossible to obtainduplicates, and that the expenses were paid in good faith and were legalcharges against the testamentary trust, the trustee must be allowed thoseexpenses.
[8:135:1941; 1931 NCL 7718.07](NRS A 1967, 871;
NRS
[9:135:1941; 1931 NCL 7718.08](NRS A
NRS
[10:135:1941; 1931 NCL 7718.09](NRS A
NRS
[11:135:1941; 1931 NCL 7718.10](NRS A
NONTESTAMENTARY TRUSTS
NRS
1. The period which the account covers;
2. In a separate schedule:
(a) Additions to trust principal during the accountingperiod with the dates and sources of acquisition;
(b) Investments collected, sold or charged off duringthe accounting period;
(c) Investments made during the accounting period, withthe date, source and cost of each;
(d) Deductions from principal during the accountingperiod, with the date and purpose of each; and
(e) The trust principal, invested or uninvested, onhand at the end of the accounting period, reflecting the approximate marketvalue thereof;
3. In a separate schedule:
(a) Trust income on hand at the beginning of theaccounting period, and in what form held;
(b) Trust income received during the accounting period,when and from what source;
(c) Trust income paid out during the accounting period,when, to whom and for what purpose; and
(d) Trust income on hand at the end of the accountingperiod and how invested;
4. A statement of any unpaid claims with the reasonfor failure to pay them; and
5. A brief summary of the account.
(Added to NRS by 1967, 360; A 1991, 821;
GENERAL PROVISIONS
NRS
[14:135:1941; 1931 NCL 7718.13](NRS A
NRS
[15:135:1941; 1931 NCL 7718.14]
NRS
[16:135:1941; 1931 NCL 7718.15]
NRS
[17:135:1941; 1931 NCL 7718.16](NRS A
NRS
[18:135:1941; 1931 NCL 7718.17](NRS A
NRS
[19:135:1941; 1931 NCL 7718.18]
NRS
1. The courts given jurisdiction over accountings bythis chapter may prescribe forms in which inventories and accounts shall bepresented.
2. An attorney for a trustee shall be entitled toreceive a reasonable compensation, to be allowed by the court, for servicesrendered to the trustee in the preparation and presentation of intermediate andfinal accounts.
[10.5:135:1941; added 1955, 21] + [20:135:1941; 1931NCL 7718.19]
NRS
[21:135:1941; 1931 NCL 7718.20]
NRS
[22:135:1941; 1931 NCL 7718.21]
NRS
[23:135:1941; 1931 NCL 7718.22]
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