NRS 164.770
Delegation of functions by trustee

  • standard of care owed by agent
  • trustee immunity from liability
  • jurisdiction over agent.

1.

A trustee may delegate functions of investment and management that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in:

(a)

Selecting an agent;

(b)

Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and

(c)

Periodically reviewing the agent’s actions in order to verify the agent’s performance and compliance with the terms of the delegation.

2.

In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.

3.

A trustee who complies with the requirements of subsection 1 is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.

4.

By accepting the delegation of a function from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.

Source: Section 164.770 — Delegation of functions by trustee; standard of care owed by agent; trustee immunity from liability; jurisdiction over agent., https://www.­leg.­state.­nv.­us/NRS/NRS-164.­html#NRS164Sec770.

Last Updated

Jun. 24, 2021

§ 164.770’s source at nv​.us