NRS 669.049
“Noncustodial trust company” defined.

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.

Source: Section 669.049 — “Noncustodial trust company” defined., https://www.­leg.­state.­nv.­us/NRS/NRS-669.­html#NRS669Sec049.

Last Updated

Jun. 24, 2021

§ 669.049’s source at nv​.us