NRS 88A.390
Liability of beneficial owner, trustee, officer, agent, manager or employee for debts or liabilities of trust.

1.

Unless otherwise provided in the certificate of trust, the governing instrument or an agreement signed by the person to be charged, a beneficial owner, trustee, officer, agent, manager or employee of a business trust formed pursuant to the laws of this State is not personally liable for the debts or liabilities of the business trust.

2.

Except as otherwise provided in the certificate of trust or the governing instrument, a trustee acting in that capacity is not personally liable to any person other than the business trust or a beneficial owner for any act or omission of the business trust or a trustee thereof.

3.

Except as otherwise provided in the certificate of trust or the governing instrument, an officer, employee, agent or manager of a business trust or another person who manages the business and affairs of a business trust, acting in that capacity, is not personally liable to any person other than the business trust or a beneficial owner for any act or omission of the business trust or a trustee thereof.

4.

Except as otherwise provided in the certificate of trust or the governing instrument, a trustee, officer, employee, agent or manager of a business trust or another person who manages the business and affairs of a business trust is not personally liable to the business trust or a beneficial owner for damages for breach of fiduciary duty in such capacity except for acts or omissions that involve intentional misconduct, fraud or a knowing violation of law.

Source: Section 88A.390 — Liability of beneficial owner, trustee, officer, agent, manager or employee for debts or liabilities of trust., https://www.­leg.­state.­nv.­us/NRS/NRS-88A.­html#NRS88ASec390.

88A.010
Definitions. 88A.020
“Beneficial owner” defined. 88A.030
“Business trust” defined. 88A.040
“Foreign business trust” defined. 88A.050
“Governing instrument” defined. 88A.057
“Registered agent” defined. 88A.060
“Registered office” defined. 88A.110
“Trustee” defined. 88A.150
Applicability of chapter to foreign and interstate commerce. 88A.160
Applicability of laws pertaining to trusts 88A.170
Provisions of chapter may be altered or repealed. 88A.200
Purpose 88A.210
Filing requirements 88A.215
Penalty for purporting to do business as business trust without filing certificate of trust 88A.220
Amendment and restatement of certificate of trust. 88A.230
Name of trust: Distinguishable name required 88A.240
Name of trust: Reservation 88A.250
Certificate of amendment, restatement or cancellation and articles of merger: Filing and effectiveness of certificates and articles. 88A.260
Perpetual existence of trust 88A.270
Governing instrument: Optional provisions. 88A.280
Governing instrument: Optional provisions relating to management of trust and rights, duties and obligations of trustees, beneficial owners and other persons. 88A.300
General powers. 88A.310
Management of business and affairs by trustees 88A.320
Ownership of beneficial interest in trust: Participation in profits and losses 88A.330
Beneficial owners: Contributions to trust 88A.340
Maintenance of records at principal office in State or with custodian of records. 88A.345
Information concerning records 88A.350
Right of beneficial owners to inspect and copy ledger 88A.360
Duties and liabilities of trustee. 88A.370
Duties and liabilities of officer, employee, manager or other person acting pursuant to certificate of trust or governing instrument. 88A.380
Enforceability of debts, liabilities, obligations and expenses against assets of series of trustees, beneficial owners or beneficial interests. 88A.390
Liability of beneficial owner, trustee, officer, agent, manager or employee for debts or liabilities of trust. 88A.400
Indemnification of trustee, beneficial owner or other person. 88A.410
Derivative actions: Authority of beneficial owner to bring action 88A.420
Cancellation of certificate of trust upon termination of trust. 88A.500
Requirement 88A.520
Powers 88A.530
Resignation of registered agent or termination of registration of commercial registered agent. 88A.600
Filing requirements 88A.610
Certificate of authorization to transact business. 88A.620
Addresses of trustees required 88A.630
Defaulting trusts: Identification 88A.640
Defaulting trusts: Duties of Secretary of State 88A.650
Defaulting trusts: Conditions and procedure for reinstatement. 88A.660
Defaulting trusts: Reinstatement or revival under old or new name. 88A.665
Cancellation of revoked certificate of trust without additional fees and penalties 88A.700
Laws governing organization, internal affairs and liability of beneficial owners, trustees, officers, employees and managers. 88A.710
Filing requirements 88A.720
Issuance of certificate of registration by Secretary of State. 88A.730
Registration of name. 88A.732
Annual list: Filing requirements 88A.733
Certificate of authorization to transact business. 88A.734
Addresses of trustees required 88A.735
Defaulting trusts: Identification 88A.736
Defaulting trusts: Duties of Secretary of State. 88A.737
Defaulting trusts: Conditions and procedure for reinstatement. 88A.738
Defaulting trusts: Reinstatement or revival under old or new name 88A.739
Cancellation of revoked registration without additional fees and penalties 88A.740
Cancellation of registration. 88A.745
Renewal or revival of right to transact business: Procedure 88A.750
Penalty for transacting business without registration 88A.890
Form required for filing of records. 88A.900
Fees. 88A.910
Manner in which record may be filed. 88A.920
Procedure to submit replacement page to Secretary of State before actual filing of record. 88A.930
Correction of inaccurate or defective record filed with Secretary of State 88A.935
Manner of storage of records 88A.940
Secretary of State authorized to adopt certain regulations to allow business trust to carry out powers and duties through most recent technology. 88A.950
Renewal or revival of certificate: Procedure 88A.7345
List or statement to be maintained at principal place of business or with custodian of records
Last Updated

Feb. 5, 2021

§ 88A.390’s source at nv​.us