LegalFix
Sign In

NRS 163.417 - Limitations on actions of creditors and courts: Trust property not subject to trustee’s personal obligations; beneficial interests may not be transferred under certain circumstances.

NV Rev Stat § 163.417 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

1. A creditor may not exercise, and a court may not order the exercise of:

(a) A power of appointment or any other power concerning a trust that is held by a beneficiary;

(b) Any power listed in NRS 163.5553 that is held by a trust protector as defined in NRS 163.5547 or any other person;

(c) A trustee’s discretion to:

(1) Distribute any discretionary interest;

(2) Distribute any mandatory interest which is past due directly to a creditor; or

(3) Take any other authorized action in a specific way; or

(d) A power to distribute a beneficial interest of a trustee solely because the beneficiary is a trustee.

2. Trust property is not subject to the personal obligations of the trustee, even if the trustee is insolvent or bankrupt.

3. A settlor may provide in the terms of the trust instrument that a beneficiary’s beneficial interest may not be transferred, voluntarily or involuntarily, before the trustee has delivered the interest to the beneficiary.

(Added to NRS by 2009, 785)

Previous Section
NRS 163.4167 - Common law.
Next Section
NRS 163.4175 - Trustee not required to consider certain factors with regard to distribution of trust assets.