NRS 165.148 - Personal liability of trustee for failing to provide account; exceptions.

NV Rev Stat § 165.148 (2019) (N/A)

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1. Unless the court determines that the trustee was acting in good faith, a trustee who fails to provide an account pursuant to the terms of the trust instrument, or when required pursuant to the provision of this chapter, is personally liable to each person entitled to receive an account who demanded the account in writing pursuant to this chapter or all costs reasonably incurred by each such person to enforce the terms of the trust or this chapter, including, without limitation, reasonable attorney’s fees and court costs. The trustee shall not expend trust funds to satisfy the trustee’s personal liability imposed under this subsection.

2. Notwithstanding subsection 1, if the trustee’s failure to account is based upon good cause due to the trustee’s reasonable uncertainty as to the beneficiary’s right to an account or by a provision in the trust instrument that specifically restricts or prohibits the trustee from providing an account to a beneficiary who is otherwise entitled to an account, then the trustee may, at the expense of the trust estate, bring a petition for instructions before the court to confirm:

(a) The right of the beneficiary to receive an account;

(b) The right of and sufficiency of a demand for an account by a beneficiary; or

(c) The extent of account required to satisfy the trustee’s duty to account to such beneficiary, if any, including the sufficiency of a confidential account pursuant to NRS 165.145.

(Added to NRS by 2015, 3558)

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NRS 165.149 - Limitations on duties and liability of person with power of appointment.