Senate Bill No. 55–Committee on Judiciary

 

CHAPTER..........

 

AN ACT relating to trusts; providing a nonjudicial alternative for a corporate trustee to buy or sell property, other than real property, from or to itself, an affiliate or certain other persons related to the corporate trustee or an affiliate under certain circumstances; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN

SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

 

    Section 1. NRS 163.050 is hereby amended to read as follows:

    163.050  [No]

    1.  Except as otherwise provided in subsection 2, no trustee

 may directly or indirectly buy or sell any property for the trust from

 or to itself or an affiliate, or from or to a director, officer or

 employee of the trustee or of an affiliate, or from or to a relative,

 employer, partner or other business associate of a trustee, except

 with the prior approval of the court having jurisdiction of the trust

 estate.

    2.  If authorized by the trust instrument or consented to by all

 beneficiaries of the trust, a corporate trustee may directly or

 indirectly buy or sell any property, other than real property, for

 the trust from or to itself or an affiliate, or from or to a director,

 officer or employee of the trustee or of an affiliate, or from or to a

 relative, employer, partner or other business associate of the

 trustee.

 

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