Nevada § 164.770 - Delegation of functions by trustee; standard of care owed by agent; trustee immunity from liability; jurisdiction over agent

§ 164.770. Delegation of functions by trustee; standard of care owed by agent; trustee immunity from liability; jurisdiction over agent

1. A trustee may delegate functions of investment and management that a prudent trustee

of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in: (a) Selecting an agent; (b) Establishing the scope and terms of the delegation, consistent with the purposes

and terms of the trust; and (c) Periodically reviewing the agent's actions in order to verify the agent's performance

and compliance with the terms of the delegation. 2. In performing a delegated function, an agent owes a duty to the trust to exercise

reasonable care to comply with the terms of the delegation. 3. A trustee who complies with the requirements of subsection 1 is not liable to the

beneficiaries or to the trust for the decisions or actions of the agent to whom the

function was delegated. 4. By accepting the delegation of a function from the trustee of a trust that is subject

to the law of this state, an agent submits to the jurisdiction of the courts of this

state.