Nevada § 166.015 - Applicability of chapter; requirement of trustee if settlor is beneficiary of trust

§ 166.015. Applicability of chapter; requirement of trustee if settlor is beneficiary of trust

1. Unless the writing declares to the contrary, expressly, this chapter governs the

construction, operation and enforcement, in this State, of all spendthrift trusts

created in or outside this State if: (a) All or part of the land, rents, issues or profits affected are in this State; (b) All or part of the personal property, interest of money, dividends upon stock

and other produce thereof, affected, are in this State; (c) The declared domicile of the creator of a spendthrift trust affecting personal

property is in this State; or (d) At least one trustee qualified under subsection 2 has powers that include maintaining

records and preparing income tax returns for the trust, and all or part of the administration

of the trust is performed in this State. 2. If the settlor is a beneficiary of the trust, at least one trustee of a spendthrift

trust must be: (a) A natural person who resides and has his or her domicile in this State; (b) A trust company that: (1) Is organized under federal law or under the laws of this State or another state;

and (2) Maintains an office in this State for the transaction of business; or (c) A bank that: (1) Is organized under federal law or under the laws of this State or another state; (2) Maintains an office in this State for the transaction of business; and (3) Possesses and exercises trust powers. 3. As used in this section, “trust company” does not include a foreign independent

trust company authorized to engage only in the solicitation of trust company business

in this State pursuant to NRS 669.205 .