Nevada § 166A.280 - Liability to third person

§ 166A.280. Liability to third person

1. A claim based on a contract entered into by a custodial trustee acting in a fiduciary

capacity, an obligation arising from the ownership or control of custodial trust property

or a tort committed in the course of administering the custodial trust may be asserted

by a third person against the custodial trust property by proceeding against the custodial

trustee in a fiduciary capacity, whether or not the custodial trustee or the beneficiary

is personally liable. 2. A custodial trustee is not personally liable to a third person: (a) On a contract properly entered into in a fiduciary capacity unless the custodial

trustee fails to reveal that capacity or to identify the custodial trust in the contract;

or (b) For an obligation arising from control of custodial trust property or for a tort

committed in the course of the administration of the custodial trust unless the custodial

trustee is personally at fault. 3. A beneficiary is not personally liable to a third person for an obligation arising

from beneficial ownership of custodial trust property or for a tort committed in the

course of administration of the custodial trust unless the beneficiary is personally

in possession of the custodial trust property giving rise to the liability or is personally

at fault. 4. Subsections 2 and 3 do not preclude actions or proceedings to establish liability

of the custodial trustee or beneficiary to the extent the person sued is protected

as the insured by liability insurance.