Nevada § 166A.290 - Declination, resignation, incapacity, death or removal of custodial trustee; designation of successor custodial trustee

§ 166A.290. Declination, resignation, incapacity, death or removal of custodial trustee; designation of successor custodial trustee

1. Before accepting the custodial trust property, a person designated as custodial

trustee may decline to serve by notifying the person who made the designation, the

transferor or the transferor's legal representative. If an event giving rise to a transfer has not occurred, the substitute custodial

trustee designated under NRS 166A.190 becomes the custodial trustee or, if a substitute custodial trustee has not been

designated, the person who made the designation may designate a substitute custodial

trustee pursuant to NRS 166A.190 . In other cases, the transferor or the transferor's legal representative may designate

a substitute custodial trustee. 2. A custodial trustee who has accepted the custodial trust property may resign by: (a) Delivering written notice to a successor custodial trustee, if any, the beneficiary

and, if the beneficiary is incapacitated, to the beneficiary's conservator, if any;

and (b) Transferring or registering, or recording an appropriate instrument relating to,

the custodial trust property, in the name of, and delivering the records to, the successor

custodial trustee identified under subsection 3. 3. If a custodial trustee or successor custodial trustee is ineligible, resigns, dies

or becomes incapacitated, the successor designated under subsection 7 of NRS 166A.180 or 166A.190 becomes custodial trustee. If there is no effective provision for a successor, the beneficiary, if not incapacitated,

may designate a successor custodial trustee. If the beneficiary is incapacitated, or fails to act within 90 days after the ineligibility,

resignation, death or incapacity of the custodial trustee, the beneficiary's conservator

becomes successor custodial trustee. If the beneficiary does not have a conservator or the conservator fails to act,

the resigning custodial trustee may designate a successor custodial trustee. 4. If a successor custodial trustee is not designated pursuant to subsection 3, the

transferor, the legal representative of the transferor or of the custodial trustee,

an adult member of the beneficiary's family, the guardian of the beneficiary, a person

interested in the custodial trust property or a person interested in the welfare of

the beneficiary may petition the court to designate a successor custodial trustee. 5. A custodial trustee who declines to serve or resigns, or the legal representative

of a deceased or incapacitated custodial trustee, as soon as practicable, shall put

the custodial trust property and records in the possession and control of the successor

custodial trustee. The successor custodial trustee may enforce the obligation to deliver custodial

trust property and records and becomes responsible for each item as received. 6. A beneficiary, the beneficiary's conservator, an adult member of the beneficiary's

family, a guardian of the person of the beneficiary, a person interested in the custodial

trust property or a person interested in the welfare of the beneficiary may petition

the court to remove the custodial trustee for cause and designate a successor custodial

trustee, to require the custodial trustee to furnish a bond or other security for

the faithful performance of fiduciary duties or for other appropriate relief.