Nevada § 166A.310 - Reporting and accounting by custodial trustee; determination of liability of custodial trustee

§ 166A.310. Reporting and accounting by custodial trustee; determination of liability of custodial trustee

1. Upon the acceptance of custodial trust property, the custodial trustee shall provide

a written statement describing the custodial trust property and shall thereafter provide

a written statement of the administration of the custodial trust property: (a) Once each year; (b) Upon request at reasonable times by the beneficiary or the beneficiary's legal

representative; (c) Upon resignation or removal of the custodial trustee; and (d) Upon termination of the custodial trust. The statements must be provided to the beneficiary or to the beneficiary's legal representative,

if any. Upon termination of the beneficiary's interest, the custodial trustee shall furnish

a current statement to the person to whom the custodial trust property is to be delivered. 2. A beneficiary, the beneficiary's legal representative, an adult member of the beneficiary's

family, a person interested in the custodial trust property or a person interested

in the welfare of the beneficiary may petition the court for an accounting by the

custodial trustee or the custodial trustee's legal representative. 3. A successor custodial trustee may petition the court for an accounting by a predecessor

custodial trustee. 4. In an action or proceeding under this chapter or in any other proceeding, the court

may require or permit the custodial trustee or the custodial trustee's legal representative

to account. The custodial trustee or the custodial trustee's legal representative may petition

the court for approval of final accounts. 5. If a custodial trustee is removed, the court shall require an accounting and order

delivery of the custodial trust property and records to the successor custodial trustee

and the execution of all instruments required for transfer of the custodial trust

property. 6. On petition of the custodial trustee or any person who could petition for an accounting,

the court, after notice to interested persons, may issue instructions to the custodial

trustee or review the propriety of the acts of a custodial trustee or the reasonableness

of compensation determined by the custodial trustee for the services of the custodial

trustee or others.