reglab/housing_qa huggingface dataset:
NV Rev Stat § 164.745 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.745 - Satisfaction of prudent investor standard; evaluation of decisions; consideration of circumstances; verification of facts; types of investments; special skills or expertise of trustee.

  1. A trustee shall invest and manage trust property as a prudent investor would, considering the terms, purposes, requirements for distribution, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution.  2. A trustee’s decisions concerning investment and management as applied to individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as part of an overall strategy of investment having objectives for risk and return reasonably suited to the trust.  3. Among circumstances that a trustee shall consider in investing and managing trust property are such of the following as are relevant to the trust or its beneficiaries:  (a) General economic conditions;  (b) The possible effect of inflation or deflation;  (c) The expected tax consequences of decisions or strategies;  (d) The role that each investment or course of action plays within the overall trust portfolio;  (e) The expected total return from income and the appreciation of capital;  (f) Other resources of the beneficiaries;  (g) Needs for liquidity, regularity of income, and preservation or appreciation of capital; and  (h) An asset’s special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.  4. A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust property.  5. A trustee may invest in any kind of property or type of investment consistent with the standards of NRS 164.700 to 164.775, inclusive, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property.  6. A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that he or she has special skills or expertise, has a duty to use those special skills or expertise.  (Added to NRS by 2003, 1967)
NV Rev Stat § 164.750 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.750 - Diversification of investments.

A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.  (Added to NRS by 2003, 1968)
NV Rev Stat § 164.755 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.755 - Duty to bring trust portfolio into compliance with terms and circumstances of trust and provisions of NRS within reasonable time.

Within a reasonable time after accepting a trusteeship or receiving trust property, a trustee shall review the trust property and make and carry out decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, requirements for distribution and other circumstances of the trust, and with the requirements of NRS 164.700 to 164.775, inclusive.  (Added to NRS by 2003, 1968)
NV Rev Stat § 164.760 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.760 - Incurring costs.

In investing and managing trust property, a trustee may only incur costs that are appropriate and reasonable in relation to the property, the purposes of the trust and the skills of the trustee.  (Added to NRS by 2003, 1968)
NV Rev Stat § 164.765 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.765 - Determination of compliance with prudent investor rule.

Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight.  (Added to NRS by 2003, 1968)
NV Rev Stat § 164.770 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 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.  (Added to NRS by 2003, 1968)
NV Rev Stat § 164.775 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.775 - Terms and language of trust which authorize certain investments or strategies.

The following terms or comparable language in the terms of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under NRS 164.700 to 164.775, inclusive: "investments permissible by law for investment of trust funds," "legal investments," "authorized investments," "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital," "prudent man rule," "prudent trustee rule," "prudent person rule" and "prudent investor rule."  (Added to NRS by 2003, 1968)
NV Rev Stat § 164.780 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.780 - Short title.

NRS 164.700, subsection 2 of NRS 164.720 and NRS 164.780 to 164.925, inclusive, may be cited as the Uniform Principal and Income Act (1997).  (Added to NRS by 2003, 1969)
NV Rev Stat § 164.785 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.785 - Definitions.

As used in NRS 164.780 to 164.925, inclusive:  1. "Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends.  2. "Beneficiary" includes, in the case of a decedent’s estate, an heir, legatee and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.  3. "Fiduciary" includes an executor, administrator, successor personal representative, special administrator and a person performing substantially the same function.  4. "Income" means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in NRS 164.825 to 164.895, inclusive.  5. "Income beneficiary" means a person to whom net income of a trust is or may be payable.  6. "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee’s discretion.  7. "Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.  8. "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under NRS 164.780 to 164.925, inclusive, to or from income during the period.  9. "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates.  10. "Remainder beneficiary" means a person entitled to receive principal when an income interest ends.  (Added to NRS by 2003, 1969)
NV Rev Stat § 164.790 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.790 - Allocation of receipt or disbursement to principal when terms of trust and provisions of NRS do not provide rule.

In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of NRS 164.800 to 164.820, inclusive, a fiduciary shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and NRS 164.780 to 164.925, inclusive, do not provide a rule for allocating the receipt or disbursement to or between principal and income.  (Added to NRS by 2003, 1969)
NV Rev Stat § 164.797 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.797 - Administration of unitrust: Duties of trustee; valuation of assets of trust.

After a trust is converted into a unitrust:  1. A trustee shall follow an investment policy seeking a total return for the investments held by the trust whether or not the return is derived from appreciation of capital, from earnings and distributions of capital or from a combination thereof.  2. A trustee shall make regular distributions in accordance with the trust instrument and the provisions of this section.  3. Under the terms of the trust, the term "income" means an annual distribution from the trust equal to not less than 3 percent and not more than 5 percent of the net fair market value of the trust’s assets. The value of the trust assets must be determined at the end of the calendar year by averaging, over the preceding 3 years or during the period of the trust’s existence, whichever is less, both the income and the principal assets of the trust.  (Added to NRS by 2009, 797)
NV Rev Stat § 164.798 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.798 - Administration of unitrust: Powers of trustee; manner of distributions.

  1. A trustee of a unitrust may, in the trustee’s discretion, determine:  (a) The effective date of a conversion to a unitrust;  (b) The provisions for prorating a unitrust distribution for a beneficiary whose right to payments commences or ceases during a calendar year;  (c) The frequency of unitrust distributions during a calendar year;  (d) The effect of other payments from or contributions to the trust on the trust’s value;  (e) How frequently to value nonliquid assets and whether to estimate the value of nonliquid assets;  (f) Whether to omit from the calculations of the trust property occupied or possessed by a beneficiary; and  (g) Any other matters necessary for the proper functioning of the unitrust.  2. Expenses which would be deducted from income if the trust were not a unitrust may not be deducted from the unitrust distribution. Unless otherwise provided by the trust instrument, the unitrust distribution must be paid from income. To the extent income is insufficient to pay a distribution, the distribution must be paid from realized short-term capital gains. To the extent income and realized short-term capital gains are insufficient, the distribution must be paid from realized long-term capital gains. To the extent none of these funds are sufficient, the distribution must be paid from the principal of the trust.  (Added to NRS by 2009, 797)
NV Rev Stat § 164.799 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.799 - Trustee or beneficiary authorized to petition court to take certain actions concerning unitrust.

A trustee or a beneficiary of a unitrust may petition the court to:  1. Select an income distribution percentage different from 3 to 5 percent.  2. Provide for a distribution of net income as would be determined if the trust were not a unitrust, in excess of the unitrust distribution if such distribution is necessary to preserve a tax benefit.  3. Average the value of the trust assets over a period other than 3 years.  4. Reconvert a unitrust to a trust.  (Added to NRS by 2009, 798)
NV Rev Stat § 164.805 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.805 - Distribution of net income to beneficiaries; rules for determining share of net income.

  1. Each beneficiary described in subsection 4 of NRS 164.800 is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the date of distribution. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one who does not receive part of the distribution, is entitled, as of each date of distribution, to the net income the fiduciary has received after the date of death or terminating event or earlier date of distribution but has not distributed as of the current date of distribution.  2. In determining a beneficiary’s share of net income, the following rules apply:  (a) The beneficiary is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in the undistributed principal assets immediately before the date of distribution, including assets that later may be sold to meet principal obligations.  (b) The beneficiary’s fractional interest in the undistributed principal assets must be calculated without regard to property specifically given to a beneficiary and property required to pay pecuniary amounts not in trust.  (c) The beneficiary’s fractional interest in the undistributed principal assets must be calculated on the basis of the aggregate value of those assets as of the date of distribution without reducing the value by any unpaid principal obligation.  (d) The date of distribution for purposes of this section may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed.  3. If a fiduciary does not distribute all the collected but undistributed net income to each person as of a date of distribution, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income.  4. A trustee may apply the rules in this section, to the extent that the trustee considers it appropriate, to net gain or loss realized after the date of death or terminating event or earlier date of distribution from the disposition of a principal asset if this section applies to the income from the asset.  (Added to NRS by 2003, 1972)
NV Rev Stat § 164.810 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.810 - Date on which income interest begins; date on which asset becomes subject to trust or successive income interest; date on which income interest ends.

  1. An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.  2. An asset becomes subject to a trust:  (a) On the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor’s life;  (b) On the date of a testator’s death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator’s estate; or  (c) On the date of the death of a natural person in the case of an asset that is transferred to a fiduciary by a third party because of the death of the natural person.  3. An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection 4, even if there is an intervening period of administration to wind up the preceding income interest.  4. An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.  (Added to NRS by 2003, 1973)
NV Rev Stat § 164.815 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.815 - Allocation of certain income receipts and disbursements; due dates for certain payments and distributions.

  1. A trustee shall allocate an income receipt or disbursement other than one to which subsection 1 of NRS 164.800 applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest.  2. A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement must be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins must be allocated to principal and the balance must be allocated to income.  3. An item of income or an obligation is due on the date the payor is required to make a payment. If a date for payment is not stated, there is no due date for the purposes of NRS 164.780 to 164.925, inclusive. Distributions to shareholders or other owners from an entity to which NRS 164.825 applies are deemed to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the date of declaration of the distribution. A due date is periodic for receipts or disbursements that must be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.  (Added to NRS by 2003, 1973)
NV Rev Stat § 164.820 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.820 - Payment of undistributed income upon end of mandatory income interest; prorating final payment upon end of obligation to pay fixed annuity or fixed fraction of value of trust’s assets.

  1. As used in this section, "undistributed income" means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.  2. When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, his or her share of the undistributed income that is not disposed of under the terms of the trust unless the trustee has an unqualified power to revoke more than 5 percent of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked must be added to principal.  3. When a trustee’s obligation to pay a fixed annuity or a fixed fraction of the value of the trust’s assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate or other tax requirements.  (Added to NRS by 2003, 1973)
NV Rev Stat § 164.830 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.830 - Allocation of amount received as distribution of income to income; allocation of distribution of principal to principal; purchase of interest in trust that is investment entity.

A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and a trustee shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, NRS 164.825 or 164.895 applies to a receipt from the trust.  (Added to NRS by 2003, 1974)
NV Rev Stat § 164.835 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.835 - Accounting separately for business or other activity.

  1. If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust’s general accounting records, the trustee may maintain separate accounting records for its transactions, whether or not its assets are segregated from other trust assets.  2. A trustee who accounts separately for a business or other activity may determine the extent to which its net cash receipts must be retained for working capital, the acquisition or replacement of fixed assets, and other reasonably foreseeable needs of the business or activity, and the extent to which the remaining net cash receipts are accounted for as principal or income in the trust’s general accounting records. If a trustee sells assets of the business or other activity, other than in the ordinary course of the business or activity, the trustee shall account for the net amount received as principal in the trust’s general accounting records to the extent the trustee determines that the amount received is no longer required in the conduct of the business.  3. Activities for which a trustee may maintain separate accounting records include:  (a) Retail, manufacturing, service and other traditional business activities;  (b) Farming;  (c) Raising and selling livestock and other animals;  (d) Management of rental properties;  (e) Extraction of minerals and other natural resources;  (f) Timber operations; and  (g) Activities to which NRS 164.890 applies.  (Added to NRS by 2003, 1975)
NV Rev Stat § 164.840 (2021)
2021 Nevada Revised Statutes|Chapter 164 - Administration of Trusts|NRS 164.840 - Allocation of assets, money, property and other receipts to principal.

A trustee shall allocate to principal:  1. To the extent not allocated to income under NRS 164.780 to 164.925, inclusive, assets received from a transferor during the transferor’s lifetime, a decedent’s estate, a trust with a terminating income interest, or a payor under a contract naming the trust or its trustee as beneficiary;  2. Money or other property received from the sale, exchange, liquidation or change in form of a principal asset, including realized profit, subject to NRS 164.780 to 164.925, inclusive;  3. Amounts recovered from third parties to reimburse the trust because of disbursements described in paragraph (g) of subsection 1 of NRS 164.905 or for other reasons to the extent not based on the loss of income;  4. Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;  5. Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and  6. Other receipts as provided in NRS 164.810, 164.815 and 164.820.  (Added to NRS by 2003, 1975)