reglab/housing_qa huggingface dataset:
NV Rev Stat § 88A.320 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.320 - Ownership of beneficial interest in trust: Participation in profits and losses; creditor of beneficial owner; personal property; evidence of interest; transferability; distributions.

  1. Except as otherwise provided in the governing instrument, a beneficial owner participates in the profits and losses of a business trust in the proportion of his or her beneficial interest to the entire beneficial interest. A governing instrument may provide that the business trust, or the trustees on its behalf, hold beneficial ownership of income earned on securities owned by the business trust.  2. A creditor of a beneficial owner has no right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, property of the business trust.  3. A beneficial interest in a business trust is personal property regardless of the nature of the property of the business trust. Except as otherwise provided in the certificate of trust or the governing instrument, a beneficial owner has no interest in specific property of the business trust.  4. A beneficial interest in a business trust may be evidenced by the issuance of certificates of ownership or by other means set forth in the certificate of trust or the governing instrument.  5. Except as otherwise provided in the certificate of trust or the governing instrument, a beneficial interest in a business trust is freely transferable.  6. Except as otherwise provided in the certificate of trust or the governing instrument, if a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of the business trust with respect to the distribution. The governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a business trust.  7. The fact of ownership of a beneficial interest in a business trust is determined, and the means of evidencing it are set forth, by the applicable provisions of the certificate of trust or the governing instrument.  (Added to NRS by 1999, 1564)
NV Rev Stat § 88A.330 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.330 - Beneficial owners: Contributions to trust; obligations; penalties.

  1. A contribution of a beneficial owner to a business trust may be any tangible or intangible property or benefit to the business trust, including cash, a promissory note, services performed, a contract for services to be performed, or a security of the business trust. A person may become a beneficial owner of a business trust and may receive a beneficial interest in a business trust without making, or being obligated to make, a contribution to the business trust.  2. Except as otherwise provided in the certificate of trust or the governing instrument, a beneficial owner is obligated to the business trust to perform a promise to make a contribution even if the beneficial owner is unable to perform because of death, disability or any other reason. If a beneficial owner does not make a promised contribution of property or services, the beneficial owner is obligated at the option of the business trust to contribute cash equal to that portion of the agreed value, as stated in the records of the business trust, of the contribution which has not been made. The foregoing option is in addition to any other rights, including specific performance, that the business trust may have against the beneficial owner under the governing instrument or applicable law.  3. A certificate of trust or governing instrument may provide that the interest of a beneficial owner who fails to make a contribution that the beneficial owner is obligated to make is subject to specific penalties for, or specified consequences of, such failure. The penalty or consequence may take the form of reducing or eliminating the defaulting beneficial owner’s proportionate interest in the business trust, subordinating that beneficial interest to those of nondefaulting owners, a forced sale of the beneficial interest, forfeiture of the beneficial interest, the lending by other beneficial owners of the amount necessary to meet the defaulter’s commitment, a fixing of the value of the beneficial interest by appraisal or formula and redemption or sale of the beneficial interest at that value, or any other form.  (Added to NRS by 1999, 1571)
NV Rev Stat § 88A.340 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.340 - Maintenance of records at principal office in State or with custodian of records.

  1. A business trust shall keep a copy of the following records at its principal office in this State or with its custodian of records whose name and street address are available at the registered office of the business trust:  (a) A copy certified by the Secretary of State of its certificate of trust and all amendments thereto or restatements thereof;  (b) A copy certified by one of its trustees of its governing instrument and all amendments thereto; and  (c) A ledger or duplicate ledger, revised annually, containing the names, alphabetically arranged, of all its beneficial owners, showing their places of residence if known.  2. A business trust shall maintain the records required by subsection 1 in written form or in another form capable of conversion into written form within a reasonable time.  (Added to NRS by 1999, 1566; A 2015, 1317)
NV Rev Stat § 88A.345 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.345 - Information concerning records; requirement to assist in criminal investigation; failure to comply; regulations.

  1. Upon the request of the Secretary of State, a business trust shall:  (a) Provide the Secretary of State with the name and contact information of the custodian of the ledger, duplicate ledger or statement described in subsection 1 of NRS 88A.340. The information required pursuant to this paragraph shall be kept confidential by the Secretary of State.  (b) Provide written notice to the Secretary of State within 10 days after any change in the information contained in the ledger, duplicate ledger or statement described in subsection 1 of NRS 88A.340.  2. Upon the request of any law enforcement agency in the course of a criminal investigation, the Secretary of State may require a business trust to:  (a) Submit to the Secretary of State, within 3 business days, a copy of the ledger, duplicate ledger or statement required to be maintained pursuant to subsection 1 of NRS 88A.340; or  (b) Answer any interrogatory submitted by the Secretary of State that will assist in the criminal investigation.  3. If a business trust fails to comply with any requirement pursuant to subsection 2, the Secretary of State may take any action necessary, including, without limitation, the suspension or revocation of the certificate of trust.  4. The Secretary of State shall not reinstate or revive a certificate of trust that was revoked or suspended pursuant to subsection 3 unless:  (a) The business trust complies with the requirements of subsection 2; or  (b) The law enforcement agency conducting the investigation advises the Secretary of State to reinstate or revive the business trust.  5. The Secretary of State may adopt regulations to administer the provisions of this section.  (Added to NRS by 2007, 1332; A 2009, 2854)
NV Rev Stat § 88A.350 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.350 - Right of beneficial owners to inspect and copy ledger; denial of inspection.

  1. A person who has been a beneficial owner of record of a business trust for at least 6 months immediately preceding the person’s demand, or a person holding, or authorized in writing by the holders of, at least 5 percent of its beneficial ownership, is entitled, upon at least 5 days’ written demand, to inspect in person or by agent or attorney, during usual business hours, the ledger or duplicate ledger, whether kept in the registered office of the business trust or elsewhere, and to make copies therefrom.  2. An inspection authorized by subsection 1 may be denied to a beneficial owner or other person upon the refusal of the beneficial owner or other person to furnish to the business trust an affidavit that the inspection is not desired for a purpose which is in the interest of a business or object other than the business of the business trust and that the beneficial owner or other person has not at any time sold or offered for sale any list of beneficial owners of a domestic or foreign business trust, stockholders of a domestic or foreign corporation or members of a domestic or foreign limited-liability company, or aided or abetted any person in procuring such a list for such a purpose.  (Added to NRS by 1999, 1567)
NV Rev Stat § 88A.360 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.360 - Duties and liabilities of trustee.

  1. Except as otherwise provided in the governing instrument but subject to the provisions of subsection 3, a trustee shall act in good faith and in a manner the trustee reasonably believes to be in the best interest of the business trust.  2. If there is at least one trustee of a series trust that, in discharging its duties, is obligated to consider the interests of the trust and all series thereof, the governing instrument may provide that one or more other trustees, in discharging their duties, may consider only the interest of the trust or one or more series thereof.  3. The governing instrument may expand, restrict or eliminate the duties of the trustee of a business trust, except that a governing instrument may not eliminate the implied contractual covenant of good faith and fair dealing.  4. If the trustee acts pursuant to a governing instrument, the trustee is not liable to the business trust or to a beneficial owner for the trustee’s reliance in good faith on the provisions of the governing instrument.  (Added to NRS by 1999, 1571; A 2011, 2810)
NV Rev Stat § 88A.370 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.370 - Duties and liabilities of officer, employee, manager or other person acting pursuant to certificate of trust or governing instrument.

To the extent that, at law or in equity, an officer, employee, manager or other person acting pursuant to the certificate of trust or a governing instrument has duties, fiduciary or otherwise, and liabilities relating thereto to a business trust, beneficial owner or trustee:  1. If such a person acts pursuant to a governing instrument, the person is not liable to the business trust, a beneficial owner or a trustee for the person’s reliance in good faith on the provisions of the governing instrument; and  2. The duties and liabilities of such a person may be expanded or restricted by provisions in the governing instrument.  (Added to NRS by 1999, 1571)
NV Rev Stat § 88A.380 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.380 - Enforceability of debts, liabilities, obligations and expenses against assets of series of trustees, beneficial owners or beneficial interests.

The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series of trustees, beneficial owners or beneficial interests are enforceable against the assets of only that series only if:  1. The governing instrument of the business trust creates one or more series of trustees, beneficial owners or beneficial interests;  2. Separate records are maintained for the series;  3. The assets associated with the series are held and accounted for separately from the other assets of the business trust or any other series of the business trust and the governing instrument requires separate holding and accounting; and  4. Notice of the limitation on liability of the series is set forth in the certificate of trust, or an amendment thereto, filed with the Secretary of State before the series is established.  (Added to NRS by 1999, 1571)
NV Rev Stat § 88A.390 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.390 - Liability of beneficial owner, trustee, officer, agent, manager or employee for debts or liabilities of trust.

  1. Unless otherwise provided in the certificate of trust, the governing instrument or an agreement signed by the person to be charged, a beneficial owner, trustee, officer, agent, manager or employee of a business trust formed pursuant to the laws of this State is not personally liable for the debts or liabilities of the business trust.  2. Except as otherwise provided in the certificate of trust or the governing instrument, a trustee acting in that capacity is not personally liable to any person other than the business trust or a beneficial owner for any act or omission of the business trust or a trustee thereof.  3. Except as otherwise provided in the certificate of trust or the governing instrument, an officer, employee, agent or manager of a business trust or another person who manages the business and affairs of a business trust, acting in that capacity, is not personally liable to any person other than the business trust or a beneficial owner for any act or omission of the business trust or a trustee thereof.  4. Except as otherwise provided in the certificate of trust or the governing instrument, a trustee, officer, employee, agent or manager of a business trust or another person who manages the business and affairs of a business trust is not personally liable to the business trust or a beneficial owner for damages for breach of fiduciary duty in such capacity except for acts or omissions that involve intentional misconduct, fraud or a knowing violation of law.  (Added to NRS by 1999, 1572)
NV Rev Stat § 88A.400 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.400 - Indemnification of trustee, beneficial owner or other person.

  1. Subject to the standards and restrictions, if any, set forth in the certificate of trust or the governing instrument, a business trust may indemnify and hold harmless a trustee, beneficial owner or other person from and against all claims and demands.  2. The absence of a provision for indemnity in the certificate of trust or governing instrument does not deprive a trustee or beneficial owner of any right to indemnity which is otherwise available to the trustee or beneficial owner pursuant to the laws of this State.  (Added to NRS by 1999, 1572)
NV Rev Stat § 88A.410 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.410 - Derivative actions: Authority of beneficial owner to bring action; qualifications of plaintiff; pleading; expenses.

  1. A beneficial owner may maintain an action in the right of a business trust to recover a judgment in its favor if trustees having authority to do so have refused to bring the action or if an effort to cause those trustees to bring the action is unlikely to succeed.  2. In a derivative action, the plaintiff must be a beneficial owner at the time of bringing the action and:  (a) The plaintiff must have been a beneficial owner at the time of the transaction of which the plaintiff complains; or  (b) The plaintiff’s status as a beneficial owner must have devolved upon the plaintiff by operation of law or pursuant to a provision of the certificate of trust or the governing instrument from a person who was a beneficial owner at the time of the transaction.  3. In a derivative action, the complaint must state with particularity the effort, if any, of the plaintiff to cause the trustees to bring the act, or the reasons for not making the effort.  4. If a derivative action is successful, in whole or in part, or if anything is received by the business trust through judgment or settlement of the action, the court may award the plaintiff reasonable expenses, including attorney’s fees. If the plaintiff receives any proceeds of judgment or settlement, the court shall make the award of the plaintiff’s expenses payable from those proceeds and remit the remainder to the business trust. If the proceeds received by the plaintiff are less than the expenses awarded, the court may direct all or part of the remainder of the award to be paid by the business trust.  5. A beneficial owner’s right to bring a derivative action may be subject to additional standards and restrictions set forth in the governing instrument, including, without limitation, a requirement that beneficial owners of a specified beneficial interest join in the action.  (Added to NRS by 1999, 1573)
NV Rev Stat § 88A.420 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.420 - Cancellation of certificate of trust upon termination of trust.

  1. A certificate of trust must be cancelled upon the completion or winding up of the business trust and its termination. A certificate of cancellation must be signed by a trustee, filed with the Secretary of State, and set forth:  (a) The name of the business trust;  (b) The effective date and time of the cancellation if other than the time of the filing of the certificate, which date must not be more than 90 days after the date on which the certificate is filed; and  (c) Any other information the trustee determines to include.  2. If a certificate filed pursuant to subsection 1 specifies a later effective date but does not specify an effective time, the cancellation of the certificate of trust is effective at 12:01 a.m. in the Pacific time zone on the specified later date.  (Added to NRS by 1999, 1573; A 2003, 20th Special Session, 105; 2005, 2200; 2011, 2810)
NV Rev Stat § 88A.500 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.500 - Requirement; address; penalty for noncompliance.

  1. A business trust shall have a registered agent who resides or is located in this State. A registered agent shall have a street address for the service of process and may have a mailing address such as a post office box, which may be different from the street address.  2. A business trust formed pursuant to this chapter that fails or refuses to comply with the requirements of this section is subject to a fine of not less than $100 nor more than $500, to be recovered with costs by the State, before any court of competent jurisdiction, by action at law prosecuted by the Attorney General or by the district attorney of the county in which the action or proceeding to recover the fine is prosecuted.  (Added to NRS by 1999, 1565; A 2007, 2695)
NV Rev Stat § 88A.520 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.520 - Powers; service of process, demand or notice.

  1. If the registered agent is a bank or an artificial person formed or organized pursuant to this title, it may:  (a) Act as the fiscal or transfer agent of a state, municipality, body politic or business trust, and in that capacity may receive and disburse money.  (b) Transfer, register and countersign certificates evidencing a beneficial owner’s interest in a business trust, bonds or other evidences of indebtedness and act as agent of any business trust, foreign or domestic, for any purpose required by statute or otherwise.  2. All legal process and any demand or notice authorized by law to be served upon a business trust may be served upon its registered agent in the manner provided in subsection 2 of NRS 14.020. If a demand, notice or legal process, other than a summons and complaint, cannot be served upon the registered agent, it may be served in the manner provided in NRS 14.030. These manners of service are in addition to any other service authorized by law.  (Added to NRS by 1999, 1565; A 2007, 2696)
NV Rev Stat § 88A.530 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.530 - Resignation of registered agent or termination of registration of commercial registered agent.

  1. If its registered agent resigns pursuant to NRS 77.370 or if its commercial registered agent terminates its registration as a commercial registered agent pursuant to NRS 77.330, a business trust, before the effective date of the resignation or termination, shall file with the Secretary of State a statement of change of registered agent pursuant to NRS 77.340.  2. A business trust that fails to comply with subsection 1 shall be deemed in default and is subject to the provisions of NRS 88A.630 to 88A.665, inclusive.  3. As used in this section, "commercial registered agent" has the meaning ascribed to it in NRS 77.040.  (Added to NRS by 1999, 1566; A 2003, 3157; 2003, 20th Special Session, 105; 2007, 2696; 2013, 890)
NV Rev Stat § 88A.610 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.610 - Certificate of authorization to transact business.

When the fee for filing the annual list has been paid, the cancelled check or other proof of payment received by the business trust constitutes a certificate authorizing it to transact its business within this State until the last day of the month in which the anniversary of the filing of its certificate of trust occurs in the next succeeding calendar year.  (Added to NRS by 1999, 1567; A 2003, 20th Special Session, 107)
NV Rev Stat § 88A.620 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.620 - Addresses of trustees required; failure to file.

  1. Each list required to be filed pursuant to the provisions of NRS 88A.600 to 88A.665, inclusive, must, after the name of each trustee listed thereon, set forth the trustee’s address, either residence or business.  2. If the addresses are not stated on a list offered for filing, the Secretary of State may refuse to file the list, and the business trust for which the list has been offered for filing is subject to all the provisions of NRS 88A.600 to 88A.665, inclusive, relating to failure to file the list when or at the times therein specified, unless a list is subsequently submitted for filing which conforms to the provisions of those sections.  (Added to NRS by 1999, 1568; A 2003, 3157; 2003, 20th Special Session, 107)
NV Rev Stat § 88A.630 (2021)
2021 Nevada Revised Statutes|Chapter 88A - Business Trusts|NRS 88A.630 - Defaulting trusts: Identification; penalty.

  1. Each business trust required to file the list and pay the fee prescribed in NRS 88A.600 to 88A.665, inclusive, which refuses or neglects to do so within the time provided shall be deemed in default.  2. For default, there must be added to the amount of the fee a penalty of $75. The fee and penalty must be collected as provided in this chapter.  (Added to NRS by 1999, 1568; A 2001, 3189; 2003, 20th Special Session, 107)