reglab/housing_qa huggingface dataset:
NV Rev Stat § 163.140 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.140 - Commission of tort by trustee or predecessor: Prerequisites to suit and collection from trust property; plaintiff not required to prove certain matters; entry of judgment; notice; intervention; personal liability of trustee; nonalteration of certain existing law.

  1. If a trustee or the trustee’s predecessor has committed a tort in the course of his or her administration of the trust, the trustee in the capacity of representative may be sued and collection had from the trust property, if the court determines in the action that:  (a) The tort was a common incident of the kind of business activity in which the trustee or the predecessor was properly engaged for the trust;  (b) That, although the tort was not a common incident of such activity, neither the trustee nor the predecessor, nor any officer or employee of the trustee or the predecessor, was guilty of personal fault in incurring the liability; or  (c) That, although the tort did not fall within paragraph (a) or (b), it increased the value of the trust property.  If the tort is within paragraph (a) or (b), collection may be had of the full amount of damage proved, and if the tort is within paragraph (c) above, collection may be had only to the extent of the increase in the value of the trust property.  2. In an action against the trustee in the capacity of representative under this section, the plaintiff need not prove that the trustee could have secured reimbursement from the trust fund if the trustee had paid the plaintiff’s claim.  3. A judgment may not be entered in favor of the plaintiff in the action unless the plaintiff proves that, within 30 days after filing the action, or within 30 days after the filing of a report of an early case conference if one is required, whichever is longer, or within such other period as the court may fix, and more than 30 days before obtaining the judgment, the plaintiff notified each of the beneficiaries known to the trustee who then had a present interest of the existence and nature of the action. The notice must be given by mailing copies to the beneficiaries at their last known addresses. The trustee shall furnish the plaintiff a list of the beneficiaries and their addresses, within 10 days after written demand therefor, and notification of the persons on the list constitutes compliance with the duty placed on the plaintiff by this section. Any beneficiary may intervene in the action and contest the right of the plaintiff to recover.  4. Subject to the rights of exoneration or reimbursement provided in NRS 163.130, the trustee may also be held personally liable for any tort committed by the trustee, or by the trustee’s agents or employees in the course of their employments only if the trustee, agent or employee is personally at fault.  5. This section does not change the existing law with regard to the liability of trustees of charitable trusts for torts of themselves or their employees.  [13:136:1941; 1931 NCL § 7718.42] — (NRS A 1999, 2369)
NV Rev Stat § 163.145 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.145 - Using power to appoint or distribute income to discharge own legal obligation prohibited.

Except as otherwise specifically provided in the trust instrument, a person who holds a power to appoint or distribute income or principal to or for the benefit of others, individually or as trustee, may not use the power to discharge his or her legal obligations.  (Added to NRS by 1999, 2365)
NV Rev Stat § 163.150 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.150 - Withdrawal from mingled money of multiple trusts.

Where a person who is a trustee of two or more trusts has mingled the money of two or more trusts in the same aggregate of cash, or in the same bank, credit union or brokerage account or other investment, and a withdrawal is made therefrom by the trustee for his or her own benefit, or for the benefit of a third person not a beneficiary or creditor of one or more of the trusts, or for an unknown purpose, the withdrawal must be charged first to the amount of cash, credit or other property of the trustee in the mingled fund, if any, and after the exhaustion of the trustee’s cash, credit or other property, then to the trusts in proportion to their interests in the cash, credit or other property at the time of the withdrawal.  [14:136:1941; 1931 NCL § 7718.43] — (NRS A 1999, 1459)
NV Rev Stat § 163.160 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.160 - Power of settlor; liability of trustee for breach of trust.

  1. The settlor of a trust affected by NRS 163.010 to 163.200, inclusive, may, by provision in the instrument creating the trust if the trust was created by a writing, or by oral statement to the trustee at the time of the creation of the trust if the trust was created orally, or by an amendment of the trust if the settlor reserved the power to amend the trust, relieve his or her trustee from any or all of the duties, restrictions and liabilities which would otherwise be imposed upon the trustee by NRS 163.010 to 163.200, inclusive, or alter or deny to his or her trustee any or all of the privileges and powers conferred upon the trustee by NRS 163.010 to 163.200, inclusive, or add duties, restrictions, liabilities, privileges or powers to those imposed or granted by NRS 163.010 to 163.200, inclusive, but no act of the settlor relieves a trustee from the duties, restrictions and liabilities imposed upon the trustee by NRS 163.030, 163.040 and 163.050.  2. Except as otherwise provided in subsections 1 and 3, a trustee may be relieved of liability for breach of trust by provisions of the trust instrument.  3. A provision of the trust instrument is not effective to relieve a trustee of liability:  (a) For breach of trust committed intentionally, with gross negligence, in bad faith, or with reckless indifference to the interest of a beneficiary; or  (b) For any profit that the trustee derives from a breach of trust.  [15:136:1941; 1931 NCL § 7718.44] — (NRS A 1999, 2370; 2019, 1864)
NV Rev Stat § 163.170 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.170 - Power of beneficiary.

A beneficiary of a trust affected by NRS 163.010 to 163.200, inclusive, may, if of full legal capacity and acting upon full information, by written instrument delivered to the trustee, relieve the trustee as to that beneficiary from any or all of the duties, restrictions and liabilities which would otherwise be imposed on the trustee by NRS 163.010 to 163.200, inclusive, except as to the duties, restrictions and liabilities imposed by NRS 163.030, 163.040 and 163.050. The beneficiary may release the trustee from liability to him or her for past violations of any of the provisions of NRS 163.010 to 163.200, inclusive.  [16:136:1941; 1931 NCL § 7718.45] — (NRS A 1999, 2370; 2019, 1864)
NV Rev Stat § 163.180 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.180 - Power of court.

A court may, for cause shown and upon notice to the beneficiaries, relieve a trustee from any or all of the duties and restrictions which would otherwise be placed upon the trustee by NRS 163.010 to 163.200, inclusive, or wholly or partly excuse a trustee who has acted honestly and reasonably from liability for violation of the provisions of NRS 163.010 to 163.200, inclusive.  [17:136:1941; 1931 NCL § 7718.46] — (NRS A 1967, 763; 1999, 2371; 2019, 1865)
NV Rev Stat § 163.185 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.185 - Power of court to order termination and distribution of trust before time provided in trust instrument.

Upon such terms and conditions as are just and proper, the court may order termination and distribution of a trust before the time provided in the trust instrument, if administration or continued administration of the trust is no longer feasible or economical. A petition for such an order may be filed by an interested person under NRS 164.010 and 164.015.  (Added to NRS by 1999, 2366)
NV Rev Stat § 163.187 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.187 - Termination of trust when value of trust property insufficient to justify cost of administration.

  1. After notice to the beneficiaries, the trustee of a trust that consists of trust property having a total value of less than $100,000 or that is uneconomical to administer may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. This subsection does not apply to an interested trustee.  2. The court may modify or terminate a trust, in accordance with NRS 163.185, or remove the trustee and appoint a different trustee if the court determines that the value of the trust property is insufficient to justify the cost of administration.  3. On termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.  4. This section does not apply to a trust whose trust property includes an easement for conservation.  5. As used in this section:  (a) "Easement for conservation" has the meaning ascribed to it in NRS 111.410.  (b) "Interested trustee" means:  (1) An individual trustee to whom the net income or principal of the trust can currently be distributed or would be distributed if the trust were then to terminate and be distributed.  (2) Any trustee who may be removed and replaced by an interested distributee.  (3) An individual trustee whose legal obligation to support a beneficiary may be satisfied by distributions of income and principal of the trust.  (Added to NRS by 2015, 3541)
NV Rev Stat § 163.190 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.190 - Penalty for violation of certain provisions of chapter.

If a trustee violates any of the provisions of NRS 163.010 to 163.200, inclusive, the trustee may be removed and denied compensation in whole or in part, and any beneficiary, cotrustee or successor trustee may treat the violation as a breach of trust.  [18:136:1941; 1931 NCL § 7718.47] — (NRS A 1967, 763; 1999, 2371; 2019, 1865)
NV Rev Stat § 163.200 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.200 - Uniformity of interpretation.

NRS 163.010 to 163.200, inclusive, must be so interpreted and construed as to effectuate their general purpose to make uniform the law of those states which enact them.  [19:136:1941; 1931 NCL § 7718.48] — (NRS A 1967, 763; 1999, 2371; 2019, 1865)
NV Rev Stat § 163.220 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.220 - Short title.

This section and NRS 163.230 and 163.250 may be cited as the Uniform Testamentary Additions to Trusts Act.  (Added to NRS by 1967, 762)
NV Rev Stat § 163.230 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.230 - Testamentary addition to trust.

  1. A devise, the validity of which is determinable by the law of this state, may be made by a will to a trustee or trustees of a trust established or created by the testator, or by the testator and some other person or persons, or by some other person or persons, including a funded or unfunded life insurance trust, although the settlor has reserved any or all rights of ownership of the insurance contracts, if the trust is identified in the testator’s will and the terms are set forth in a written instrument other than a will, executed before or concurrently with the execution of the testator’s will, or in the valid last will of a person who has predeceased the testator, regardless of the existence, size or character of the corpus of the trust.  2. The devise is not invalid because the trust is amendable or revocable, or both, or because the trust was amended after the execution of the will or after the death of the testator.  3. Unless the testator’s will provides otherwise, the property so devised:  (a) Shall not be deemed to be held under a testamentary trust of the testator but is a part of the trust to which it is given; and  (b) Must be administered and disposed of in accordance with the provisions of the instrument or will setting forth the terms of the trust, including any amendments thereto made before the death of the testator, regardless of whether made before or after the execution of the testator’s will, or any modifications or amendments whenever made, which are made pursuant to the Charitable Trust Act of 1971, and, if the testator’s will so provides, including any amendments to the trust made after the death of the testator.  4. A revocation or termination of the trust before the death of the testator causes the devise to lapse.  (Added to NRS by 1967, 762; A 1971, 634; 1985, 244; 1999, 2371)
NV Rev Stat § 163.250 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.250 - Uniformity of interpretation.

This section and NRS 163.220 and 163.230 shall be so construed as to effectuate their general purpose to make uniform the law of those states which enact them.  (Added to NRS by 1967, 763)
NV Rev Stat § 163.260 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.260 - Incorporation by reference of powers enumerated in NRS 163.265 to 163.410, inclusive; restriction on exercise of such powers.

  1. Except as otherwise expressly provided by a testator in a will or by a settlor in a trust instrument, all of the powers enumerated in NRS 163.265 to 163.410, inclusive, as they exist at the time that the testator signs the will or places his or her electronic signature on the will, if it is an electronic will, or at the time that the first settlor signs the trust instrument or places his or her electronic signature on the trust instrument, if it is an electronic trust, must be incorporated in such will or trust instrument as to the fiduciaries appointed under that will or trust with the same effect as though such language were set forth verbatim in the instrument. Incorporation of the powers contained in NRS 163.265 to 163.410, inclusive, must be in addition to and not in limitation of the common-law or statutory powers of the fiduciary.  2. A fiduciary shall not have or exercise any power or authority conferred as provided in NRS 163.260 to 163.410, inclusive, in such a manner as, in the aggregate, to deprive the trust or the estate involved of an otherwise available tax exemption, deduction or credit, expressly including the marital deduction, or operate to impose a tax upon a donor or testator or other person as owner of any portion of the trust or estate involved. Notwithstanding any other provision of law, any power purportedly granted to a personal representative or a trustee, either in a will or a trust instrument, is void if having or exercising such power would deprive the will or trust of the intended tax consequences. "Tax" includes, but is not limited to, any federal income, gift, estate, generation skipping transfer or inheritance tax.  3. The powers enumerated in NRS 163.265 to 163.410, inclusive, may be incorporated by reference as to any fiduciary appointed in any other kind of instrument or agreement where a fiduciary is appointed.  4. As used in this section, "electronic will" has the meaning ascribed to it in NRS 132.119.  (Added to NRS by 1969, 449; A 2001, 2350; 2009, 793)
NV Rev Stat § 163.265 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.265 - Retention of property.

A fiduciary may retain for such time as the fiduciary deems advisable any property, real or personal, which the fiduciary may receive, even though the retention of such property by reason of its character, amount, proportion to the total estate or otherwise would not be appropriate for the fiduciary apart from this provision.  (Added to NRS by 1969, 449)
NV Rev Stat § 163.270 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.270 - Sale, exchange or other disposition of property.

  1. A fiduciary may:  (a) Sell, exchange, give options upon, partition or otherwise dispose of any property or interest therein which the fiduciary may hold from time to time, with or without order of court, at public or private sale or otherwise, upon such terms and conditions, including credit, and for such consideration as the fiduciary deems advisable.  (b) Transfer and convey the property or interest therein which is at the disposal of the fiduciary, in fee simple, absolute or otherwise, free of all trust.  2. The person dealing with the fiduciary has no duty to follow the proceeds or other consideration received by the fiduciary from such sale or exchange.  (Added to NRS by 1969, 449)
NV Rev Stat § 163.275 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.275 - Investments; reinvestments; delegation of authority to invest.

  1. A fiduciary may invest and reinvest, as the fiduciary deems advisable:  (a) In stocks, common or preferred, bonds, debentures, notes, mortgages or other securities in or outside the United States;  (b) In insurance contracts on the life of any beneficiary or of any person in whom a beneficiary has an insurable interest, or in annuity contracts for any beneficiary;  (c) In any real or personal property;  (d) In investment trusts;  (e) In participations in common trust funds;  (f) In securities of any corporation, trust, association or fund:  (1) Which is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities;  (2) Whose assets are invested principally in cash or in securities of other issuers; and  (3) Which is registered as an investment company with the Securities and Exchange Commission; and  (g) Generally in such property as the fiduciary deems advisable, even though the investment is not of the character approved by applicable law but for this section.  2. A fiduciary may delegate the authority to invest, but the fiduciary is not thereby relieved of any liability that exists in the absence of delegation.  (Added to NRS by 1969, 450; A 1985, 17; 1999, 2372)
NV Rev Stat § 163.280 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.280 - Investments without diversification.

A fiduciary may make investments which cause a greater proportion of the total property held by the fiduciary to be invested in investments of one type or of one company than would be considered appropriate for the fiduciary apart from this section.  (Added to NRS by 1969, 450)
NV Rev Stat § 163.285 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.285 - Continuation of business.

  1. A fiduciary may, to the extent and upon such terms and conditions and for such periods of time as the fiduciary deems necessary or advisable, continue or participate in the operation of any business or other enterprise, whatever its form of organization, including but not limited to the power to:  (a) Effect incorporation, dissolution, or other change in the form of the organization of the business or enterprise;  (b) Dispose of any interest therein or acquire the interest of others therein;  (c) Contribute thereto or invest therein additional capital or to lend money thereto, in any such case upon such terms and conditions as the fiduciary approves from time to time; or  (d) Determine whether the liabilities incurred in the conduct of the business are to be chargeable solely to the part of the estate or trust set aside for use in the business or to the estate or trust as a whole; and  2. In all cases in which the fiduciary is required to file accounts in any court or in any other public office, it is not necessary to itemize receipts and disbursements and distributions of property but it is sufficient for the fiduciary to show in the account a single figure or consolidation of figures; and the fiduciary may account for money and property received from the business and any payments made to the business in lump sum without itemization.  (Added to NRS by 1969, 450)
NV Rev Stat § 163.290 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.290 - Formation of corporation, limited-liability company or other entity.

A fiduciary may form a corporation, limited-liability company or other entity, and transfer, assign and convey to the corporation, limited-liability company or entity all or any part of the estate or of any trust property in exchange for the stock, securities or obligations of the corporation, limited-liability company or entity, and continue to hold the stock and securities and obligations.  (Added to NRS by 1969, 450; A 1999, 2372)
NV Rev Stat § 163.295 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.295 - Continuation of farming operation.

A fiduciary may continue any farming operation received by the fiduciary pursuant to the will, trust or other instrument and do any and all things deemed advisable by the fiduciary in the management and maintenance of such farm and the production and marketing of crops and dairy, poultry, livestock, orchard and the forest products, including, but not limited to, the following powers:  1. To operate the farm with hired labor, tenants or sharecroppers;  2. To lease or rent the farm for cash or for a share of the crops;  3. To purchase or otherwise acquire farm machinery and equipment and livestock;  4. To construct, repair and improve farm buildings of all kinds needed, in the fiduciary’s judgment, for the operation of the farm;  5. To make or obtain loans or advances at the prevailing rate or rates of interest for farm purposes such as for production, harvesting or marketing, or for the construction, repair or improvement of farm buildings, or for the purchase of farm machinery, equipment or livestock;  6. To employ approved soil conservation practices in order to conserve, improve and maintain the fertility and productivity of the soil;  7. To protect, manage and improve the timber and forest on the farm and sell the timber and forest products when it is to the best interest of the estate;  8. To ditch, dam and drain damp or wet fields and areas of the farm when and where needed;  9. To engage in the production of livestock, poultry or dairy products, and to construct such fences and buildings and plant such pastures and crops as may be necessary to carry on such operations;  10. To market the products of the farm; and  11. In general, to employ good husbandry in the farming operation.  (Added to NRS by 1969, 450; A 1999, 2372)