§ 662.235 — Powers and duties when carrying on trust company business; segregation of assets and recordkeeping

Nevada § 662.235

• Jurisdiction: Nevada
• Title 55: BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL
• Ch. 662: Powers

Text

1. Any bank organized under chapters 657 to 671 , inclusive, of NRS may state in its articles of incorporation that it will carry on a trust company business in connection with the banking business, and in addition to the powers conferred upon banks may:
(a) Act as trustee under any mortgage or bond of any person, firm or corporation, or of any municipality or body politic.
(b) Accept and execute any municipal, corporate or individual trust not inconsistent with the laws of this State.
(c) Act under the order or appointment of any court as guardian, commissioner, receiver or trustee.
(d) Act as executor or trustee under any will.
(e) Act as fiscal or transfer agent of any state, municipality, body politic or corporation, and in a capacity to receive and disburse money and register, transfer and countersign certificates of stock, bonds and other evidences of indebtedness.
(f) Act as local or registered agent of foreign corporations.
2. Any such bank holding any asset as a fiduciary shall:
(a) Segregate all such assets from any other assets of the bank and from the assets of any other trust, except as may be expressly provided otherwise by law or by the writing creating the trust.
(b) Record such assets in a separate set of books maintained for fiduciary activities.

Legislative History

(Added to NRS by 1971, 988 ; A 1987, 1918 ; 1993, 2280 ; 2007, 2724 )