§ 669.210 — Powers of retail trust companies; banking business prohibited

Nevada § 669.210

• Jurisdiction: Nevada
• Title 55: BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL
• Ch. 669: Trust

Text

1. Each retail trust company may, in the conduct of its trust business, within and outside this State, subject to NRS 669.092 , as applicable:
(a) Act as indenture trustee or as trustee under any mortgage or bond of any person or of any municipality or body politic.
(b) Accept and execute any municipal or corporate or individual trust not inconsistent with the laws of this State.
(c) Act under the order or appointment of any court as guardian, administrator, 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 such capacity receive and disburse money and register, transfer and countersign certificates of stock, bonds and other evidences of indebtedness.
(f) Act as a registered agent of foreign corporations.
(g) Accept and execute any trust business permitted by any law.
(h) Acquire the fiduciary rights, powers, duties and liabilities of a bank, savings and loan association, savings bank, thrift company, trust company or credit union licensed pursuant to this title, and upon the effective date of such an acquisition, the fiduciary rights, powers, duties and liabilities of the bank, savings and loan association, savings bank, thrift company, trust company or credit union vest in and must be performed by the acquiring trust company.
(i) Act as an agent, advisory agent, assignee, attorney-in-fact, authenticating agent, bailee, bond or indenture trustee, conversion agent, curator, custodian, escrow agent, exchange agent, fiscal or paying agent, financial adviser, investment adviser, investment manager, managing agent, purchase agent, registrar, safekeeping agent, subscription agent, warrant agent or in similar capacities generally performed by corporate trustees, and in so acting, may possess, purchase, sell, invest, reinvest, safekeep or otherwise manage or administer real or personal property of other persons.
(j) Exercise the powers of a business corporation or limited-liability company organized or qualified as a foreign corporation or limited-liability company under Nevada law and any incidental powers that are reasonably necessary to enable it to fully exercise, in accordance with commonly accepted customs and usages, a power conferred in this chapter.
(k) Do and perform all acts necessary to exercise the powers enumerated in this subsection and authorized by this chapter and any other applicable laws of this State.
2. A retail trust company may not engage in any banking business by accepting deposits or making loans.

Legislative History

(Added to NRS by 1969, 1187 ; A 1989, 2033 ; 2007, 2725 ; 2009, 1960 )