Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1
Section 163.417 - Limitations on actions of creditors and courts: Trust property not subject to trustee's personal obligations; beneficial interests may not be transferred under certain circumstances1. A creditor may not exercise, and a court may not order the exercise of: (a) A power of appointment or any other power concerning a trust that is held by a beneficiary;(b) Any power listed in NRS 163.5553 that is held by a trust protector as defined in NRS 163.5547 or any other person; (c) A trustee's discretion to: (1) Distribute any discretionary interest;(2) Distribute any mandatory interest which is past due directly to a creditor; or(3) Take any other authorized action in a specific way; or(d) A power to distribute a beneficial interest of a trustee solely because the beneficiary is a trustee.2. Trust property is not subject to the personal obligations of the trustee, even if the trustee is insolvent or bankrupt.3. A settlor may provide in the terms of the trust instrument that a beneficiary's beneficial interest may not be transferred, voluntarily or involuntarily, before the trustee has delivered the interest to the beneficiary.Added to NRS by 2009, 785Added to NRS by 2009, 785