Nevada Revised Statutes 165.149 – Limitations on duties and liability of person with power of appointment
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Except as otherwise provided in a trust instrument, a person holding a power of appointment pursuant to a nontestamentary trust does not owe a fiduciary duty to any person and is not liable to any person with respect to the exercise or nonexercise of the power of appointment.
Terms Used In Nevada Revised Statutes 165.149
- Fiduciary: A trustee, executor, or administrator.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Trust: means :
(1) A trust as defined in NRS 163. See Nevada Revised Statutes 165.020