Nevada Revised Statutes 163.145 – Using power to appoint or distribute income to discharge own legal obligation prohibited
Current as of: 2023 | Check for updates
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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.
Terms Used In Nevada Revised Statutes 163.145
- 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
- Trustee: A person or institution holding and administering property in trust.