Nevada Revised Statutes 165.143 – Petition to review trustee’s rejection of written demand for account; time to file; notice; hearing
1. A beneficiary whose demand for an account in compliance with NRS 165.141 is rejected or deemed rejected must file a petition seeking the court’s review of the trustee‘s rejection within 60 days after the rejection date as described in subsection 2 and is thereafter barred from further right to demand an account for the period subject to the demand. A petition filed pursuant to this section may also seek additional relief pursuant to NRS 153.031, 164.015 and 164.030.
Terms Used In Nevada Revised Statutes 165.143
- Account: means a report of the financial condition of the trust estate prepared by a trustee which:
(1) Must include the information set forth in NRS 165. See Nevada Revised Statutes 165.020
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Trust: means :
(1) A trust as defined in NRS 163. See Nevada Revised Statutes 165.020
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes a nontestamentary trustee, a testamentary trustee and a corporate trustee, as well as a natural person. See Nevada Revised Statutes 165.020
2. If the trustee rejects the beneficiary’s demand for an account, the rejection date is the date on which the trustee provides the beneficiary with a notice of rejection. If the trustee fails to accept or reject the beneficiary’s demand, the rejection date is deemed to be 14 days after the beneficiary delivered the demand to the trustee.
3. If the court has not previously accepted jurisdiction over the trust pursuant to NRS 164.010, the beneficiary must petition the court to confirm the appointment of the trustee pursuant to NRS 164.010 and to admit the trust to the jurisdiction of the court. Such a petition may be combined with the petition for the court’s review of the trustee’s rejection.
4. The clerk shall set the petition for hearing, and the petitioner shall give notice to all interested persons for the period and in the manner provided in NRS 155.010. The notice must state the filing of the petition, the object and the time and place of the hearing.
5. If one or more other beneficiaries with interests substantially similar to the petitioner request to join the petition at or before the hearing, the court shall consider the other beneficiaries to be additional petitioners without requiring those beneficiaries to file separate petitions or to give separate notices of the hearing.
6. At the hearing, as to each petitioner, the court may enter an order:
(a) Compelling the trustee to provide an account to the petitioner and specifying the nature and extent of the account to be provided;
(b) Declaring that the petitioner is not entitled to an account and setting forth the reason or reasons the petitioner is not so entitled; or
(c) Compelling the trustee to provide an account to the petitioner as described in paragraph (a) and authorizing an independent review of the account using the procedure set forth in NRS 165.145.
7. Except as otherwise provided in subsection 3 of NRS 153.031, each petitioner shall pay his or her own expenses, including, without limitation, attorney’s fees, that arise in conjunction with filing a petition pursuant to this section.