1.  Except as otherwise provided in subsection 2, if any bank created under the laws of this state has been or is appointed trustee in any indenture, deed of trust or other instrument of like character, executed to secure the payment of any bonds, notes or other evidences of indebtedness, is taken over for liquidation by the Commissioner, by the Federal Deposit Insurance Corporation or by any other legally constituted authority, the powers and duties of the bank as trustee cease upon the entry of an order of the district court appointing a successor trustee pursuant to a petition as provided for in NRS 667.125 to 667.185, inclusive.

Terms Used In Nevada Revised Statutes 667.115

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.

2.  If an indenture, deed of trust or other instrument of like character that appoints a bank as trustee pursuant to subsection 1 includes a provision which provides for the appointment of a successor trustee if the bank is taken over for liquidation, the powers and duties of the bank as trustee cease upon being taken over by the Commissioner, the Federal Deposit Insurance Corporation or any other legally constituted authority and the successor trustee named, or whose selection is provided for, in the instrument immediately assumes the duties as trustee without appointment by the district court pursuant to NRS 667.125 to 667.185, inclusive.

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