Nevada Revised Statutes 677.612 – Authority to accept deposit by fiduciary in trust; payment to fiduciary of withdrawal value and interest
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1. A deposit may be made with a licensee by any administrator, executor or guardian of an estate, a trustee or other fiduciary in trust for a named beneficiary or beneficiaries.
Terms Used In Nevada Revised Statutes 677.612
- 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
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Trustee: A person or institution holding and administering property in trust.
2. The fiduciary may make additional deposits and withdraw the deposit, in whole or in part.
3. The withdrawal value of the deposit and the interest thereon, or other rights relating to the deposit, may be paid or delivered to the fiduciary, and the payment or delivery to the fiduciary or a receipt or acquittance signed by the fiduciary to whom any payment or delivery of rights is made, is a valid and sufficient release and discharge of the licensee for the payment or delivery so made.