Nevada Revised Statutes 88A.380 – Enforceability of debts, liabilities, obligations and expenses against assets of series of trustees, beneficial owners or beneficial interests
The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series of trustees, beneficial owners or beneficial interests are enforceable against the assets of only that series only if:
Terms Used In Nevada Revised Statutes 88A.380
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
1. The governing instrument of the business trust creates one or more series of trustees, beneficial owners or beneficial interests;
2. Separate records are maintained for the series;
3. The assets associated with the series are held and accounted for separately from the other assets of the business trust or any other series of the business trust and the governing instrument requires separate holding and accounting; and
4. Notice of the limitation on liability of the series is set forth in the certificate of trust, or an amendment thereto, filed with the Secretary of State before the series is established.