119A.460 - Requirements for trusts. - Nevada Statutes

119A.460  Requirements for trusts.  If a trust is created pursuant to a requirement of this chapter, the:

      1.  Trustee must be approved by the Administrator.

      2.  Trust must be irrevocable, unless otherwise provided by the Division.

      3.  Trustee must not be permitted to encumber the property unless permission to do so has been given by the Division.

      4.  Association or each owner must be made a third-party beneficiary.

      5.  Trustee must be required to give at least 30 days’ notice in writing of his or her intention to resign to the association, if it has been formed, and to the Division, and the Division must approve a substitute trustee before the resignation of the trustee may be accepted.

      (Added to NRS by 1983, 983; A 2001, 2507)