163.5549 - Limitations on liability of excluded fiduciary. - Nevada Statutes

163.5549  Limitations on liability of excluded fiduciary.

      1.  An excluded fiduciary is not liable, individually or as a fiduciary for any loss which results from:

      (a) Complying with a direction of a trust adviser, custodial account owner or authorized designee of a custodial account owner;

      (b) A failure to take any action proposed by an excluded fiduciary which requires prior authorization of the trust adviser if the excluded fiduciary timely sought but failed to obtain such authorization; or

      (c) Any action taken at the direction of a trust protector.

      2.  An excluded fiduciary is not liable for any obligation to perform an investment or suitability review, inquiry or investigation or to make any recommendation or evaluation with respect to any investment, to the extent that the trust adviser, custodial account owner or authorized designee of a custodial account owner had authority to direct the acquisition, disposition or retention of such investment.

      3.  The provisions of this section do not impose an obligation or liability on a custodian of a custodial account for providing any authorization.

      (Added to NRS by 2009, 788)