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Nevada Revised Statutes Title 55. Banks and Related Organizations § 662.245. Conditions and limitations on certain foreign organizations acting as fiduciary; fees; bond; requirements for service of process; regulations

Current as of January 01, 2025 | Updated by Findlaw Staff

1. Except as otherwise provided in NRS 669.207, an organization that does not maintain an office in this State to conduct the business of a trust company may be appointed to act as fiduciary by any court or by authority of any law of this State if, in addition to any other requirements of law, the organization:

(a) Associates as cofiduciary a bank authorized to do business in this State or a trust company licensed pursuant to chapter 669 of NRS; or

(b) Is a trust corporation or trust company which:

(1) Is organized under the laws of and has its principal place of business in another state which allows trust corporations or trust companies licensed pursuant to chapter 669 of NRS to act as fiduciary in that state;

(2) Is authorized by its charter to act as fiduciary; and

(3) Before the appointment as fiduciary, files with the Secretary of State a document, acknowledged before a notarial officer, which:

(I) Appoints the Secretary of State as its agent upon whom all process in any action or proceeding against it may be served;

(II) Contains its agreement that the appointment continues in force as long as any liability remains outstanding against it in this State, and that any process against it which is served on the Secretary of State is of the same legal validity as if served on it personally;

(III) Contains an address to which the Secretary of State may mail the process when received; and

(IV) Is accompanied by a fee of not more than $20.

A copy of the document required by this subparagraph, certified by the Secretary of State, is sufficient evidence of the appointment and agreement.

2. A court which has jurisdiction over the accounts of a fiduciary that is a trust corporation or trust company described in paragraph (b) of subsection 1 may require the fiduciary to provide a bond to ensure the performance of its duties as fiduciary, in the same manner and to the same extent as the court may require such a bond from a fiduciary that is a bank or trust company described in paragraph (a) of subsection 1.

3. Service of process authorized by subparagraph (3) of paragraph (b) of subsection 1 must be made by filing with the Secretary of State:

(a) Two copies of the legal process. The copies must include a specific citation to the provisions of this section. The Secretary of State may refuse to accept such service if the proper citation is not included in each copy.

(b) A fee of not more than $20.

The Secretary of State shall forthwith forward one copy of the legal process to the organization, by registered or certified mail prepaid to the address provided in the document filed pursuant to subparagraph (3) of paragraph (b) of subsection 1.

4. The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section.

5. As used in this section:

(a) “Fiduciary” means an executor, commissioner, guardian of minors or estates, receiver, depositary or trustee.

(b) “Notarial officer” has the meaning ascribed to it in NRS 240.005.

(c) “State” means any state or territory of the United States or the District of Columbia.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 55. Banks and Related Organizations § 662.245. Conditions and limitations on certain foreign organizations acting as fiduciary; fees; bond; requirements for service of process; regulations - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-55-banks-and-related-organizations/nv-rev-st-662-245/

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