Circumstances under which fiduciary is “directed fiduciary.”

NRS

163.5548

Circumstances under which fiduciary is “directed fiduciary.”

For the purposes of NRS 163.553 to 163.557 , inclusive, a fiduciary is a “directed fiduciary” with respect to any action that the fiduciary:

1. Has no power to take under the terms of the governing instrument;

2. Is mandated by the governing instrument and for which the fiduciary has no discretion to act otherwise; and

3. Is directed to take or prohibited from taking by a directing trust adviser.

(Added to NRS by 2015, 3539 )