88A.370 - Duties and liabilities of officer, employee, manager or other person acting pursuant to certificate of trust or governing instrument.
88A.370 Duties and liabilities of officer, employee, manager or other person acting pursuant to certificate of trust or governing instrument. To the extent that, at law or in equity, an officer, employee, manager or other person acting pursuant to the certificate of trust or a governing instrument has duties, fiduciary or otherwise, and liabilities relating thereto to a business trust, beneficial owner or trustee:
1. If such a person acts pursuant to a governing instrument, the person is not liable to the business trust, a beneficial owner or a trustee for the person’s reliance in good faith on the provisions of the governing instrument; and
2. The duties and liabilities of such a person may be expanded or restricted by provisions in the governing instrument.
(Added to NRS by 1999, 1571)