1. Except as provided in NRS 163.040, no corporate trustee shall lend trust funds to itself or an affiliate, or to any director, officer, or employee of itself or of an affiliate.
2. Except as otherwise:
(a) Provided in a trust instrument and:
(1) Consented to by all beneficiaries of the trust; or
(2) Performed in accordance with a notice of a proposed action provided pursuant to NRS 164.725; or
(b) Approved by a court,
a noncorporate trustee, including a limited-liability company, shall not lend trust funds to itself, himself or herself, or to a relative, employer, employee, partner, member or other business associate.
[2:136:1941; 1931 NCL § 7718.31] — (NRS A 2009, 792)