1. Noncustodial trust company means a grandfathered trust company that: (a) Does not manage, or advise regarding, in the aggregate, more than $100,000,000 worth of a clients assets; (b) Does not have custody or control of clients assets that exceed 20 percent of the total assets that the trust company manages for all clients; and (c) To the extent that the trust company has custody or control of a clients assets, invests such assets pursuant to: (1) Direction by the client; or (2) The prudent investor standards of NRS 164.700 to 164.775 , inclusive. 2. For the purposes of this section: (a) Advise means to provide investment advice. (b) Control means the ability to invest or transfer cash or any other asset in a fiduciary or client account to any person other than: (1) In the case of an account for which the trust company acts as fiduciary, the settlor or beneficiary; and (2) In the case of any other account of a client, the owner of the account. (c) Manage means the exercise of discretion regarding investments, whether or not that discretion is delegated to another person.
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