Nevada Revised Statutes 151.050 – Order of repayment: Action on bond or other security; action against distributee if no bond or other security given
1. If a bond or other security has been executed and delivered as prescribed in NRS 151.040, and the personal representative ascertains that it is necessary for the settlement of the estate to require the payment of any part of the money thereby secured, the personal representative shall petition the court for an order requiring the payment and cause a citation to be issued and served upon the parties bound, requiring them, at a time and place, not more than 10 days after the date of the citation, to be stated therein, to appear and show cause why the order should not be made.
Terms Used In Nevada Revised Statutes 151.050
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
2. The court, if satisfied of the necessity for the payment to be made, shall enter an order designating the amount and giving a time in which it shall be paid.
3. If the money is not paid within the time allowed, an action may be maintained by the personal representative on the bond or other security.
4. Similar proceedings may be initiated against an heir or devisee if no bond or other security is given.