Nevada Revised Statutes 159.167 – Special sale of property of protected person or surrender of interest therein
1. A guardian of the estate, with prior approval of the court, may accept an offer for the purchase of the interest or estate of the protected person, in real or personal property or both real and personal property, where it appears from the petition and the court determines that:
Terms Used In Nevada Revised Statutes 159.167
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Personal property: All property that is not real property.
(a) The interest or estate of the protected person in such property is an interest in a partnership, joint venture or closely held corporation, in which the offeror or offerors own the remaining interests in the partnership, joint venture or closely held corporation, or are offering to purchase such remaining interests.
(b) The interest or estate of the protected person in such property is an undivided interest in property in which the offeror or offerors own the remaining interests in such property or are offering to purchase such remaining interests.
(c) The interest or estate of the protected person to be sold or granted is an easement in or creates a servitude upon the property of the protected person.
2. A guardian of the estate, with prior approval of the court, may accept an offer to surrender the interest or estate of the protected person in real or personal property or both real and personal property, where it appears from the petition and the court determines that:
(a) The interest or estate of the protected person is contingent or dubious.
(b) The interest or estate of the protected person in such property is a servitude upon the property of another.