California Probate Code 9980 – (a) Where an option to purchase real or personal property is …
(a) Where an option to purchase real or personal property is given in a will, the person given the option has the right to exercise the option at any time within the time limits provided by the will. For the purposes of this section, if a time limitation in the will is measured from the death of the testator, that time shall be extended by the period between the testator’s death and the issuance of letters testamentary or of administration with the will annexed or by six months, whichever is the shorter period.
(b) If the will does not provide a time limit for exercise of the option, the time limit is one year from the death of the decedent.
Terms Used In California Probate Code 9980
- Decedent: A deceased person.
- Person: means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, limited liability company, association, or other entity. See California Probate Code 56
- Personal property: All property that is not real property.
- Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
- Testator: A male person who leaves a will at death.
- Will: includes codicil and any testamentary instrument which merely appoints an executor or revokes or revises another will. See California Probate Code 88
(c) Subject to subdivision (b), if the option given in the will is exercisable under the terms of the will after the time that the estate would otherwise be closed, the property subject to the option shall be distributed subject to the option.
(Enacted by Stats. 1990, Ch. 79.)