California Probate Code 10203 – (a) Except as provided in subdivision (b), where property to be …
(a) Except as provided in subdivision (b), where property to be sold consists of a leasehold interest, the sale shall be made as in the case of the sale of personal property of the estate.
(b) The sale of a leasehold interest shall be made as in the case of the sale of real property of the estate if the interest to be sold consists of any of the following:
Terms Used In California Probate Code 10203
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
- Real property: includes a leasehold interest in real property. See California Probate Code 68
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) A leasehold interest in real property with an unexpired term of 10 years or longer. For this purpose, the leasehold interest shall be considered to have an unexpired term of 10 years or longer if the lessee has the right to extend the term and the term, if extended, would exceed 10 years.
(2) A leasehold interest in real property together with an option to purchase the leased property or some part thereof.
(3) A lease for the purpose of production of minerals, oil, gas, or other hydrocarbon substances, or geothermal energy.
(Enacted by Stats. 1990, Ch. 79.)