Nevada Revised Statutes 321.331 – Persons receiving patent or deed from State required to be confirmed in fee simple title to lands and minerals; royalties
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Every person or his or her heirs, assigns or lawful successors, who has received a patent or deed between March 3, 1887, and July 3, 1997, from the State of Nevada granting to him or her any trust lands of the State of Nevada must, subject to the royalty contained in NRS 321.300, be confirmed in the fee simple title to the lands described in that patent or deed, and all of the minerals therein, including all gas, coal, oil and oil shales which may exist therein, but any such patentee or his or her successors in interest, holding such a fee simple title shall pay to the State of Nevada for the fund which was the original beneficiary of those lands the royalty provided by NRS 321.300.
Terms Used In Nevada Revised Statutes 321.331
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- 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