North Dakota Code 30.1-29-22 – (5-422) Authorization of single transaction to sell real property of the protected person
1. Any sale or encumbrance to a conservator, the conservator’s spouse, agent, or attorney, or any corporation, limited liability company, or trust in which the conservator has a substantial beneficial interest, or any transaction which is affected by a substantial conflict of interest is voidable unless the transaction is approved by the court, after notice to interested persons and others as directed by the court.
Terms Used In North Dakota Code 30.1-29-22
- Appraisal: A determination of property value.
- 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.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. A conservator shall move the court for authorization to sell real property of the person to be protected, upon such terms as the court may order, for the purpose of paying the protected person’s debts; providing for the care, maintenance, rehabilitation, training, or education of the person to be protected or the dependents of the person to be protected; or for any other purpose in the best interests of the person to be protected.
a. The motion must contain:
(1) A description of the property; (2) The details of the sale; (3) The reason for the transaction; (4) The current fair market value of the property, including an appraisal unless good cause is shown; (5) An explanation of why the transaction is in the best interest of the person to be protected; and
(6) A notice that any person interested in the real property of the person to be protected must file an objection to the transaction within ten days of the notice and demand a hearing.
b. The motion must be served upon the protected person, the spouse of the person to be protected, and all interested persons.
c. Consent of the spouse of the person to be protected or interested persons must be filed with the motion. If the motion is unopposed, the court may authorize the transaction without a hearing or may conduct a hearing and require proof of the matters necessary to support the authorization of the transaction.
d. The court’s order must include specific findings regarding whether the transaction is in the best interests of the person to be protected.