Nevada Revised Statutes 159.121 – Borrowing money for protected person
1. A guardian of the estate, with prior approval of the court by order, may borrow money for the account of the protected person when necessary:
Terms Used In Nevada Revised Statutes 159.121
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
- 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
(a) To continue any business of the protected person.
(b) To pay claims against the protected person, the guardianship estate or the guardian of the estate as such.
(c) To provide for the proper care, maintenance, education and support of the protected person and any person to whom the protected person owes a legal duty of support.
(d) For any other purpose that is in the best interests of the protected person.
2. If the court determines that the borrowing is necessary or proper, the court shall make an order approving the borrowing and may authorize one or more separate loans. The order shall prescribe the maximum amount of each loan, the maximum rate of interest and the date of final maturity of each loan, and may authorize the guardian to secure any loan by mortgage, deed of trust, pledge or other security transaction authorized by the laws of this state. The order shall describe the property, if any, to be given as security for each loan.