Nevada Revised Statutes 159A.1365 – Application of money from sale of real property of protected minor that is subject to mortgage or other lien
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If real property of the estate of a protected minor is sold that is subject to a mortgage or other lien which is a valid claim against the estate, the money from the sale must be applied in the following order:
Terms Used In Nevada Revised Statutes 159A.1365
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. To pay the necessary expenses of the sale.
2. To satisfy the mortgage or other lien, including, without limitation, payment of interest and any other lawful costs and charges. If the mortgagee or other lienholder cannot be found, the money from the sale may be paid as ordered by the court and the mortgage or other lien shall be deemed to be satisfied.
3. To the estate of the protected minor, unless the court orders otherwise.