Nevada Revised Statutes 159A.167 – Special sale of property of protected minor or surrender of interest therein
1. A guardian of the estate, with prior approval of the court, may accept an offer for the purchase of the interest or estate of the protected minor, in real or personal property or both real and personal property, where it appears from the petition and the court determines that:
Terms Used In Nevada Revised Statutes 159A.167
- 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.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Personal property: All property that is not real property.
(a) The interest or estate of the protected minor in such property is an interest in a partnership, joint venture or closely held corporation, in which the offeror or offerors own the remaining interests in the partnership, joint venture or closely held corporation, or are offering to purchase such remaining interests.
(b) The interest or estate of the protected minor in such property is an undivided interest in property in which the offeror or offerors own the remaining interests in such property or are offering to purchase such remaining interests.
(c) The interest or estate of the protected minor to be sold or granted is an easement in or creates a servitude upon the protected minor’s property.
2. A guardian of the estate, with prior approval of the court, may accept an offer to surrender the interest or estate of the protected minor in real or personal property or both real and personal property, where it appears from the petition and the court determines that:
(a) The interest or estate of the protected minor is contingent or dubious.
(b) The interest or estate of the protected minor in such property is a servitude upon the property of another.