Nevada Revised Statutes 321.333 – Option of plaintiff to purchase interest of State in minerals
1. If in an action authorized by NRS 321.332 it is determined that the State of Nevada has any interest in any minerals in the lands which are the subject of the action, except the royalty provided for in NRS 321.300, any person or his or her heirs, assigns or lawful successors bringing the action as plaintiff has the option for 1 year after the entry of final judgment in that action to purchase from the State of Nevada all of the interest of the State of Nevada in the minerals in those lands, except the royalty authorized by NRS 321.300, at the fair market value of the mineral interest as determined by the Division.
Terms Used In Nevada Revised Statutes 321.333
- 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.
- 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 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
- Plaintiff: The person who files the complaint in a civil lawsuit.
2. If the option is exercised, payment for that mineral interest must be made to the State Land Registrar in cash within the period of the option and deposited in the fund which was the original beneficiary of those lands, and the State Land Registrar shall, upon the payment of the option price, deliver to the purchaser a deed from the State of Nevada conveying all of the State’s interest in the minerals in the lands involved in that action, except the royalty provided for in NRS 321.300.