North Dakota Code 30.1-28-03.2 – Authorization of a single transaction to sell, encumber, or transfer ownership of real or personal property of the ward
1. A guardian may move the court for authorization to sell, mortgage, lease, or otherwise encumber or transfer ownership of the real or personal property of the ward, valued at over two thousand five hundred dollars, upon such terms as the court may order, for the purpose of paying the ward’s debts; providing for the care, maintenance, rehabilitation, training, or education of the ward or the ward’s dependents; or for any other purpose which is in the best interests of the ward.
Terms Used In North Dakota Code 30.1-28-03.2
- Appraisal: A determination of property value.
- 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.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, things in action, and evidences of debt. 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. The motion must contain:
a. The type of property; b. A description of the property; c. The type of transaction; d. The details of the transaction; e. The reason for the transaction; f. The current fair market value of the property:
(1) For real property, an appraisal must be provided unless good cause is shown; or
(2) For personal property, a description of how the guardian arrived at the fair market value must be provided; g. An explanation of why the transaction is in the best interests of the ward; and
h. A notice that any person interested in the ward’s property that opposes the transaction shall file an objection within ten days of the notice and demand a hearing.
3. The motion must be served upon the ward, the ward’s spouse, and all interested persons.
4. Any consents of the ward’s spouse 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.
5. The court’s order must include specific findings regarding whether the transaction is in the best interests of the ward.