1. If it appears to be to the advantage of the estate to borrow
money upon a note or notes, unsecured or to be secured by a security
agreement or other lien upon the personal property of the decedent or any
part thereof, or to be secured by a mortgage upon the real property of
the decedent or any part thereof, or to mortgage or create a security
interest or other lien upon the property or any part thereof, in order to
pay the debts of the decedent, or devises, or expenses or charges of
administration, or to pay, reduce, extend or renew a security interest or
agreement or lien or mortgage existing upon property of the estate, and
as often as occasion arises in the administration of the estate, the
court may direct the personal representative to borrow the money and to
execute such note or notes and, in a proper case, to execute such
mortgage, or to give other security by way of security interest or other
lien, or may authorize, in a proper case, the execution of an extension
agreement.
2. If property of the estate consists of an undivided fractional
interest in real or personal property, and it appears to be to the
advantage of the estate to borrow money in order to improve, utilize,
operate or preserve the property jointly with the other co-owner or
co-owners, or in order to pay, reduce, extend or renew some security
interest or agreement, lien or mortgage existing upon the property,
including the other undivided interest or interests therein, the court
may direct the personal representative to borrow the money required for
those purposes and to join with the owner or owners of the other
undivided interest or interests in the property, or their duly authorized
representatives or agents, in the execution of such joint and several
note or notes as may be necessary, and to join with the owner or owners
of the other undivided interest or interests in the property, or their
duly authorized representatives or agents, in the execution of such
security agreement, lien or mortgage as may be required to secure the
payment of the note or notes.
[175:107:1941; 1931 NCL § 9882.175]—(NRS A 1969, 3; 1999, 2325
)
1. The personal representative or an interested person shall file
a petition showing:
(a) The particular purpose or purposes for which the order is
sought.
(b) The necessity for or advantage to accrue from entry of the
order.
(c) The amount of money proposed to be raised, if any.
(d) The rate of interest to be paid.
(e) The length of time the note or notes are to run.
(f) A general description of the property proposed to be mortgaged
or subjected to the security agreement or other lien.
2. The clerk shall set the petition for hearing and the petitioner
shall give notice of the hearing in the manner required by NRS 155.010
or as the court by order may require.
[176:107:1941; 1931 NCL § 9882.176]—(NRS A 1969, 4; 1975, 1775;
1999, 2325 )
1. At the time appointed, the court, upon proof that due notice of
the hearing has been given, shall proceed to hear the petition and any
objection that may have been filed or presented. If, after a hearing, the
court is satisfied that it will be to the advantage of the estate, it
shall enter an order directing the personal representative to borrow the
money and to execute the note or notes, and, in a proper case, to execute
the mortgage or give other security by way of security interest or other
lien.
2. The court may direct that a lesser amount than that named in
the petition be borrowed, and may prescribe the maximum rate of interest
and the period of the loan, and require that the interest and the whole
or any part of the principal be paid, from time to time, out of the whole
estate or any part thereof, and that the personal property to be subject
to the security agreement or other lien, or any improvements on the
premises to be mortgaged, are insured for the further security of the
lender, and the premiums paid from the assets of the estate.
3. A certified copy of the order must be recorded in the office of
the county recorder of every county in which the property affected by the
order, or any portion thereof, is located.
[177:107:1941; 1931 NCL § 9882.177]—(NRS A 1969, 4; 1999, 2326
)
The personal representative
shall execute, acknowledge and deliver the mortgage or other security, as
directed, setting forth therein that it is made by authority of the
order, giving the date of the order. The note or notes and mortgage or
other security must be signed by the personal representative as such, and
create no personal liability against him.
[178:107:1941; 1931 NCL § 9882.178]—(NRS A 1999, 2326 )
010 to 149.050 ,
inclusive.
1. A mortgage or security agreement so made is effectual to
mortgage or subject to the security agreement all right, title, interest
and estate which the decedent had in the property described therein at
the time of his death or previously and any right, title or interest in
the property acquired by the estate of the decedent, by operation of law
or otherwise, since the time of his death.
2. Jurisdiction of the court to administer the estate of the
decedent is effectual to vest the court with jurisdiction to enter the
order for the note or notes and mortgage or security agreement, and the
jurisdiction conclusively inures to the benefit of the mortgagee named in
the mortgage or the secured party named in the security agreement and the
heirs, successors and assigns of the secured party.
3. No omission, error or irregularity in the proceedings impairs
or invalidates them or the note or notes or mortgage or security
agreement given in pursuance thereof, and the mortgagee or secured party
and the heirs, successors and assigns of the secured party, have and
possess the same rights and remedies on the note or notes and mortgage or
security agreement as if it had been made by the decedent before his
death, except that, upon any foreclosure or sale under the mortgage or
security agreement, if the proceeds of the sale of the encumbered
property are insufficient to pay the note or notes, the mortgage or
security agreement, and the costs or expenses of sale, no judgment may be
had or allowed except in cases where the note or notes or mortgage or
security agreement was given to pay, reduce, extend or renew a lien,
mortgage or security agreement existing at the time of the death of the
decedent and the indebtedness secured thereby was an allowed and approved
claim against the estate, in which case the part of the indebtedness
remaining unsatisfied must be classed and paid with other allowed claims
against the estate.
[179:107:1941; 1931 NCL § 9882.179]—(NRS A 1969, 5; 1999, 2326
)
LEASING
If it appears to be to the
advantage of the estate to lease any real property of the decedent, and
as often as occasion arises in the administration of the estate, the
court may direct the personal representative to execute the lease.
[180:107:1941; 1931 NCL § 9882.180]—(NRS A 1999, 2327 )
1. To obtain such an order the personal representative or an
interested person shall file a petition, showing the advantage to accrue
from giving the lease, a general description of the property proposed to
be leased, and the term, rental and general conditions of the proposed
lease.
2. The clerk shall set the petition for hearing, and the
petitioner shall give notice of the hearing in the manner required by NRS
155.010 or as the court by order may
require.
[181:107:1941; 1931 NCL § 9882.181]—(NRS A 1975, 1775; 1999, 2327
)
1. At the time appointed, the court shall hear the petition and
any objection that may have been presented, and if the court is satisfied
that it will be to the advantage of the estate, it shall enter an order
directing the personal representative to make the lease.
2. The order must set forth the minimum rental or royalty and the
period of the lease, which must be for such time as the court may
authorize, except as otherwise provided in subsection 5 with respect to a
lease for the purpose of production of minerals, oil, gas or other
hydrocarbon substances or natural steam.
3. The order may authorize other terms and conditions, including,
with respect to a lease for the purpose of production of minerals, oil,
gas or other hydrocarbon substances or natural steam, a provision for the
payment of rental and royalty to a depositary, and for the appointment of
a common agent to represent the interest of all the lessors, and, if the
lease is for the purpose of production of oil, gas or other hydrocarbon
substances or natural steam, including a provision for the payment of a
compensatory royalty in lieu of rental and in lieu of drilling and
producing operations on the property covered by the lease, and including
a provision empowering the lessee to enter into any agreement with
lessees, operators or owners of other property for the purpose of
bringing about the cooperative development and operation of all or parts
of the field of which the leased property is a part, or for the
development and operation of all or parts of the field as a unit.
4. If the lease covers additional property owned by other persons
or an undivided interest of the decedent, or other interest of the
decedent less than the entire ownership in the property, it may provide
for division of rental and royalty in the proportion that the property or
interest of each owner bears to the total area of the property or total
interests covered by the lease.
5. A lease for the purpose of production of minerals, oil, gas or
other hydrocarbon substances or natural steam may be for a fixed period,
and so long thereafter as minerals, oil, gas or other hydrocarbon
substances or natural steam are produced in paying quantities from the
property leased or mining or drilling operations are conducted thereon,
and, if the lease provides for the payment of a compensatory royalty, so
long as the compensatory royalty is paid, and, if the property covered by
the lease is included in an agreement with lessees, operators or owners
of other property for cooperative development or unit operation of a
larger area including the leased property, so long as oil, gas or other
hydrocarbon substances or natural steam are produced in paying quantities
from any of the property included in any such agreement or drilling
operations are conducted thereon.
6. A certified copy of the order must be recorded in the office of
the county recorder of every county in which the leased property, or any
portion thereof, is located.
[182:107:1941; A 1951, 223]—(NRS A 1961, 65; 1965, 125; 1999, 2327
)
1. The personal representative shall execute, acknowledge and
deliver the lease as directed, setting forth therein that it is made by
authority of the order, giving the date of the order.
2. A lease so made is effectual to lease the property described,
at the rent, for the term and upon the conditions therein prescribed.
3. Jurisdiction of the court to administer the estate of the
decedent is effectual to vest the court with jurisdiction to enter the
order for the lease, and that jurisdiction conclusively inures to the
benefit of the lessee, his heirs, successors and assigns.
4. No omission, error or irregularity in the proceedings impairs
or invalidates them or the lease made in pursuance thereof.
[183:107:1941; 1931 NCL § 9882.183]—(NRS A 1999, 2328 )
A personal representative
may lease property without an order of court if the tenancy is from month
to month, or for a term not to exceed 1 year.
[184:107:1941; 1931 NCL § 9882.184]—(NRS A 1975, 1775; 1999, 2329
)
|
