Nev. Rev. Stat. ch. 143 – Powers and Duties of Personal Representatives | Midpage

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Nevada Revised Statutes

Chapter 143

Nev. Rev. Stat. ch. 143

Powers and Duties of Personal Representatives

143.010Multiple personal representatives: Effect of absence, legal disability or conflict of interest; sufficiency of acts of majority 143.020Right to possession of decedent’s property 143.030Duty to take possession of estate and collect debts; exception for certain assets held by guardian 143.035Duty to use reasonable diligence; report required if estate not closed within certain times; hearing and determinations by court 143.037Duty to close estate within 18 months after appointment; exceptions 143.040Rights of surviving partner 143.050Continuing business of decedent; exception; prohibition on separate compensation for continuing business 143.060Extent of power to sue and be sued 143.065Statute of limitations for cause of action of decedent 143.070Actions by personal representative for conversion or trespass 143.080Actions against personal representative for conversion or trespass 143.090Action on bond of former personal representative 143.100Action for conversion before letters granted 143.110Procedure when conversion alleged: Citation; examination; allowance of necessary expenses 143.120Procedure when conversion alleged: Commitment for refusal to appear for examination; order requiring delivery of property to personal representative 143.130Accounting by person holding assets of estate for personal representative; penalty for failure or refusal to comply with order 143.140Discharging debtor of estate, compromising claims and renewing obligations: Procedure 143.150Action to recover fraudulently conveyed property for benefit of creditors 143.160Costs; disposal of property recovered; proceeds 143.165Ex parte order to restrain personal representative from performing administration, disbursement or distribution of estate: Issuance; hearing; notice; termination; prohibition on bond requirement in certain circumstances 143.170Purchase of property of estate by personal representative 143.175Power to make certain investments 143.180Power to make loans, advances of credit and other investments insured by Federal Housing Administrator; validation of loans, advances of credit and purchases of obligations made before October 1, 1999 143.185Power to invest in farm loan bonds and other obligations issued by federal land banks and banks for cooperatives 143.187Power to hold stock in name of nominee; personal liability of personal representative 143.190Cumulative method of service of process on personal representative; written statement containing permanent address of personal representative to be filed with clerk 143.200Actions not to abate on death, disqualification, resignation or removal of personal representative; substitution of successor 143.210Necessary parties to actions 143.300Short title 143.305Definitions 143.310“Court supervision” defined 143.315“Full authority” defined 143.320“Limited authority” defined 143.325Applicability 143.330Effect of provision in will that prohibits independent administration of estate 143.335Independent administration of estate by special administrator 143.340Personal representative required to petition for full or limited authority to administer estate; persons qualified to administer estate 143.345Notice of hearing on petition; persons required to receive notice; contents 143.350Court authorized to grant requested authority; exceptions 143.352Acceptance of or refusal to accept letters of administration or letters testamentary 143.355Amount of bond of personal representative 143.360Petition for modification or revocation of authority of personal representative; notice; preference; court order 143.365Authority to administer estate without court supervision; request for court supervision 143.370Court approval or supervision required for certain actions; exceptions 143.372Documents to be presented before transfer of property according to court order; compliance or refusal to comply with court order 143.375Powers of personal representative granted independent administration authority 143.380Sale of property of estate; requirements relating to consent and court confirmation of sales 143.400Requirements for exercise of powers by personal representative 143.405Sale or exchange of real property 143.410Sale or incorporation of business or joint venture 143.415Abandonment of tangible personal property 143.420Power to borrow and to encumber property of estate 143.425Grant of option to purchase real property of estate 143.430Transfer of property to person exercising option to purchase provided in will 143.435Conveyance or transfer of real or personal property under certain circumstances 143.440Determination of claims to property 143.445Disclaimers 143.450Preliminary distributions authorized under certain circumstances 143.455Actions concerning claims by, for the benefit of, or against the estate 143.460Commencement and defense of certain actions and proceedings 143.465Modification of terms of obligation to or in favor of decedent 143.500Exercise of powers by personal representative; exceptions 143.505Management and control of estate property 143.510Power to enter contracts without notice; exception 143.515Deposit and investment of money of estate 143.520Continuation of partnership or other business 143.525Payment of family allowance 143.530Lease of property of estate 143.535Sale or exchange of personal property 143.540Grant of exclusive right to sell property 143.600Exercise of powers by personal representative 143.605Additional powers of personal representative 143.610Conveyance or transfer of property under certain circumstances 143.615Payment of taxes, assessments and expenses 143.620Purchase of annuity under certain circumstances 143.625Exercise of option 143.630Purchase of securities or commodities to perform incomplete contract of sale 143.635Holding securities in name of nominee or in any other form for certain purposes 143.640Exercise of security subscription or conversion rights 143.645Repairs and improvements to property of estate 143.650Acceptance of deed or deed of trust in lieu of foreclosure or trustee’s sale 143.655Partial satisfaction of mortgage or partial reconveyance under deed of trust 143.700Circumstances pursuant to which notice of proposed action is required or authorized 143.705Persons to whom notice of proposed action is required to be given 143.710Consent to proposed action 143.715Waiver of notice for particular proposed action; general waiver of notice of proposed action 143.720Revocation of consent to proposed action or waiver of notice of proposed action 143.725Contents of notice of proposed action 143.730Requirements for delivery of notice of proposed action 143.735Objection to proposed action; requirements for delivery; form; notice of objection to personal representative 143.740Restraining order prohibiting proposed action without court supervision; notice of restraining order to personal representative 143.745Court authorization or confirmation required if personal representative receives notice of objection or of restraining order 143.750Effect of failure to object to proposed action; court review of action by personal representative under certain circumstances 143.755Failure of personal representative to comply with certain requirements; validity of actions taken without such compliance 143.760Court authorized to remove personal representative from office under certain circumstances 143.800Letters testamentary or letters of administration 143.805Notice of proposed action 143.810Objection to proposed action 143.815Consent to proposed action