Nevada § 151.040 - Order for distribution: Prerequisites to order; bond; assumption of personal liability by heir or devisee

§ 151.040. Order for distribution: Prerequisites to order; bond; assumption of personal liability by heir or devisee

1. Subject to the provisions of subsection 3, if it appears at the hearing that the

estate has little debt and that the share or shares of the party or parties petitioning

may be allowed without injury to the creditors of the estate, the court shall enter

an order in conformity with the request of the petitioner or petitioners. 2. The order may direct the personal representative to deliver to the petitioner or

petitioners the whole portion of the estate to which each is entitled, or a part of

the portion, if there is sufficient property remaining in the estate to satisfy the

debts or if there is filed with the court an assumption of liability for a contingent

or disputed debt as provided in subsection 3. The court may impose any other conditions it determines are just, including a requirement

that a distributee give a security interest in all or part of the property distributed

or give bond in an amount determined by the court. The bond must be payable to the personal representative and conditioned for the

payment by the distributee, whenever required, of his or her proportion of the debts

of the estate. 3. As a condition of an order under subsection 2, if directed by the court, each heir

or devisee shall file with the court a signed and acknowledged agreement assuming

personal liability for the contingent or disputed debt and consenting to jurisdiction

in this State for the enforcement of the debt if it becomes absolute or established. The personal liability of each heir or devisee does not exceed the fair market value

on the date of distribution of the property distributed less the amount of any liens

or encumbrances. If there is more than one heir or devisee, their personal liability is joint and

several.