Nevada § 39.675 - Cotenant buyout

§ 39.675. Cotenant buyout

1. If any cotenant requested partition by sale, after the determination of value under NRS 39.670 , the court shall send notice to the parties that any cotenant except a cotenant that

requested partition by sale may buy the interest of any cotenant that requested partition

by sale. 2. Not later than 45 days after the notice is sent under subsection 1, any cotenant

except a cotenant that requested partition by sale may give notice to the court that

it elects to buy all the interests of the cotenants that requested partition by sale. 3. The purchase price for each of the interests of a cotenant that requested partition

by sale is the value of the entire parcel determined under NRS 39.670 multiplied by that cotenant's fractional ownership of the entire parcel. 4. After expiration of the period in subsection 2, the following rules apply: (a) If only one cotenant elects to buy all the interests of the cotenants that requested

partition by sale, the court shall notify all the parties of that fact. (b) If more than one cotenant elects to buy all the interests of the cotenants that

requested partition by sale, the court shall allocate the right to buy those interests

among the electing cotenants based on each electing cotenant's existing fractional

ownership of the entire parcel divided by the total existing fractional ownership

of all cotenants electing to buy and send notice to all the parties of that fact and

of the price to be paid by each electing cotenant. (c) If no cotenant elects to buy all the interests of the cotenants that requested

partition by sale, the court shall send notice to all the parties of that fact and

resolve the partition action under subsections 1 and 2 of NRS 39.680 . 5. If the court sends notice to the parties under either paragraph (a) or (b) of subsection

4, the court shall set a date, not earlier than 60 days after the date the notice

was sent, by which electing cotenants must pay their apportioned price into the court. After this date, the following rules apply: (a) If all electing cotenants timely pay their apportioned price, the court shall

issue an order reallocating all the interests of the cotenants and disburse the amounts

held by the court to the persons entitled to them. (b) If no electing cotenant timely pays its apportioned price, the court shall resolve

the partition action under subsections 1 and 2 of NRS 39.680 as if the interests of the cotenants that requested partition by sale were not purchased. (c) If one or more but not all the electing cotenants fail to timely pay their apportioned

price, the court shall give notice to the electing cotenants that paid their apportioned

price of the interest remaining and the price for all that interest. 6. Not later than 20 days after the court gives the notice described in paragraph

(c) of subsection 5, any cotenant that paid may elect to purchase all the remaining

interest by paying the entire price to the court. After the 20-day period, the following rules apply: (a) If only one cotenant pays the entire price for the remaining interest, the court

shall issue an order reallocating the remaining interest to that cotenant. The court shall issue promptly an order reallocating all the interests of all the

cotenants and disburse the amounts held by the court to the persons entitled to them. (b) If no cotenant pays the entire price for the remaining interest, the court shall

resolve the partition action under subsections 1 and 2 of NRS 39.680 as if the interests of the cotenants that requested partition by sale were not purchased. (c) If more than one cotenant pays the entire price for the remaining interest, the

court shall reapportion the remaining interest among those paying cotenants, based

on each paying cotenant's original fractional ownership of the entire parcel divided

by the total original fractional ownership of all cotenants that paid the entire price

for the remaining interest. The court shall issue promptly an order reallocating all the cotenants' interests,

disburse the amounts held by the court to the persons entitled to them and promptly

refund any excess payment held by the court. 7. Not later than 45 days after the court sends notice to the parties pursuant to

subsection 1, any cotenant entitled to buy an interest under this section may request

the court to authorize the sale as part of the pending action of the interests of

cotenants named as defendants and served with the complaint but that did not appear

in the action. 8. If the court receives a timely request under subsection 7, the court, after hearing,

may deny the request or authorize the requested additional sale on such terms as the

court determines are fair and reasonable, subject to the following limitations: (a) A sale authorized under this subsection may occur only after the purchase prices

for all interests subject to sale under subsections 1 to 6, inclusive, have been paid

into the court and those interests have been reallocated among the cotenants as provided

in those subsections; and (b) The purchase price for the interest of a nonappearing cotenant is based on the

court's determination of value under NRS 39.670 .