Nevada Revised Statutes
Chapter 151 - Adjustments; Distribution and Discharge
NRS 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.
[238:107:1941; 1931 NCL § 9882.238] + [239:107:1941; 1931 NCL § 9882.239]—(NRS A 1999, 2342)

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Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 151 - Adjustments; Distribution and Discharge

NRS 151.003 - Order of priority for payment of devises.

NRS 151.005 - Agreement by distributees to alter interests, shares or amounts to which they are otherwise entitled under terms of will: Requirements; exceptions; personal representative to abide by terms.

NRS 151.010 - Petition for partial distribution; bond.

NRS 151.020 - Petition for hearing and notice of hearing.

NRS 151.030 - Contest of petition.

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

NRS 151.050 - Order of repayment: Action on bond or other security; action against distributee if no bond or other security given.