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IN HB1324

Bill

Official Source

Status

Introduced

1/14/2019

Primary Sponsor

Sharon Negele

Click for details

Origin

House of Representatives

2019 Regular Session

AI Summary

  • Establishes special procedures for partitioning "heirs property"—real estate held in tenancy in common where at least one cotenant inherited from a relative and 20% or more of interests are held by relatives or those who inherited from relatives
  • Requires court-ordered appraisal to determine fair market value before partition, with parties notified and given 30 days to object
  • Grants non-selling cotenants first right to purchase interests of cotenants requesting partition by sale, at the appraised proportional value, within 45 days of notice
  • Mandates partition in kind (physical division) unless the court finds it would cause "great prejudice" to cotenants as a group, considering factors such as sentimental attachment, ancestral value, duration of family ownership, and current use
  • Requires open market sale through a licensed broker if partition by sale is ordered, with property offered at no less than the determined value, rather than defaulting to auction

Legislative Description

Uniform partition of heirs property act. Provides for the partition of heirs property.

Last Action

First reading: referred to Committee on Judiciary

1/14/2019

Committee Referrals

Judiciary1/14/2019

Full Bill Text

No bill text available