MS SB2553

Creates the "Uniform Partition of Heir Property Act" establishing new procedures for partitioning real property held in tenancy in common where at least 20% of interests are held by relatives or acquired from relatives.

Requires plaintiffs seeking notice by publication to post a conspicuous sign on the property within 10 days of court's determination that property may be heir property, stating the action has commenced and identifying the court.

Establishes a court-ordered appraisal process to determine fair market value of heir property by a licensed appraiser, with parties having 30 days to object and the court conducting a hearing before finalizing the valuation.

Allows cotenants to purchase the interests of cotenants requesting partition by sale within 45 days of notice at a price based on their fractional ownership, with a 60-day payment deadline and provisions for subsequent buyout opportunities if initial purchases fail.

Requires courts to order partition in kind unless manifest prejudice would result, considering factors including practicability of division, loss of value from division, duration of family ownership, sentimental attachment, and property maintenance contributions; if partition in kind is not ordered, the court must order partition by sale.