SECTIONS 9980-9983 - California Statutes

PROBATE CODE

SECTION 9980-9983

9980. (a) Where an option to purchase real or personal property is
given in a will, the person given the option has the right to
exercise the option at any time within the time limits provided by
the will. For the purposes of this section, if a time limitation in
the will is measured from the death of the testator, that time shall
be extended by the period between the testator's death and the
issuance of letters testamentary or of administration with the will
annexed or by six months, whichever is the shorter period.
(b) If the will does not provide a time limit for exercise of the
option, the time limit is one year from the death of the decedent.
(c) Subject to subdivision (b), if the option given in the will is
exercisable under the terms of the will after the time that the
estate would otherwise be closed, the property subject to the option
shall be distributed subject to the option.

9981. (a) Where an option to purchase real or personal property is
given in a will admitted to probate, the court may make an order
under this chapter directing the personal representative to transfer
or convey the property to the person given the option upon compliance
with the terms and conditions stated in the will.
(b) The personal representative or the person given the option to
purchase the property may file a petition for an order pursuant to
this chapter.
(c) Notice of the hearing on the petition shall be given as
provided in Section 1220.

9982. The court shall not make an order under this chapter unless
one of the following requirements is satisfied:
(a) The court determines that the rights of creditors will not be
impaired by the making of the order.
(b) The court requires a bond in an amount and with such surety as
the court shall direct or approve.

9983. No omission, error, or irregularity in the proceedings under
this chapter shall impair or invalidate the proceedings or the
transfer or conveyance made pursuant to an order made under this
chapter.