37.270 - Reversion of property upon repayment of original purchase price; conditions. - Nevada Statutes

37.270  Reversion of property upon repayment of original purchase price; conditions.  Notwithstanding any other provision of law, property taken pursuant to the provisions of this chapter must be offered to and reverts to the person from whom the property was taken upon repayment of the original purchase price if, within 15 years after obtaining possession of the property, the entity that took the property:

      1.  Fails to use the property for the public use for which the property was taken or for any public use reasonably related to the public use for which the property was taken; or

      2.  Seeks to convey the right, title or interest in all or part of that property to any person and the conveyance is not occurring pursuant to subsection 2 of NRS 37.010.

Ê The entity that has taken the property does not fail to use the property under subsection 1 if the entity has begun active planning for or design of the public use, the assembling of land in furtherance of planning for or design of the public use or construction related to the public use.

      (Added to NRS by 2005, 1787; A 2005, 2219; 2007, 337)