463B.240 - Sale of gaming establishment: Notice; transfer of property to buyer; payment of proceeds to former owners. - Nevada Statutes

463B.240  Sale of gaming establishment: Notice; transfer of property to buyer; payment of proceeds to former owners.  The following provisions apply to any sale of a gaming establishment pursuant to this chapter:

      1.  All known creditors and other persons designated by the court who are known to have had a legal ownership interest in the gaming establishment immediately prior to the appointment of the supervisor must be notified of the proposed sale at least 30 days before the hearing on the petition for approval of the sale. The notice must be delivered personally or sent by registered or certified mail to the last known address of each such person. The court shall also order that notice be published in a newspaper of general circulation in the county in which the establishment is located. If the address of a creditor or owner is not known, or personal service is not possible for some other reason, service by publication shall be deemed adequate. Any person so notified may file with the court a statement of objections to the proposed sale, including all grounds for the objections no later than 10 days before the hearing.

      2.  Upon completion of a sale pursuant to this chapter, the appointment of the supervisor terminates, except that the supervisor shall convey all his or her right, title and interest of the supervisor in the property of the gaming establishment to the buyer and shall pay the net proceeds of the sale to those persons who owned the property at the time he or she acquired it, or their successors or assignees, according to their respective interests.

      (Added to NRS by 1979, 808)