§ 33-16-23 - Purchase of real estate. - Rhode Island Statutes

SECTION 33-16-23

   § 33-16-23  Purchase of real estate. –(a) The court may authorize the purchase of the entire fee simple title or theentire equity of redemption to real estate in this state in which the guardianhas no interest, but only as a home for the ward, or to protect his or herinterest, or as a home for his or her dependent family. The purchase of realestate shall not be made except upon the entry of an order of the court afterhearing upon verified petition. A copy of the petition shall be furnished theproper office of the veterans administration and notice of a hearing on thepurchase of real estate shall be given the office as provided in the case of ahearing on a guardian's account.

   (b) Before authorizing this investment, the court shallrequire written evidence of value, title and the advisability of acquiring thereal estate. Title shall be taken in the ward's name. This section does notlimit the right of the guardian on behalf of his or her ward to bid and tobecome the purchaser of real estate at a sale thereof pursuant to a decree offoreclosure of lien held by or for the ward, or at a trustee's sale, to protectthe ward's right in the property so foreclosed or sold; nor does it limit theright of the guardian, if necessary to protect the ward's interest and uponprior order of the court in which the guardianship is pending, to agree withco-tenants of the ward for a partition in kind, or to purchase from co-tenantsthe entire undivided interests held by them, or to bid and purchase the realestate at a sale under a partition decree, or to compromise adverse claims oftitle to the ward's realty.