Proposed Legislation in DelawareJuly 2011 – Newsletters In the Zone
Title 12, Chapter 39, Subchapter 1(v) of the Delaware Code sets forth rules with respect to the sale of a disabled person’s real estate. Section 3951(b) currently provides that whenever application for the sale of a disabled person’s real estate is made to the Chancery Court, the court will appoint a licensed appraiser to perform an appraisal of the property. The appraised value shall be used by the court to establish the lowest price at which the property may be offered for sale.
The proposed amendment provides that the appraised value shall be used by the court as a guideline when considering an application for the sale of real estate by a guardian of a disabled person, and the court shall determine, in its discretion, based on the appraisal and all other relevant circumstances, whether the requested sale is in the best interest of the disabled person.
Accordingly, the proposed amendment to Section 3951(b) provides more flexibility to the Court of Chancery to use its equitable powers in determining, in totality, whether the purchase price, and the sale itself, is in the best interest of the disabled person.
For more information, please contact Michael J. Isaacs at 302.622.4213 or [email protected].