29-27-218 - Disposition of proceeds of sale. - Tennessee Statutes

29-27-218. Disposition of proceeds of sale.

(a)  The shares of adults not under any disability, in the proceeds of sale made for partition, after deducting the proportion of costs to be borne by such shares, shall be paid over to such parties or their order.

(b)  If any of the parties are infants, the court shall direct the disposition of the shares of such parties, and may order that the money be paid over to the general guardian, upon giving bond, with good security, to cover the fund, or laid out in the purchase of other lands for such minors, or otherwise permanently invested.

(c)  The court shall, in like manner, direct the disposition of the shares of other parties laboring under the disability of unsoundness of mind, or, upon proper application, order a reinvestment in other property, for the benefit of such parties.

(d)  Where any of the parties are absent from the state, are without legal representatives in this state, or are not known or named in the proceedings, the court shall direct the shares of such parties to be invested in permanent securities at interest, for the benefit of such parties, until claimed by them or their legal representatives.

[Code 1858, §§ 3316-3318, 3321 (deriv. Acts 1827, ch. 54, §§ 2, 3; 1851-1852, ch. 166, § 4); Shan., §§ 5065-5067, 5070; Code 1932, §§ 9220-9223; T.C.A. (orig. ed.), §§ 23-2148 23-2151.]