8.01-74 - Leases on behalf of persons under disability; new leases. - Virginia Statutes

§ 8.01-74. Leases on behalf of persons under disability; new leases.

A. Leases on behalf of persons under a disability. - When a person under adisability is entitled to or bound to renew any lease, any fiduciary onbehalf of such person under a disability or any other interested person mayapply by motion after reasonable notice to parties having a present interestin the property to be leased, to the circuit court as prescribed insubdivision 3 of § 8.01-261, and by the order of the court any personappointed by it may, from time to time, surrender or accept a surrender ofsuch lease, or take or make a new lease of the same premises for such termand with such provisions as the court directs. Such reasonable sums as areincurred to renew any such lease shall, with interest thereon, be paid out ofthe profits of the leasehold premises, and be a charge thereon until payment.

B. New leases. - When it shall appear to a circuit court that the interestsof a person under a disability will be promoted by the execution of a newlease, where no prior lease exists, any fiduciary or any other personinterested in the subject matter may apply in like summary fashion as statedin subsection A of this section and upon showing to the satisfaction of thecourt that the provisions therein were complied with, including reasonablenotice to parties having a present interest to the property to be leased, thecircuit court upon the consideration of the probable length of the disabilityand the duration of the proposed lease, may order such lease to be executed.Such lease may be renewed or surrendered at any time pursuant to subsection Aof this section and under such conditions as the court may direct.

(Code 1950, § 8-674; 1952, c. 360; 1977, c. 617.)