8.01-76 - How proceeds from disposition to be secured and applied; when same may be paid over. - Virginia Statutes

§ 8.01-76. How proceeds from disposition to be secured and applied; when samemay be paid over.

The proceeds of sale, or rents, income, or royalties, arising from the saleor lease, or other disposition, of lands of persons under a disability,whether in a suit for sale or lease thereof, or in a suit for partition, orin condemnation proceedings, shall be invested under the direction of thecourt for the use and benefit of the persons entitled to the estate; and incase of a trust estate subject to the uses, limitations, and conditions,contained in the writing creating the trust. The court shall take amplesecurity for all investments so made, and from time to time requireadditional security, if necessary, and make any proper order for the faithfulapplication and safe investment of the fund, and for the management andpreservation of any properties or securities in which the same has beeninvested, and for the protection of the rights of all persons interestedtherein, whether such rights be vested or contingent, but nothinghereinbefore contained shall prevent the court having charge thereof fromdirecting such funds to be paid over to the legally appointed and qualifiedfiduciary (as defined in § 8.01-67) of the person under a disability,whenever the court is satisfied that such fiduciary has executed sufficientbond; or from applying at any time all or any portion thereof to the properneeds and requirements of the person under a disability. Provided, however,that if such funds do not exceed $4,000, the court, in its discretion andwithout the intervention of a fiduciary, may pay such funds to any persondeemed appropriate by the court for the use and benefit of a person under adisability, whether such person resides within or without the Commonwealth.Such funds not in excess of $4,000 shall, when paid over to such persondeemed appropriate, be treated as personal property.

(Code 1950, § 8-685; 1952, c. 360; 1968, c. 380; 1970, c. 355; 1972, c. 159;1974, c. 139; 1977, c. 617; 1978, c. 419; 1981, c. 129.)