CODE OF VIRGINIA

HOW PROCEEDS FROM DISPOSITION TO BE SECURED AND APPLIED; WHEN SAME MAY BE PAID
OVER (§ 8.01-76)

The proceeds of sale, or rents, income, or royalties, arising from the sale or
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, or in condemnation
proceedings, shall be invested under the direction of the court for the use and
benefit of the persons entitled to the estate; and in case of a trust estate
subject to the uses, limitations, and conditions, contained in the writing
creating the trust. The court shall take ample security for all investments so
made, and from time to time require additional security, if necessary, and make
any proper order for the faithful application and safe investment of the fund,
and for the management and preservation of any properties or securities in which
the same has been invested, and for the protection of the rights of all persons
interested therein, whether such rights be vested or contingent, but nothing
hereinbefore contained shall prevent the court having charge thereof from
directing such funds to be paid over to the legally appointed and qualified
fiduciary (as defined in § 8.01-67) of the person under a disability, whenever
the court is satisfied that such fiduciary has executed sufficient bond; or from
applying at any time all or any portion thereof to the proper needs and
requirements of the person under a disability. Provided, however, that if such
funds do not exceed $ 4,000, the court, in its discretion and without the
intervention of a fiduciary, may pay such funds to any person deemed appropriate
by the court for the use and benefit of a person under a disability, whether
such person resides within or without the Commonwealth. Such funds not in excess
of $ 4,000 shall, when paid over to such person deemed appropriate, be treated
as personal property.

HISTORY: 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.