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2018 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 8.01-76 and 8.01-85 of the Code of Virginia are amended and reenacted as follows:
§ 8.01-76. How proceeds from disposition to be secured and applied; when same may be paid over.
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 However, if such
funds do not exceed $4,000 the amount set forth in subsection B of §
8.01-606, 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
the amount set forth in subsection B of § 8.01-606 shall, when paid over to
such person deemed appropriate, be treated as personal property.
Upon request of the legally appointed and qualified fiduciary of the person under the disability or the guardian ad litem of the person under the disability, or upon the court's own motion, the court may order that such funds be distributed to a special needs trust as defined in § 64.2-779.10.
§ 8.01-85. Disposition of share in proceeds of person under disability.
The court making an order for sale shall, when the dividend
of a party exceeds $2500, if such a party to the sale
be a person under a disability, order the same any dividend of the
sale to be disposed as the proceeds of a sale under the provisions of §
8.01-76 are required to be invested.