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1996 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 64.1-184 of the Code of Virginia is amended and reenacted as follows:
§ 64.1-184. When sale within year valid against creditors; proceeds paid to special commissioner; bond to obtain proceeds.
Any alienation of such estate made within one year after the death of the
testator or intestate shall be valid against creditors of such testator or
intestate, if such estate be is sold and conveyed under and
pursuant to decrees of a court of competent jurisdiction in a proper suit for
partition, sale of lands of persons under disability, or other judicial sale,
and the net proceeds of sale thereof be are paid to a special
commissioner appointed by the court for the purpose.
The net proceeds of sale shall be the purchase price for such estate including money, deferred purchase money obligations, and other securities, remaining after the payment of the expenses of sale ordinarily paid by the vendor in sales of such estates and the discharge of such indebtedness and encumbrances for which, by law, such estate is primarily liable.
The net proceeds so paid shall be held by the special commissioner appointed by
the court for the purpose, in lieu and in place of such estate subject to the
claims of creditors of the testator or intestate in the same manner and to like
extent in every respect as such estate would have been if not sold, for a
period ending no sooner than one year after the death of the testator or
intestate, at which time. Upon expiration of the one-year period, or
at any time within the one-year period upon the posting of a bond with such
surety as may be prescribed by the court to secure any claims against the
property or proceeds, if no claim shall have has been
made or asserted against the net proceeds, they shall be distributed by the
special commissioner to those entitled thereto in proportion to the interest of
each in such estate; provided that as to any sale made in conformity with
the provisions of this section. A purchaser of any land so sold in
conformity with the provisions of this section shall not be required to see
to the application of the purchase money.
The special commissioner who receives and holds such net proceeds or refunding bond shall give such bond as may be required by the court appointing him.