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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.