                                 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. However, if such funds do not
exceed 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 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&#8217;s own motion, the court may order that such
funds be distributed to a special needs trust as defined in § 64.2-779.10.

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; 2018, c. 124.