| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
shall be notified to, and confirmed by, the chancellor or county
courts as aforesaid, and the purchase money for the same shall be
paid, before any conveyance of the property shall be made; and
bond with good and sufficient security, to be approved by the chancellor
or county courts as aforesaid, shall be given by the person
or persons empowered to sell property as aforesaid, for the due
execution of the trust committed, which bond shall be lodged with
the register in chancery, or clerk of the county court as aforesaid;
and any person interested in such sale shall have a right to a copy
of such bond, and a certificate from the said register, or clerk,
under his hand and seal of office; upon which copy and certificate
an action may be maintained, in the name of the state, for
the use of the party interested and apprehending himself aggrieved,
and judgment may be by such party recovered upon such action,
for the damages by him actually sustained, and the plea of non est
factum shall not be received to any such action, unless the same is
verified by the affidavit of the defendant or defendants tendering
the same. |
1816.
CHAP. 154. |
4. AND BE IT ENACTED, That the chancellor,
or the county
courts, as aforesaid, shall have full power and authority to allow
any trustee, who shall make a sale of any real estate by virtue of
this law, such commission from one to seven and an half per cent.
for his trouble in selling thereof, and paying over the same, as the
chancellor or the county courts as aforesaid shall, under a consideration
of all circumstances, think just and right. |
Allowance to trustees. |
5. AND BE IT ENACTED, That the proceeds of
the sales made
by and in virtue of this law, shall be paid over by the trustee or
trustees to the guardian or guardians of such infant or infants, to
be by such guardian or guardians vested in such public stock, or
other permanent funds, as will at least net six per centum per annum
at the time of the purchase, and as the orphans court of the
county, by whom such guardian or guardians shall have been appointed,
shall direct. |
Proceeds to be vested
in public stock. |
6. AND BE IT ENACTED, That the surplus interest,
after what
may be necessary for the maintenance and education of the said
infant or infants respectively, as it accrues, shall be vested by such
guardian or guardians, in such stock as aforesaid, and as the orphans
court shall and may direct as aforesaid. |
Surplus to be invested. |
7. AND BE IT ENACTED, That all monies vested
by and in virtue
of this law, shall be vested in the name of such infant or infants,
and shall be transferrable only by virtue of an order of the
orphans court aforesaid, and all transfers without such order are
hereby declared void to all intents and purposes. |
To be vested in
name of infants. |
8. AND BE IT ENACTED, That no part of the
principal arising
from the sale of any real estate by virtue of this law, shall in any
wise be applied towards the maintenance or education of any infant,
unless the chancellor or the county court, as the case may be,
shall consider it necessary for the education or maintenance of the
minors. |
Principal not to be
applied to education
of infants, unless
considered necessary. |
9. AND BE IT ENACTED, That in case of the
death of any such
infant or infants before their arrival at lawful age, or his, her or
their death without lawful issue, the proceeds of the said sale, or
the said stock, shall be considered as real estate, and as such shall
descend to those heirs or representatives who would be entitled to |
How property is to
descend in case of
infants death. |
|
 |
