Chap. 265.—An ACT to amend the Code of Virginia by adding thereto a new
section numbered 5760-a relating to certain written instruments executed to
obtain benefits under federal legislation. fH B 371]

Approved March 25, 1946

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding thereto a new
section numbered fifty-seven hundred sixty-a, as follows:

Section 5760-a. Any person under the age of twenty-one and over
the age of eighteen who is eligible for a guaranty of credit under the
provisions of Title III of an Act of Congress of the United States, ap-
proved June twenty-second, nineteen hundred forty-four, entitled the
“Servicemen’s Readjustment Act of nineteen hundred and forty-four”,
as now or hereafter amended, shall be upon complying with the terms of
this act, qualified to contract for and purchase any real or personal prop-
erty with respect to which the guaranteed loan is to be made, to execute
the note or other evidence of the loan indebtedness and to secure the debt
by the execution of a deed of trust or chattel mortgage, or other instru-
ment, upon the real or personal property acquired as aforesaid in con-
nection with the proposed loan or theretofore acquired by such person,
whether by purchase or otherwise, and such person shall, in all respects,
be bound by such contracts or other instruments entered into as though
he or she were of full age. The spouse of such person shall likewise be
qualified to unite in the deed of trust or chattel mortgage, or other instru-
ment to subject to the lien thereof any right, title or interest which he or
she has or may have in the property subject to the deed of trust, mort-
gage or other instrument, although such spouse may be under the age of
twenty-one. ,

When any such person or the spouse of such person is under the
age of twenty-one years no contract, note, deed of trust, mortgage or
other instrument required to obtain benefits under such federal legis-
lation shall be executed by either of them unless the circuit or corpora-
tion court of the city or county, or judge thereof in vacation, in which
the property is located or to be used, after a petition signed by any such
person shall have been filed with it or him, approve the same; such
petition shall set forth the facts pertaining to the proposed transaction
and shall state why the judge or court should approve and authorize
the execution of the necessary instruments.

The petition shall be heard by the court without a jury and its
decision thereon shall be final. A guardian ad litem shall be appointed
who shall make an investigation and report in writing whether in his
opinion the best interest of the petitioner would be served by permitting
the petitioner to enter into such transaction and the report shall be filed
with the papers in the case. No such petition shall be approved by the
court unless such approval is recommended by said report of the guardian
ad litem and unless it is also recommended by the testimony of at least
two disinterested and qualified witnesses appointed by the court, or the
judge thereof in vacation. The order of approval shall recite the recom-
mendation of said guardian ad litem and said witnesses and also their
names and addresses.

The court, if of opinion that entry into such transaction would
benefit the petitioner, shall approve the prayer of the petition and the
petitioner, if he enter into such transaction and execute any instrument
required therein, shall be bound thereby as if of full age.

2. An emergency exists and this act is in force from its passage.