CHAPTER 271

An Act to amend and reenact § 8-703.1 of the Code of Virginia, relating
to the sale, leasing or exchange of certain interests in real and per-
sonal property.

{H 495]

Approved March 11, 1958

Be it enacted by the General Assembly of Virginia:

a That § 8-703.1 of the Code of Virginia be amended and reenacted as
ollows:

§ 8-703.1. Whenever an interest in property, real or personal, is held
by * a person with remainder or limitation over contingent upon any event,
or for his life or for the life of another, and there is limited thereon any
other estate, vested or contingent, to any other person, natural or artificial,
whether in being or to be thereafter born or created in any manner what-
soever, such * person holding an interest in the property so subject to
remainder or limitation over or for his own life, or his committee, or, if
the estate so held be for the life of another, then his heir or personal repre-
sentative, as the case may be, may for the purpose of obtaining a sale or
leasing or exchange of the fee simple interest or absolute estate in such
property, if the sale or leasing or exchange thereof is not prohibited by the
instrument creating the estate and the remaindermen, or any of them,
whether in being or hereafter to be born or created, are from any cause
incapable at the time of filing the bill as herein provided or of giving their
assent, or the remainder or limitation over is contingent or defeasible, file a
bill in equity in the circuit court of the county, or the circuit court, cor-
poration court, or any city court having equity jurisdiction of the city, in
which the estate proposed to be sold or leased or exchanged or some part
thereof may be, stating plainly the property to be sold or leased or
exchanged and all facts calculated to show the propriety of such sale or
lease or exchange. A like bill may be filed in the like court for the sale or
leasing or exchange of the remainder in such estate by a remainderman,
his guardian or committee. The bill shall be verified by the oath of the
plaintiff and all persons interested in the property presently or contin-
gently, other than the plaintiff, shall be made defendants, and if such
remaindermen be not born or created at such time of filing such bill, such
suit shall not for such cause abate, but such unborn person or uncreated
artificial person shall be made defendant by the name of “person unknown
or person yet to be born or created’’, and the court shall upon the filing of
such bill appoint a guardian ad litem to defend the interest of such unborn
person or uncreated artificial person. If it be clearly shown independently
of any admissions in the pleadings that the interest of the plaintiff will
be promoted and the rights of no other person will be violated thereby, the
court may decree a sale or leasing or exchange of the property or any part
thereof, or of the remainder therein, taking for the purchase money in
case of sale on credit ample security and, if such sale be of real estate,
retaining a lien thereon unless the sale shall be for cash; the title to any,
land acquired in any exchange herein provided for shall be held and owned
by the same persons in the same way and to the same extent that they
owned the land given in such exchange, and subject to the same conditions.
The decree rendered in such suit shall be binding upon all persons natural
or artificial who may be born or created thereafter and become interested
in the penta in like manner and to the like extent as upon the parties to
e suit.