The procedure in such suit and the investment of the proceeds of sale shall be in accordance with §§ 8.01-73, 8.01-75 and 8.01-76, so far as the same can be made applicable, and the court may, in its discretion, commute the life estate according to § 55.1-500. In the case of a lease, however, the rents may be made payable direct to the person or persons entitled thereto, for the time being.

Terms Used In Virginia Code 8.01-95

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Person: shall include individuals, a trust, an estate, a partnership, an association, an order, a corporation, or any other legal or commercial entity;

    6. See Virginia Code 8.01-2

Code 1950, § 8-703.2; 1977, c. 617.

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