2006 Code of Virginia § 11-8 - Instruments executed by minors or unmarried widows to obtain benefits under certain federal legisla...

11-8. Instruments executed by minors or unmarried widows to obtain benefitsunder certain federal legislation.

Any person under the age of eighteen or widow who has not remarried who iseligible for a guaranty of credit under the provisions of Title III of an Actof Congress of the United States approved June 22, 1944, entitled the"Servicemen's Readjustment Act of 1944," as now or hereafter amended, orother like federal law, shall be upon complying with the terms of thissection, qualified to contract for and purchase any real or personal propertywith respect to which the guaranteed loan is to be made, to execute the noteor other evidence of the loan indebtedness and to secure the debt by theexecution of a deed of trust or chattel mortgage, or other instrument, uponthe real or personal property acquired as aforesaid in connection with theproposed loan or theretofore acquired by such person, whether by purchase orotherwise, and such person shall, in all respects, be bound by such contractsor other instruments entered into as though he or she were of full age.

When any such person is under the age of eighteen years no contract, note,deed of trust, mortgage or other instrument required to obtain benefits undersuch federal legislation shall be executed by such person unless the circuitor corporation court of the city or county, or judge thereof in vacation, inwhich the property is located or to be used, after a petition signed by anysuch person shall have been filed with it or him, approve the same. Suchpetition shall set forth the facts pertaining to the proposed transaction andshall state why the judge or court should approve and authorize the executionof the necessary instruments.

The petition shall be heard by the court without a jury and its decisionthereon shall be final. A guardian ad litem shall be appointed who shall makean investigation and report in writing whether in his opinion the bestinterest of the petitioner would be served by permitting the petitioner toenter into such transaction and the report shall be filed with the papers inthe case. No such petition shall be approved by the court unless suchapproval is recommended by the report of the guardian ad litem and unless itis also recommended by the testimony of at least two disinterested andqualified witnesses appointed by the court, or the judge thereof in vacation.The order of approval shall recite the recommendation of the guardian adlitem and the witnesses and also their names and addresses. And the judge ofthe court hearing the case shall fix a reasonable fee for the attorneys andguardians ad litem.

The court, if of opinion that entry into such transaction would benefit thepetitioner, shall approve the prayer of the petition and the petitioner, ifhe enter into such transaction and execute any instrument required therein,shall be bound thereby as if of full age whether all or part of theobligation secured be so guaranteed.

All rights which have accrued or obligations which have arisen under thissection prior to January 30, 1947, are hereby declared valid and binding.

If the court approve the prayer of the petition such approval shall operateto vest title and confer the power to encumber or convey title to real orpersonal property acquired pursuant to such approval.

Any infant spouse of an infant veteran permitted by the court to make loansunder this section may unite in any conveyance to effectuate such a loan asif he or she was a spouse of an adult signing as provided under theprovisions of 55-42, relating to the removal of disability of infancy incertain cases.

(1946, p. 432; Michie Suppl. 1946, 5760a; 1947, p. 102; 1954, c. 602; 1972,c. 825.)