Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1859-06-01
no. 1871 AN ACT
10 provide 70: the sale or lease of estates tail

tN oanC Acte-c VI GlllCS Adll
IN certain cases
Section j. DC II enaaed By the General As
seS6ty OF tie StGte Of Ohio, That it shall be
competent for the courts of common pleas of
IN state. ON application of the first dunoe in
tail. or for life. To authorize the sale of entaiied
estates. and estates for life with remainder over
10 any other person or persons, when .afisfed
That the sale would lie for the benefit of tie ap-
l%lIcant and do no substantial injury to the
ifi.sin tail, Or others in succession, reveTsion,
or remainder.
Sec. J. The petition shall contain a dcscrip-
ton of the estate TO be sold, 4 clear statement Of
the interest of the petitioner therein. and Il copy
uf the vii. deed or other instrument of writ 2
by which the estate is created. All persons ia
being who NAV be interested in the estate, or
who may, by tie terms of the viii. deed or
other instrument creating the enta lneut, there
after become interested therein rs heir. rcver-
sioaer otherwise. shall be made parties to the
petition; and if the names Of any persons
who Olght to be made parties are unknown to
The petitioner, or if the residence of any such
larty Is unknown TO the petitioner, the fact
shall be verified bv the affidavit of the petition
er, and The sale may be ordered notwiihsiand-
ing such names and residences may be unknown
The same notice shall be given to defendants. of
The application for the sale, as now is or NAV
hereafter be required in cases of petitions of al
miaistrators for authority TO x real estate for
the payment of debts.
See. 3. II, upon the hearing of the petition,
j, shall he made tn appear TO the court BIZ satis-
factory pTo0f. that Il sale of the estate would be
fnr the benefit of the first donee in tail. Or for life,
ald do no substantial injury to the heirs in tai.
or others IN succession, reveYsIol, or remainder,
the court shall direct Il sale of The estate to he
made, and the manner thereof; and shall ap-
punt some suitable person or persons TO make
the same; and such sale shall vest the estate sold
in the purchaser, fFeed from the entailment o.
Limitation over.
Sec. 4. All parties in interest may appear
voluntarily and Consent in writing to such sale,
and testamentary guardians. and guardians ap-
pointed by the court OF probate, may assent il
ihe place of their wards 10 the sale.
Sec. 5. All such sales shall be reported 70
the eoHrt authorizing the same, and ii, an ex-
animation thereof, it shall appear that such sale
has besn fairly conducted aid made. and that
the price obtained Is the reasonable value Oftle
estate sold, the court shall confirm the sale and
authorize and direct 4 deed of conveyance of The
premises sold, 10 be made TO the purchaser or
purchasers on payment oft e purchase money,
or in securing the payment thereof, in such
manner as shall be approved BY the court.
Sec. 8. All moneys arising from sales under
this act shall. for purposes of descent, sUeces-
tion. reversion, or remainder, have the sane
character, and be governed by the same rrinci-
pies. g. the estate sold, and shall Tass. according
10 the terms OF the decd, will, or other instru-
Ireat Grating the estate.
Sec. Z. Moneys arising from sach sales shall,
under the direction and approval of the court, be
invested in the certificates of the funded debt OF
This state. or of the United States, or in bonds
secured by mortgage on unincumbesed real
estate. situated in the proper county, of double
the value Ofthe moneys secured thereby, exclu-
s;ve of baildIngs and other improvements and
OF timber. mines and minerals.
The court shall appoint competent Trustees 10
invest the nlon.y Aforesaid, and manage the
same, who shall. from time to time, report to the
court their proceedings and the condition of
the fund; and the court shall require OF such
trustees security Tor the faithful discharge of
their duty; may, from time To time, require ad-
%dItionai security. and may remove such tr stees
for cause shown. or reasonable apprehension
thereof; may accept the resignation of j trustee,
and fiji vacancies by new appointment.
Sec. 3. The net income accruing fr0m sales
authorized by this act, shall be paid 10 the per-
son or persons who wOaid be entitled 10 the
use or income of the es- ate were the same IN
sold: and all taxes, and the expenses of the ia
vestment and management of the fund. shall be
paid by the person or persons entitled TO the
income thereof.
Sec. 8. Upon like proceedings. as herein
before authorized the court may, IN their discre-
ton. authorize and direct thar such estates be
leased for a term of years, renewable or other
wise, as may appear most beneficial. and upon
such terms as may appear just and equitable,
the reats and profits 10 be paid to the DeIs IN or
persons who might otherwIs e be entitled TO the
rise and occupancy of the estate, or the income
thereof.
Sec. 10. The costs of the petition and sale,
or lease. shall be pa d by the person or persons
entitled to the income aforesaid.
Sec. 4. This act shall take effect upon its
passage.
WILLIAM B. WOODS,
Speaker Of The House of Representations.
MARTIN WELKER,
President Of Tic SeHsss.
April 4. 1859.