(a) When town or city lots, or land outside of a town or city, but having upon it a building of more value than the land, shall be held by, or in trust, for coparceners, joint tenants, or tenants in common, some of whom are infants or persons of unsound mind, the circuit court, or other court of similar jurisdiction, may, upon the complaint of a part of the owners against the others, of the trustee against the owner, or of the owners against the trustee, and upon its being proved that a division of the land would materially impair its value, order a sale thereof and the division of the proceeds among those entitled.
(b)
(1) Before the sale is ordered, the court shall appoint some suitable persons to take care of the interests of the infants or individuals with mental illness.
(2) The shares of the infants or individuals with mental illness shall not be paid by the purchaser, but remain a lien upon the land, bearing interest, until they become capable in law of receiving their respective shares or until statutory guardians shall be appointed for the infants or individuals with mental illness, or the infants shall become married.
(3) The guardians shall give bond as required by law.