When money is paid into the circuit or law courts of this state to satisfy judgments rendered in the circuit or law court, or money is paid into the circuit or law courts by reason of other proceedings had in the courts, and the money belongs to or is the property of minors, life tenants, beneficiaries of the remainder interests or contingent beneficiaries of the remainder interests or persons adjudicated incompetent, the courts are vested with powers to dispose of or to enter such orders in regard to the money as courts of chancery now have. Nothing in this section shall be construed as to deprive the chancery courts of their jurisdiction in regard to such matters.