Lease held by an infant or person with a mental disability — Surrender and renewal; guardian or committee; court order.

In all cases where any person under the age of 18 years, or any person with mental illness, is or shall become interested in or entitled to any lease or leases made or granted, or to be made or granted, by any person or persons, bodies politic, corporate or collegiate, aggregate or sole, for the life or lives of 1 or more person or persons, or for any term of years, either absolute or determinable upon the death of 1 or more person or persons or otherwise, it shall and may be lawful for such person under the age of 18 years, or for his or her guardian or guardians, or other person or persons on his or her behalf, and for such person with mental illness, or his or her guardian or guardians, committee or committees of the estate, or other person or persons on his or her behalf, to apply to the court of chancery by petition or motion, in a summary way, and by the order and direction of the said court made, upon hearing all parties concerned, such person under the age of 18 years, and such persons with mental illness, or person or persons appointed by the said courts respectively, by deed or deeds only, shall and may be enabled, from time to time, to surrender such lease or leases, and accept and take, in the name, and for the benefit of such person under the age of 18 years, or person with mental illness, 1 or more new lease or leases of the premises comprised in such lease or leases surrendered by virtue of this section for and during such number of lives, or for such term or terms of years, determinable upon such number of lives, or for such term or terms of years absolute, as was or were mentioned or contained in such lease or leases so surrendered, at the making thereof respectively, or otherwise as the said court shall respectively direct.