Code of Virginia

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Code of Virginia
Title 55.1. Property and Conveyances [Effective October 1, 2019]
Chapter 5. Commutation and Valuation of Certain Estates and Interests
11/14/2019

§ 55.1-506. (Effective October 1, 2019) Commutation of certain life estates.

Whenever a party as tenant for life, or in any other manner, has a life interest in an estate that has been sold under an action for partition or has been reduced to money, stocks, bonds, or notes, susceptible of division and when the total cost of holding such money, stocks, bonds, or notes intact amounts to more than eight percent of the gross annual income, and when the party owning such life estate is willing to accept a lump sum in lieu of such annual income, upon the application of such person entitled to such annual income to any court of record having jurisdiction over the subject matter, the court may order that such party or parties having charge of such money, stocks, bonds, or notes shall pay to the party having the right to receive such annual income a lump sum in accordance with § 55.1-500. This section shall not affect any spendthrift trust.

1926, p. 361; Michie Code 1942, § 5133a; Code 1950, § 55-277; 1973, c. 355; 1981, c. 612; 1990, c. 831; 2005, c. 681; 2019, c. 712.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.