§ 55.1-501 Rule of calculation under § 55.1-500
A. Calculate the interest at eight percent upon the sum to the income of which, or upon the value of the property to the use of which, the person is entitled. Multiply this interest by the present value of an annuity of $1, as set opposite the person’s age in the table, and the product is the gross value of the life estate of such person.
B. Example: Suppose a person whose age is 42 is a tenant for life in the whole of an estate worth $10,500. The annual interest on that sum at eight percent is $840. The present value of an annuity of $1 at the age of 42, as shown by the table, is $10.77, which, multiplied by $840, gives $9,046.80 as the gross value of such life estate in the premises, or the proceeds of such life estate.
History
The record of this law’s original creation isn’t available online. It has been modified 4 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1973, chapter 355; in 1981, chapter 612; in 1990, chapter 831; in 2019, chapter 712.
Code 1919, §§ 5132, 5133; 1946, p. 555; Code 1950, §§ 55-270, 55-271; 1973, c. 355; 1981, c. 612; 1990, c. 831; 2019, c. 712.