§ 55.1-502 Table of uniform seniority
When any two parties, as joint tenants for life, are entitled to the annual interest on a sum of money, or are entitled to the use of any estate or a part thereof, and are willing to accept a gross sum in lieu thereof, or the party liable for such interest, or affected by such claim, has the right to pay a gross sum in lieu thereof, or if the court in any legal proceeding orders a gross sum to be paid in lieu thereof, the sum shall be estimated according to the then value of an annuity of eight percent on the principal sum during the probable joint lives of such persons (which probable joint lives shall be computed from the table in this section for computing uniform seniority) as set forth in Column II in the table in § 55.1-500, showing the present value, on the basis of eight percent interest, of an annuity of $1 payable at the end of every year that two persons of given ages may both be living for the ages therein stated: TABLE OF UNIFORM SENIORITY
History
This law was first created in 1973. The record of its establishment is cataloged in chapter 355 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1973 “Acts” aren’t available online. It has been modified 2 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 1981, chapter 612; in 2019, chapter 712.
1973, c. 355, § 55-272.1; 1981, c. 612; 2019, c. 712.