{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-506.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-506.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-506.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-506.html"}],"law_id":57639,"edition_id":1,"section_id":57639,"structure_id":15130,"section_number":"55.1-506","catch_line":"Commutation of certain life estates","history":"1926, p. 361; Michie Code 1942, \u00a7 5133a; Code 1950, \u00a7 55-277; 1973, c. 355; 1981, c. 612; 1990, c. 831; 2005, c. 681; 2019, c. 712.","full_text":"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 \u00a7 55.1-500. This section shall not affect any spendthrift trust.","order_by":null,"text":{"0":{"id":211183,"text":"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 \u00a7 55.1-500. This section shall not affect any spendthrift trust.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15130,"edition_id":1,"name":"Commutation and Valuation of Certain Estates and Interests","identifier":"5","label":"chapter","depth":3,"order_by":1,"parent_id":13327,"metadata":{},"date_created":"2026-06-26 03:52:22","date_modified":"2026-06-26 03:52:22","permalink":{"id":245325,"object_type":"structure","relational_id":15130,"identifier":"5","token":"55.1\/I\/5","url":"\/55.1\/I\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13327,"edition_id":1,"name":"Property Conveyances","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:39","date_modified":"2026-06-26 03:44:39","permalink":{"id":244771,"object_type":"structure","relational_id":13327,"identifier":"I","token":"55.1\/I","url":"\/55.1\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":76205,"structure_id":15130,"section_number":"55.1-500","catch_line":"Annuity table","url":"\/55.1-500\/","token":"55.1\/I\/5\/55.1-500","metadata":false},{"id":59907,"structure_id":15130,"section_number":"55.1-501","catch_line":"Rule of calculation under \u00a7 55.1-500","url":"\/55.1-501\/","token":"55.1\/I\/5\/55.1-501","metadata":false},{"id":69650,"structure_id":15130,"section_number":"55.1-502","catch_line":"Table of uniform seniority","url":"\/55.1-502\/","token":"55.1\/I\/5\/55.1-502","metadata":false},{"id":72822,"structure_id":15130,"section_number":"55.1-503","catch_line":"Rules of calculation under \u00a7 55.1-502","url":"\/55.1-503\/","token":"55.1\/I\/5\/55.1-503","metadata":false},{"id":72791,"structure_id":15130,"section_number":"55.1-504","catch_line":"Makehamized mortality table","url":"\/55.1-504\/","token":"55.1\/I\/5\/55.1-504","metadata":false},{"id":84458,"structure_id":15130,"section_number":"55.1-505","catch_line":"Commutation in case of persons under disability","url":"\/55.1-505\/","token":"55.1\/I\/5\/55.1-505","metadata":false},{"id":57639,"structure_id":15130,"section_number":"55.1-506","catch_line":"Commutation of certain life estates","url":"\/55.1-506\/","token":"55.1\/I\/5\/55.1-506","metadata":false}],"previous_section":{"id":84458,"structure_id":15130,"section_number":"55.1-505","catch_line":"Commutation in case of persons under disability","url":"\/55.1-505\/","token":"55.1\/I\/5\/55.1-505","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-506\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1973, chapter 355; in 1981, chapter 612; in 1990, chapter 831; in 2005, chapter 681<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":80125,"section_number":"64.2-308.9","catch_line":"Exclusions, valuation, and overlapping application","order_by":null,"url":"\/64.2-308.9\/"}],"refers_to":[{"id":76205,"section_number":"55.1-500","catch_line":"Annuity table","order_by":null,"url":"\/55.1-500\/"}],"permalink":{"id":245351,"object_type":"law","relational_id":57639,"identifier":"55.1-506","token":"55.1\/I\/5\/55.1-506","url":"\/55.1-506\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-506\/","token":"55.1\/I\/5\/55.1-506","dublin_core":{"Title":"Commutation of certain life estates","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-506","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Whenever a party<\/span> 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<\/span> or has been reduced to money, stocks, bonds<\/span>, or notes, susceptible of division and when the total cost of holding such money, stocks, bonds<\/span>, or notes intact amounts to more than eight percent of the gross annual income, and when the party<\/span> 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<\/span> of record having jurisdiction<\/span> over the subject matter, the court<\/span> may order<\/span> that such party<\/span> or parties having charge of such money, stocks, bonds<\/span>, or notes shall pay to the party<\/span> having the right to receive such annual income a lump sum in accordance with \u00a7 55.1-500<\/a>. This section shall not affect any spendthrift trust.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCOMMUTATION OF CERTAIN LIFE ESTATES (\u00a7 55.1-506)\n\nWhenever a party as tenant for life, or in any other manner, has a life interest\nin an estate that has been sold under an action for partition or has been\nreduced to money, stocks, bonds, or notes, susceptible of division and when the\ntotal cost of holding such money, stocks, bonds, or notes intact amounts to more\nthan eight percent of the gross annual income, and when the party owning such\nlife estate is willing to accept a lump sum in lieu of such annual income, upon\nthe application of such person entitled to such annual income to any court of\nrecord having jurisdiction over the subject matter, the court may order that\nsuch party or parties having charge of such money, stocks, bonds, or notes shall\npay to the party having the right to receive such annual income a lump sum in\naccordance with \u00a7 55.1-500. This section shall not affect any spendthrift\ntrust.\n\nHISTORY: 1926, p. 361; Michie Code 1942, \u00a7 5133a; Code 1950, \u00a7 55-277; 1973,\nc. 355; 1981, c. 612; 1990, c. 831; 2005, c. 681; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}