                                 CODE OF VIRGINIA

COMMUTATION OF CERTAIN LIFE ESTATES (§ 55.1-506)

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.

HISTORY: 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.