Chap. 331.—An ACT to amend and re-enact Sections 5131, 5132, and 5133, re-
lating, respectively, to annuity tables, the rule of computation, and examples
thereunder; and to amend the Code of Virginia by adding four new sections
numbered 5133-a 1 through 5133-a 4 relating, respectively, to a table of uniform
seniority, the rule for calculation of the interest of joint life tenants in certain
estates and examples thereunder, a rule for the computation of certain other
interests, and a rule and example for the computation of the present cash value
of certain contingent interests. {H B 75]

Approved March 27, 1946

Be it enacted by the General Assembly of Virginia:

1. That sections fifty-one hundred thirty-one, fifty-one hundred
thirty-two and fifty-one hundred thirty-three of the Code of Virginia be
amended and re-enacted, and that the Code of Virginia be further amend-
ed by inserting therein four new sections numbered fifty-one hundred
thirty-three-a one through fifty-one hundred thirty-three-a four, as fol-
lows:

Section 5131. Annuity table—When a party as tenant for life, or
by the courtesy, or in dower, is entitled to the annual interest on a sum
of money, or is entitled to the use of any estate, or a part thereof, and
is 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 leu thereof, or if the court in any legal proceeding decree a gross
sum to be paid in lieu thereof, the sum shall be estimated according to
the then value of an annuity of five per cent, on the principal sum dur-
ing the probable life of such person, according to the following table,
showing in Column I the present value, on the basis of five per cent,
interest, of an annuity of one dollar, payable at the end of every year that
a person of a given age may be living, for the ages therein stated :
I
Age Last Birthday Life

Less than one year ...W........-.ceccceceeees 17.893
DL eeeeeceeceeeecencceseceeetecceeeseeeseeceeeseeseeenees 18.635
D cenncneccecesrnceecesencecceeceseceeeeecceeseseetsneeescees 18.657
3 eeseccceeceecsceeeescceesceneeeeceesensceteneesceesnesneees 18.638
G aeesscesecccsccecececeeeceecceeceeeseesnseacecsneececsnees 18.604
SF scxecreocsmoustne specs Seater MSE SOL 18.562
O neceecceeccsccecncceccessseeneceeneesseceetseeeseesceeeeeens 18.514
ee 18.461
B eeneecccencccececeesceccececeescessecesceeeseecseceseeeess 18.404
ee 18.342
LO ooeeeeeeeeeceeseececeeceeseeeeccesneesceeeenceeeecesseesees 18.276
|S 18.206
V2 ooeeeeeeeeceeceessesceeecesecesncesceesceececeneeeseesecenes 18.134
13 ooeeeeeeeceeeecceececeecececeeceeececeececeseeeseeesceeaees 18.060
re 17.984
LS leeeeesessesesseceecerenceceeceseeseceeseesceeseeeceeeeees 17.906
16 _.ecencesceescescessacenececeeesceeeeeeceeesesseesceessesses 17.826
V7 o.eecessnccecsencesceececsnecenseceecsceeseeeseeeneeccsenees 17.743
18 oon eeeeeceeeeceecsceeeceeccececececceeseeenseeeeseeceeeees 17.659
1D Lieeeeceececencsncesenceeseeeccceeceeeeceeseeeeseeeseeenees 17.571
ee 17.479
2 17.383
22 ecsnncencceneensccnecensesceesseseneseeeecsencesenessceeess 17.284
23 ooececceccnccscessesseescesneeesececcesssceneesteesseeeecs 17.180
24 oceeeeccccseceeeseessneneeneseseceecseesesscececeesneceees 17.072
1 ere 16.960
26 oaeeececceeccencecsessceseeeenesesenseereeeeserseeeeeeeees 16.843
QT oececccenccenseneceesseeaceeccecsneeseceencecnececseeeesees 16.722
28 onneeeneeeccceecceecceceeesceescececerseeesceeeceteeeeoees 16.596
29 wocececnsccsnecececeteseeesncereseecenecessceseeesecsseeees 16.466
| 16.330
re 16.189
., | ea en 16.044
5 15.893
ee 15.736
ee 15.574
BO oeeeeceeccecceeceecsecceesetecseseceecenscesaeesesetsecssess 15.407
Yee 15.234
BS ooeeeecceecceecceeccenceeseeeeceesseeecceteceeceeeeceeessees 15.056
BD oieicecsccsscencessesseeseeensneceececeseeeseeseeeecsescees 14.871
AQ) noone ecceeececececseccecceeeeceeceecersececeeeeceeceeeses 14.682
CS 14.486
ee 14.284

Lives

16.442
17.857
17.923
17.911
17.873
17.820
17.757
17.686
17.608
17.522
17.430:
17.333
17.234
17.132
17.029
16.923
16.816
16.707
16.595
16.480
16.359
16.234
16.104
15.970
15.830
15.685
15.535
15.379
15.218
15.052
14.879
14.701

14.518

14.328
14.133
13.932
13.726
13.514
13.295
13.072
12.842
12.607
12.367
12.122
Age Last Birthday Life
BA noe ieeceececcsceeeseceecenceeecececeecersecenceeeenessceees 13.864
4S aeeececceccenececscceoseecectencsesecsectecceaeeecseneees 13.645
46 oooeeeeeneeeccescesecceceeecnecctecseseeseceeacecesssneesee 13.420
A acenecsceccnecnecsenceeseeeeesceeeneeecescossneseecenseees 13.190
AB nee eececceceeececeeeecessceccesecesncescesnneeeseeeene 12.954
4D ooeeecsccecceceacececesessecescesecssneeeceseneesneessennee 12.712
SO oo neeescseceeceeeseecceeceecesenceeetsenceeereceesnseseees 12.466
ee 12.214
ie 11.957
oh 11.695
D4 eececececeesceeeeeeceeceteecseceseceseceseceneeesceeseees 11.429
OS leeceeesececessececceseessesssesncessesceeseeeaececseseees 11.158
SO eeeecceccececeesececesceesesaccescseneesensenesenenenees 10.883
ae 10.605
58 ..eeccececceceeccesececesseeeeseseessceessceessessneessoeess 10.323
5D eeeecesccscseseecceseeessseesneececesceansessesenseescences 10.038
Ce 9.750
0) ee 9.460
C2 o.eeeceseceeccencceneecececeessssnneseceesnenceseceencenaee 9.167
OX ee 8.874
OF ee eeeccececesccececeeceeneeseeeacesecescecssecseceees 8.579
OD ooeeeeecescecsncececeeeceesecenctenceeseesesccensnessaeesees 8.283
Cr 7.988
O7 ooeeeececccececeescsceeecesseeeceeeaceeneeessccesenesenseess 7.693
OS oo eeeecceececeeeecceetesceecceseeececescenscesneraneenees 7.399
OD oieeeccccccccccesceececeseceseeesseeesseescessneceneeenees 7.106
i 6.815
VA ooeeeeseeeceseceseeseceseceeceesecsecsesssenscesseeeesees 6.526
ee 6.241
D3 ceceseccceesceneesnseececncesenseceesscecsecsssenseeeneceees 5.959
TA oeeceeesceccseecesetecceceeeececeseceneessecesseeaneeeases 5.680
TD eeseccnccencesececssenesecesensenseseceecsesaceeceesnessnes 5.

70 .eenecsenccesseeecsseesessecensennacereeesneenceesceeeceees 5.137
ee 4.874
fe 4.616
DD eececcscceecceceseceessenceseneeceseseeceeaneeneeesteesecs 4.364
Se 4.118
oD 3.879
BQ iececececceseeecceseeseeseceesnensnceaneesssseseeesoeesees 3.648
oS 3.424
SH ooeeeeccccceccccesceesesesneeessesseeesneesneeescsesneeenees 3.207
BS oeeeeeececeeceseceescesececeenceeceesseeessesesesseenneenaes 2.998
BO ooeeeeececcecececececseceeecneeescecsceseneseeenneeseeenses 2.797
re 2.604
BS ooeeeceecscesccceeseseceeccesecsescesecesscessnecensesneens 2.419
BD ooeeeececcccesecenssnsecceeseaescesseceescescesessesencees 2.242
QO ona eeeeeeceeeeeceeseceerecesetsceessseeseeesceesseseceneees 2.073
Age Last Birthday | Life Lives
9

Deel teececeececeeeeesncceeseceeeeceesecessacesseerens 1.913 921
QZ _.eeeneneecescecceeencecesseteeecsecesscnenceeeeeeseesetens 1.760 827
ee 1.615 740
D4 oon eeeeeeeeeeeeeececececseeeeeceeeneeenneeeceeeeceeeceneess 1.479 658
QS oe eeeeeeceseeecceceecenceeecceceeecesecenecteesseseeeees 1.349 583
en eee en nee 1.228 514
Q7 cesssccencececcceececceccecaccecsecessecesenescesceeees 1.113 450
QB oo eeeeeeeeeeceeecececeeeeeeceeeceececseceneeesnceseseees 1.006 392
QD oo eieeeesecccceseceeceeceeseeeseecscerecenseeeceeseceees .905 339

10 Oe 809 291
| 0) a 116 247
CO re 623 .208
OX ee 514 172
LO4 ooo eceeeececeeetencescceecceececeesseeaeeesaeeeees 350 128

Section 5132. Rule of calculation—Calculate the interest at five
per cent, 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 inter-
est by the present value of an annuity of one dollar, as set opposite the
person’s age in the table, and the product is the gross value of the life
estate of such person therein.

Section 5133. Examples.—Suppose a person whose age is forty-
two is tenant for life in the whole of an estate worth ten thousand and
five hundred dollars, the anual interest on that sum, at five per cent, is
five hundred twenty-five dollars. The present value of an annuity of one
dollar at the age of forty-two, as appears by the table, is fourteen dollars
twenty-eight cents and four mills, which multiplied by five hundred twen-
ty-five dollars, gives seven thousand four hundred ninety-nine dollars and
ten cents as the gross value of such life estate in the premises, or the pro-
ceeds thereof; then, suppose a widow whose age is thirty-six is entitled
to dower in real estate worth twelve thousand dollars, interest on four
thousand dollars, the third part thereof, for one year, is two hundred dol-
lars, which, multiplied by fifteen dollars forty cents and seven mills, the
present value of an annuity of one dollar at the age of thirty-six, as ap-
pears by the table, gives three thousand eighty-one dollars and forty
cents, as the gross value of such dower.

Section 5133-a 1. 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 decree a gross sum to be paid in lieu
thereof, the sum shall be estimated according to the then value of an an-
nuity of five per cent 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 section fifty-one hundred thirty-one, showing
the present value, on the basis of five per cent interest, of an annuity of
one dollar 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

Difference Addition Difference Addition Difference Addition
of to of to of to
age younger age age younger age age younger age
0 0 1.0 ee 19 52 woecceccceeeeeee 44
| 1 4 re 20 53 wuceececceeeeeee 45
) 1 28 on eeeeeneeneeee 21 54 ooo eee 46
ee 2 29 Leeeeeeeeeeeeee 22 hs nee 47
ya 2 i | 0 ee 23 he) 0 48
D eeeeceeecceeeee 3 31 oo 24 LY 49
6 oceeecececeeeee 3 Kk ) 25 58 ou.....---.eee- 50
) en 4 5 26 59 woe eeeeeeeeee 51
B vecceeececeneee 5 34 oe eee 27 60 ow... 52
re 5 Xs ee 28 0) eee 53
10 owe... 6 36 2. .eeececee eee 29 62 ............-.-- 54
1 eee 7 Y Ae 30 63 .....-22..22.--- 55
| 8 }; ee 31 64 ooo. eee 56
13... 8 |? 32 oo 57
14... 9 7. | ee 32 66 oe... 53
| ee 10 4 ee. 33 0) Ae 59
16 ................ 11 ’ 34 6B wee. 60
17 11 43 oeeceeseeccane 35 69 wwe. 61
13... 12 AA eee 36 70) woeeeseceeeceeee 62
19... 13 AS eects 37 /, eee 63
7. 14 AO oooeeeceeceeees 38 (ee 64
QD oeeceecsaseeceee 15 Ye 39 ne 65
22 oovoeeecece 16 AQ nec ccee. 40 hg ne 66
Q3 cooeeeeeececeee 17 49 cee 4] TD ceeveseneeeeeees 67
7: Se 17 bo) 0 ne 42
2D lieceeeeececenee 18 ho) eee 43

Section 5133-a 2. Rules of calculation under section fifty-one hun-
dred thirty-three-a one.—(a) Calculate the interest at five per cent
upon the sum to the income of which, or upon the value of the property
to the use of which, the joint life tenants are entitled. Multiply this in-
terest by the present value of an annuity of one dollar, as shown in
Column II of section fifty-one hundred thirty-one, for the joint equal
age of such joint life tenants; the joint equal age of such tenants shall
be obtained as follows: take the difference in age in years between such
tenants and refer to the table in section fifty-one hundred thirty-three-a
one and add to the younger age the value opposite such difference and the
sum is the joint equal age; take this joint equal age and refer to the table
in section fifty-one hundred thirty-one and find in Column IT the value
of an annuity of one dollar a year payable for life during such joint equal
age. The product of the interest and the value of an annuity for a given
joint equal age is the gross value of the joint life estate of such person
therein.

(b) Example: Doe, age thirty, and Roe, age forty, are joint tenants
for life in the whole of an estate worth ten thousand five hundred dollars:
the difference in ages is ten and, referring to the table in section fifty-one
hundred thirty-three-a one, the value opposite age difference ten is six.
Six added to thisty, Doe’s age, gives age thirty-six ; referring to the table
in section fifty one hundred thirty-one the value in Column II for an
annuity of one dollar for two joint lives at joint equal age thirty-six is
thirteen dollars, seventy-two cents six mills and this, multiplied by five
hundred twenty-five dollars (the interest at five per cent on ten thou-
sand five hundred dollars) gives seven thousand two hundred six dollars
fifteen cents as the gross value of the joint life estate of such persons
therein.

Section 5133-a 3. When more than two-parties as joint tenants
for life, or three or more parties as tenants in successive estates are en-
titled 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 decree a gross sum to be paid in lieu thereof, the
sum shall be estimated according to the then value of an annuity of five
per cent on the principal sum during the probable lives of such persons
which probable lives shall be computed from the Makehamized Mortality
table for total whites in the United States, nineteen hundred thirty-nine-
nineteen hundred forty-one (1939-1941), published by the Bureau of the
Census of the Department of Commerce.

Section 5133-a 4. Rule for Computing Present Value of Certain
Contingent Rights——(a) When any person as husband or wife has a
contingent right of curtesy or dower in the estate of the other party to
the marriage and it becomes necessary to sell the estate free and clear of
all interests, the portion of the party entitled to the cash value of such
portion shall be computed as follows: compute the present value of such
interest for the life of the person entitled to such cash value as set forth
in sections fifty-one hundred thirty-one through fifty-one hundred thirty-
three; from the value subtract the present value of such interest for the
joint lives of such persons, as set forth in sections fifty-one hundred
thirty-three-a one and fifty-one hundred thirty-three-a two, and the dif-
ference is the present value of the contingent interest of such party.

(b) Example: A, age forty, and B, age thirty, are husband and
wife: A owns an estate worth ten thousand dollars. The estate must be
sold. The value of B’s dower (from sections fifty-one hundred thirty-
one through fifty-one hundred thirty-three) is seven thousand seven hun-
dred dollars five cents; the value of B’s dower for the joint lives of A
and B (from section fifty-one hundred thirty-three-a one and fifty-one
hundred thirty-three-a two) is seven thousand two hundred six dollars
fifteen cents and this subtracted from seven thousand seven hundred
eight dollars five cents gives five hundred one dollar ninety cents as the
present value of the contingent right of dower of B.

2. Estates which have been apportioned prior to the effective date
of the amendments to sections fifty-one hundred thirty-one, fifty-one
hundred thirty-two, and fifty-one thirty-three of the Code and the addi-
tion of sections fifty-one hundred thirty-three-a one, fifty-one hundred
thirty-three-a two, fifty-one hundred thirty-three-a three, and fifty-one
hundred thirty-three-a four shall not be disturbed by such amendments
or additions.