CHAPTER 110

An Act to amend and reenact § 55-275 of the Code of Virginia, relating
to the rule for computing the present value of certain contingent rights.

{[H 325]
Approved March 5, 1966

Be it enacted by the General Assembly of Virginia:
eee § 55-275 of the Code of Virginia be amended and reenacted as
ollows :

_ § 55-275. (a) When any person as husband or wife has a contingent
nght 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 §§ 55-269
through 55-271; from the value subtract the present value of such interest
for the joint lives of such persons, as set forth in §§ 55-272 and 55-273,
and the difference is the present value of the contingent interest of such

party.

(b) Example: A, age forty, and B, age thirty, are husband and wife.
B owns an estate worth * thirty-one thousand five hundred dollars. The
estate must be sold. One-third of the value of thirty-one thousand five hun-
dred dollars is ten thousand five hundred dollars. The value of A’s curtesy
(from §§ 55-269, through 55-271) is seven thousand seven hundred eight
dollars five cents; the value of A’s curtesy for the joint lives of A and B
(from §§ 55-272 to 55-273) 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 dollars ninety cents as the present
value of the contingent right of curtesy of A.