CHAPTER 461

An Act to amend and reenact §§ 58-180, as amended, and 58-199, of the
Code of Virginia, relating to inheritance taxes; lien of said taz; limi-
tation and discharge of such tax; bona fide purchasers and when tax
on nonresident estate due; interest thereon and lien of such tax.

[H 327]
Approved March 31, 1962
Be it enacted by the General Assembly of Virginia:

1. That §§ 58-180 as amended, and 58-199, of the Code of Virginia be
amended and reenacted as follows:
_§ 58-180. Property of which a decedent dies seized or possessed
subject to taxes as aforesaid, in whatever form of investment it may hap-
pen to be, and all property acquired in substitution therefor, shall be
charged with a lien for all taxes and interest thereon which are or may
become due on such property.

But such lien shall not affect any personal property after the same has
been sold or disposed of to a bona fide purchaser for value by the execu-
tors, administrators or trustees. oo

And as to any parcel of real estate, the lien shall expire by limitation
upon the expiration of ten years after the death of the decedent in every
case in which there has been no assessment of inheritance tax in the mean-
time, and such parcel of real estate has been sold in the meantime * by the
beneficiaries to whom such parcel of real estate shall have passed as set
forth under the provisions of § 58-152, or their successors in title, to a
purchaser for value; or if such parcel of real estate is sold * by such bene-
ficiaries, or their successors in title, to a purchaser for value after the
expiration of ten years after the death of the decedent and there has been
no assessment of inheritance tax up to the date of such sale, such parcel
of real estate shall be thereupon discharged of such lien. And as to any
parcel of real estate which passed in fee simple * to such beneficiaries with
no remainder or executory interest, the lien shall expire by limitation
absolutely and unconditionally, whether there has been an assessment of
inheritance tax or not, upon the expiration of twenty years after the death
of the decedent in every case in which such parcel of real estate has been
or is sold and transferred in fee simple by * such beneficiaries, or their
successors in title, to a purchaser for value. The lien charged by this
chapter upon any real estate or separate parcel thereof may be discharged
by the payment of the taxes due and to become due upon such real estate
or separate parcel, or by an order or decree of the court discharging the
lien and securing the payment to the Commonwealth of the taxes due or
to become due by bond or deposit.

This section and § 58-181 shall apply to the estates of persons who
died prior to June twenty-ninth, nineteen hundred forty-eight, as well as
to the estates of persons who shall have died or shall die after such date.

§ 58-199. All taxes imposed by this chapter in relation to nonresi-
dent decedents shall be due and payable at the time of the death of the
decedent and, if not paid within one year thereafter, interest at the rate
of twelve per centum per annum shall be charged and collected from the
expiration of one year after the death of the decedent and such taxes and
interest shall be and remain a lien on the property * for the same period of
tame as the lien imposed on the property of resident decedents.