An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1966 |
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Law Number | 441 |
Subjects |
Law Body
CHAPTER 441
An Act to amend the Code of Virginia by adding a section numbered
64-71.2, relating to the distribution of assets by fiduciaries in satis-
faction of pecuniary bequests or transfers in trust of a pecuniary
amount.
[H 725]
Approved April 1, 1966
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia be amended by adding a section numbered
64-71.2, as follows:
§ 64-71.2. (a) Where a will or trust agreement authorizes or directs
the fiduciary to satisfy wholly or partly in kind a pecuniary bequest
or transfer in trust of a pecuniary amount, unless the instrument shall
otherwise expressly provide, the assets selected by the fiduciary for th:
purpose shall be valued at their respective values on the date or dates «
their distribution.
(b) Whenever a fiduciary under the provisions of a will or othe
governing instrument is required to satisfy a pecuniary bequest or transf«
in trust in favor of the testator’s or donor’s spouse and is authorized |
satisfy such bequest or transfer by selection and distribution of asse
in kind, and the will or other governing instrument further provides th:
the assets to be so distributed shall or may be valued by some standaz
other than their fair market value on the date of distribution, the fiduciar.
unless the will or other governing instrument otherwise specifically direct
shall distribute assets, including cash, fairly representative of appreciatic
or depreciation in the value of all property available for distribution |
satisfaction of such pecuniary bequest or transfer. This section shall n
apply to prevent a fiduciary from carrying into effect the provisions of tt
will or other governing instrument that the fiduciary, in order to impl
ment such a bequest or transfer, must distribute assets, including cas!
having an aggregate fair market value at the date or dates of distributic
amounting to no less than the amount of the pecuniary bequest or transf«
as finally determined for federal estate tax purposes.
(c) Any fiduciary having discretionary powers under a will or oth:
governing instrument with respect to the selection of assets to be di
tributed in satisfaction of a pecuniary bequest or transfer in trust in fav
of the testator’s or donor’s spouse shall be authorized to enter into agre
ments with the Commissioner of Internal Revenue of the United Stat
of America and other taxing authorities requiring the fiduciary to exerci:
the fiduciary’s discretion so that cash and other properties distributed :
satisfaction of such bequest or transfer in trust will be fairly represent.
tive of the appreciation or depreciation in value of all property then avai
able for distribution in satisfaction of such bequest or transfer in trus
and any such agreement heretofore entered into after April 1, 1964,
hereby validated. Any such fiduciary shall be authorized to enter into ar
other agreement not in conflict with the express terms of the will or oth:
governing instrument that may be necessary or advisable in order |
secure for federal estate tax purposes the appropriate marital deductic
available under the Internal Revenue laws of the United States of Americ
and to do and perform all acts incident to such purpose.