55-277 - Commutation of certain life estates.

§ 55-277. Commutation of certain life estates.

Whenever a party as tenant for life or in any other manner, has a lifeinterest in an estate which has been sold under a suit for partition or hasbeen reduced to money, stocks, bonds or notes, susceptible of division andwhen the total cost of holding such money, stocks, bonds or notes intactamounts to more than eight percent of the gross annual income, and when theparty owning such life estate is willing to accept a lump sum in lieu of suchannual income, upon the application of such person entitled to such annualincome to any court of record having jurisdiction over the subject matter,the court may, in the discretion of the court, decree that such party orparties having charge of such money, stocks, bonds or notes shall pay to theparty having the right to receive such annual income a lump sum in accordancewith § 55-269.1. This section shall not affect any spendthrift trust,heretofore or hereafter created.

(1926, p. 361; Michie Code 1942, § 5133a; 1973, c. 355; 1981, c. 612; 1990,c. 831; 2005, c. 681.)