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

History

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