§ 64.1-68. Interest on pecuniary legacies
Unless a contrary intent is expressed in or to be implied from a will, interest on pecuniary legacies shall begin to run at the expiration of one year after the date of the death of the testator.
For the purposes of this section, a marital formula pecuniary bequest either outright to the testator's spouse or in trust for the benefit of such spouse, designed in either case to qualify for the benefit of the marital deduction allowed by the Federal Internal Revenue Code, shall not be considered a pecuniary legacy entitled to interest at the expiration of one year after the death of the testator but, instead, shall share ratably with the residue of the estate in the income earned by the estate during the period of administration, unless a contrary intent is expressed in the will.
The provisions of this section shall also apply to the distribution of interest to a beneficiary entitled to receive a pecuniary amount from a trust, in accordance with § 55-277.5.
(Code 1950, § 64-68; 1968, c. 656; 1999, c. 975.)
Sections: Previous 64.1-65.1 64.1-66 64.1-66.1 64.1-66.2 64.1-67 64.1-67.1 64.1-67.2 64.1-68 64.1-69 64.1-69.1 64.1-70 64.1-71 64.1-71.1 64.1-72 64.1-73 NextLast modified: April 16, 2009