2006 Code of Virginia § 64.1-68 - Interest on pecuniary legacies

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 oneyear after the date of the death of the testator.

For the purposes of this section, a marital formula pecuniary bequest eitheroutright 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 deductionallowed by the Federal Internal Revenue Code, shall not be considered apecuniary legacy entitled to interest at the expiration of one year after thedeath of the testator but, instead, shall share ratably with the residue ofthe estate in the income earned by the estate during the period ofadministration, unless a contrary intent is expressed in the will.

The provisions of this section shall also apply to the distribution ofinterest to a beneficiary entitled to receive a pecuniary amount from atrust, in accordance with 55-277.5.

(Code 1950, 64-68; 1968, c. 656; 1999, c. 975.)