CHAPTER 207 - COURT OF CHANCERY LIFE TENANTS AND TESTAMENTARY TRUST ESTATES

AN ACT TO AMEND CHAPTER 117 OF THE REVISED CODE OF DELAWARE, 1935, BY ADDING NEW SECTIONS THERETO, RELATING TO THE METHOD OF DETERMINING "INCOME" TO LIFE TENANTS OF TESTAMENTARY TRUST ESTATES.

Be it hereby enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

That Chapter 117 of the Revised Code of Delaware, 1935, be amended by adding the following new sections thereof, the new section numbers being numbered as hereinafter indicated:

Section 35B. Every pecuniary bequest in trust shall, unless otherwise provided in the will making such bequest, bear interest from the date of the testator's death to the date of the payment of such bequest, at the rate of four per centum per annum, and such interest shall be payable in lieu of any other payments of income or allowances to the person or persons entitled to the income of such trust had such bequest been paid to the trustee thereof immediately upon the death of the testator.

Section 35C. Any person or persons entitled to the income of a trust of the whole or any part of a residuary estate of a decedent shall, unless otherwise provided in the will creating such trust, be paid in lieu of any other payments of income or allowances out of the property delivered to the trustee of such trust, so much thereof as shall represent interest at the rate of four per centum per annum, on a sum which if invested at such rate of interest at the time of the death of the testator would together with such interest to the date of such delivery to the trustee amount to the value of such property at the time of such delivery.

This Act shall have no application to the distribution of any estate under a will admitted to probate prior to the passage of this Act.

Approved May 19, 1937.