CHAPTER 240 - COURT OF CHANCERY - RELATING TO METHOD OF DETERMINING INCOME OF LIFE TENANTS OF TESTAMENTARY TRUST ESTATES

AN ACT TO AMEND CHAPTER 117 OF THE REVISED CODE OF DELAWARE, 1935, RELATING TO THE METHOD OF DETERMINING INCOME OF LIFE TENANTS OF TESTAMENTARY TRUST ESTATES.

Be it 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, as amended, be and it hereby is further amended by striking out Section 35C thereof and inserting in lieu thereof the following:

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. The provisions of this section shall not apply to real estate, the title to which shall vest in the trustee immediately upon the death of the decedent.

This Act shall have no application to the distribution of any estate under a will admitted to probate prior to May 19, 1937.

Approved April 3, 1945.