64.1-69 - When direction to purchase annuity binding on legatee. - Virginia Statutes

§ 64.1-69. When direction to purchase annuity binding on legatee.

If a person direct in his will the purchase of an annuity sufficient toprovide a minimum income of ten dollars per month, the person or persons towhom the income therefrom shall be paid, shall not have the right to take thesum directed to be used for such purpose in lieu of such annuity, except tothe extent that the will expressly provides for such right or except to theextent that the will expressly provides that an assignable annuity bepurchased.

(Code 1950, § 64-68.1; 1956, c. 448; 1968, c. 656.)