Missouri Laws 442.540 – Rule of calculation
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Terms Used In Missouri Laws 442.540
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Property: includes real and personal property. See Missouri Laws 1.020
Calculate the interest at six percent upon the sum to the income of which, or upon the value of the property to the use of which, the person is entitled; multiply this interest by the present value of an annuity of one dollar, as set opposite the person’s age in the table, and the product will be the gross value of the life estate of such person therein. The age of such person as indicated by the birthday nearest to the time when said computation is made shall be taken to be the age of such person in making said computation.