GENERAL ASSEMBLY OF NORTH CAROLINA

1997 SESSION

 

 

S.L. 1997-133

HOUSE BILL 312

 

 

AN ACT UPDATING THE STATUTORY MORTALITY TABLES USED AS EVIDENCE TO ESTABLISH THE EXPECTANCY OF CONTINUED LIFE.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 8-46 reads as rewritten:

"§ 8-46.  Mortuary Mortality tables as evidence.

Whenever it is necessary to establish the expectancy of continued life of any person from any period of such the person's life, whether he be the person is living at the time or not, the table hereto appended shall be received in all courts and by all persons having power to determine litigation, as evidence, with other evidence as to the health, constitution and habits of such the person, of such expectancy represented by the figures in the columns headed by the words 'completed age' and 'expectation' respectively:

Completed Age                                                 Expectation

0                                                                 68.40 75.8

1                                                                 69.64 75.4

2                                                                 68.78 74.5

3                                                                 67.86 73.5

4                                                                 66.92 72.5

5                                                                 65.98 71.6

6                                                                 65.02 70.6

7                                                                 64.06 69.6

8                                                                 63.09 68.6

9                                                                 62.12 67.6

10                                                               61.15 66.6

11                                                               60.18 65.6

12                                                               59.20 64.6

13                                                               58.22 63.7

14                                                               57.25 62.7

15                                                               56.29 61.7

16                                                               55.34 60.7

17                                                               54.39 59.8

18                                                               53.45 58.8

19                                                               52.52 57.9

20                                                               51.58 56.9

21                                                               50.65 56.0

22                                                               49.72 55.1

23                                                               48.80 54.1

24                                                               47.87 53.2

25                                                               46.94 52.2

26                                                               46.02 51.3

27                                                               45.09 50.4

28                                                               44.17 49.4

29                                                               43.25 48.5

30                                                               42.33 47.5

31                                                               41.41 46.6

32                                                               40.49 45.7

33                                                               39.58 44.7

34                                                               38.67 43.8

35                                                               37.76 42.9

36                                                               36.85 42.0

37                                                               35.95 41.0

38                                                               35.06 40.1

39                                                               34.17 39.2

40                                                               33.29 38.3

41                                                               32.42 37.4

42                                                               31.57 36.5

43                                                               30.72 35.6

44                                                               29.87 34.7

45                                                               29.04 33.8

46                                                               28.21 32.9

47                                                               27.38 32.0

48                                                               26.56 31.1

49                                                               25.76 30.2

50                                                               24.96 29.3

51                                                               24.18 28.5

52                                                               23.40 27.6

53                                                               22.64 26.8

54                                                               21.89 25.9

55                                                               21.15 25.1

56                                                               20.42 24.3

57                                                               19.70 23.5

58                                                               18.99 22.7

59                                                               18.29 21.9

60                                                               17.61 21.1

61                                                               16.94 20.4

62                                                               16.29 19.7

63                                                               15.65 18.9

64                                                               15.02 18.2

65                                                               14.40 17.5

66                                                               13.79 16.8

67                                                               13.20 16.1

68                                                               12.61 15.5

69                                                               12.04 14.8

70                                                               11.48 14.2

71                                                               10.93 13.5

72                                                               10.39 12.9

73                                                               9.86 12.3

74                                                               9.35 11.7

75                                                               8.84 11.2

76                                                               8.35 10.6

77                                                               7.87 10.0

78                                                               7.40  9.5

79                                                               6.96  9.0

80                                                               6.53  8.5

81                                                               6.12  8.0

82                                                               5.75  7.5

83                                                               5.39  7.1

84                                                               5.05  6.6

85 and over                                                4.70  6.6

86                                                               4.38

87                                                               4.08

88                                                               3.79

89                                                               3.54

90                                                               3.30

91                                                               3.08

92                                                               2.89

93                                                               2.72

94                                                               2.56

95                                                               2.43

96                                                               2.32

97                                                               2.21

98                                                               2.10

99                                                               2.01

100                                                             1.91

101                                                             1.83

102                                                             1.75

103                                                             1.67

104                                                             1.60

105                                                             1.53

106                                                             1.46

107                                                             1.40

108                                                             1.35

109                                                             1.29".

Section 2.  G.S. 8-47 reads as rewritten:

"§ 8-47.  Present worth of annuities.

Whenever it is necessary to establish the present worth or cash value of an annuity to a person, payable annually during his the person's life, such present worth or cash value may be ascertained by the use of the following table in connection with the mortuary mortality tables established by law, the first column representing the number of years the annuity is to run and the second column representing the present cash value of an annuity of one dollar for such number of years, respectively:

            No. of Years Annuity          Cash Value of the Annuity

                    is to Run                                         of $1

                          1                                               $ 0.943

                          2                                                  1.833

                          3                                                  2.673

                          4                                                  3.465

                          5                                                  4.212

                          6                                                  4.917

                          7                                                  5.582

                          8                                                  6.210

                          9                                                  6.802

                        10                                                  7.360

                        11                                                  7.887

                        12                                                  8.384

                        13                                                  8.853

                        14                                                  9.295

                        15                                                  9.712

                        16                                                10.106

                        17                                                10.477

                        18                                                10.828

                        19                                                11.158

                        20                                                11.470

                        21                                                11.764

                        22                                                12.042

                        23                                                12.303

                        24                                                12.550

                        25                                                12.783

                        26                                                13.003

                        27                                                13.211

                        28                                                13.406

                        29                                                13.591

                        30                                                13.765

                        31                                                13.929

                        32                                                14.084

                        33                                                14.230

                        34                                                14.368

                        35                                                14.498

                        36                                                14.621

                        37                                                14.737

                        38                                                14.846

                        39                                                14.949

                        40                                                15.046

                        41                                                15.138

                        42                                                15.225

                        43                                                15.306

                        44                                                15.383

                        45                                                15.456

                        46                                                15.524

                        47                                                15.589

                        48                                                15.650

                        49                                                15.708

                        50                                                15.762

                        51                                                15.813

                        52                                                15.861

                        53                                                15.907

                        54                                                15.950

                        55                                                15.991

                        56                                                16.029

                        57                                                16.065

                        58                                                16.099

                        59                                                16.131

                        60                                                16.161

                        61                                                16.190

                        62                                                16.217

                        63                                                16.242

                        64                                                16.266

                        65                                                16.289

                        66                                                16.310

                        67                                                16.331

The present cash value of the annuity for a fraction of a year may be ascertained as follows: Multiply the difference between the cash value of the annuities for the preceding and succeeding full years by the fraction of the year in decimals and add the sum to the present cash value for the preceding full year. When a person is entitled to the use of a sum of money for life, or for a given time, the interest thereon for one year, computed at four and one half percent (4 1/2%), may be considered as an annuity and the present cash value be ascertained as herein provided: Provided, the interest rate in computing the present cash value of a life interest in land shall be six percent (6%).

Whenever the mortuary mortality tables set out in G.S. 8-46 are admissible in evidence in any action or proceeding to establish the expectancy of continued life of any person from any period of such the person's life, whether he be the person is living at the time or not, the annuity tables herein set forth shall be evidence, but not conclusive, of the loss of income during the period of life expectancy of such the person."

Section 3.  G.S. 46-25 reads as rewritten:

"§ 46-25.  Sale of standing timber on partition; valuation of life estate.

When two or more persons own, as tenants in common, joint tenants or copartners, a tract of land, either in possession, or in remainder or reversion, subject to a life estate, or where one or more persons own a remainder or reversionary interest in a tract of land, subject to a life estate, then in any such case in which there is standing timber upon any such land, a sale of said timber trees, separate from the land, may be had upon the petition of one or more of said owners, or the life tenant, for partition among the owners thereof, including the life tenant, upon such terms as the court may order, and under like proceedings as are now prescribed by law for the sale of land for partition: Provided, that when the land is subject to a life estate, the life tenant shall be made a party to the proceedings, and shall be entitled to receive his or her  portion of the net proceeds of sales, to be ascertained under the mortuary mortality tables established by law: Provided further, that prior to a judgment allowing a life tenant to sell the timber there must be a finding that the cutting is in keeping with good husbandry and that no substantial injury will be done to the remainder interest."

Section 4.  This act is effective when it becomes law.

In the General Assembly read three times and ratified this the 27th day of May, 1997.

s/   Dennis A. Wicker

President of the Senate

 

s/   Harold J. Brubaker

Speaker of the House of Representatives

 

s/   James B. Hunt, Jr.

Governor

 

Approved 9:50 a.m. this 4th day of June, 1997