GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

H	1 

HOUSE BILL 775

Short Title:  Update Mortality Tables.	(Public)

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Sponsors: Representatives Lee; Daughtry and Hightower.

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Referred to:  Judiciary II.

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April 6, 1995

A BILL TO BE ENTITLED
AN ACT TO UPDATE THE STATUTORY MORTALITY TABLES USED AS EVIDENCE.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 8-46 reads as rewritten:
"§ 8-46.  Mortality tables as evidence.
Whenever it is necessary to establish the expectancy of continued life of any person from any period of such person's life, whether he be 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 person, of such expectancy represented by the figures in the columns headed by the words 'completed age' and 'expectation' respectively: Complete Age	Expectation
0 	 75.8
1	 75.4
2	 74.5
3	 73.5
4	 72.5
5	 71.6
6	 70.6
7	 69.6
8	 68.6
9	 67.6
10	 66.6
11	 65.6
12	 64.6
13	 63.7
14	 62.7
15	 61.7
16	 60.7
17	 59.8
18	 58.8
19	 57.9
20	 56.9
21	 56.0
22	 55.1
23	 54.1
24	 53.2
25	 52.2
26	 51.3
27	 50.4
28	 49.4
29	 48.5
30	 47.5
31	 46.6
32	 45.7
33	 44.7
34	 43.8
35	 42.9
36	 42.0
37	 41.0
38	 40.1
39	 39.2
40	 38.3
41	 37.4
42	 36.5
43	 35.6
44	 34.7
45	 33.8
46	 32.9
47	 32.0
48	 31.1
49	 30.2
50	 29.3
51	 28.5
52	 27.6
53	 26.8
54	 25.9
55	 25.1
56	 24.3
57	 23.5
58	 22.7
59	 21.9
60	 21.1
61	 20.4
62	 19.7
63	 18.9
64	 18.2
65	 17.5
66	 16.8
67	 16.1
68	 15.5
69	 14.8
70	 14.2
71	 13.5
72	 12.9
73	  12.3
74	  11.7
75	  11.2
76	  10.6
77	  10.0
78	  9.5
79	  9.0
80	  8.5
81	  8.0
82	  7.5
83	  7.1
84	  6.6
85 and over	  6.2
																								  ".Sec. 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 life, such present worth or cash value may be ascertained by the use of the following table in connection with the 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 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 person's life, whether he be 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 person."
Sec. 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 portion of the net proceeds of sales, to be ascertained under the 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."
Sec. 4.  This act is effective upon ratification.