When any two parties, as joint tenants for life are entitled to the annual interest on a sum of money, or are entitled to the use of any estate or a part thereof, and are willing to accept a gross sum in lieu thereof, or the party liable for such interest, or affected by such claim, has the right to pay a gross sum in lieu thereof, or if the court in any legal proceeding decree a gross sum to be paid in lieu thereof, the sum shall be estimated according to the then value of an annuity of eight per centum on the principal sum during the probable joint lives of such persons (which probable joint lives shall be computed from the table in this section for computing uniform seniority) as set forth in Column II in the table in § 55-269.1, showing the present value, on the basis of eight per centum interest, of an annuity of one dollar payable at the end of every year that two persons of given ages may both be living for the ages therein stated:
TABLE OF UNIFORM SENIORITY
1973, c. 355; 1981, c. 612.
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