Legal Question in Wills and Trusts in Virginia
Tontines
When were tontines outlawed? Is the Armstrong Act of 1905? strictly a New York State law, or has it been applied federally. Does Virginia have a law prohibiting tontines?
Asked on 6/22/09, 11:51 am
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Re: Tontines
A recent edition of Merriam Webster's Collegiate Dictionary defines tontines as a "joint financial arrangement whereby the participants usually contribute equally to a prize that is awarded entirely to the participant who survives all the others."
As far as I am aware, neither tontines nor the issues associated with this term are addressed in the Code of Virginia.
Answered on 6/26/09, 11:43 pm
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