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305. Where the testator has bequeathed the residue of his Investestate to a person for life without any direction to invest it in ment of
residue beany particular securities, so much thereof as is not at the queathed
for life, time of the testator's decease invested in such securities as without the High Court may for the time being regard as good se
to invest in curities, shall be converted into money and invested in such particular securities 1
306. Where the testator has bequeathed the residue of his Where
residue beestate to a person for life with a direction that it shall be
queathed invested in certain specified securities, so much of the estate as for life,
with such is not at the time of his death invested in securities of the direction. . specified kind shall be converted into money and invested in such securities 2.
307. Such conversion and investment as are contemplated Time and
manner of by the two last preceding sections shall be made at such times conversion and in such manner as the executor shall in his discretion and investthink fit; and until such conversion and investment shall be
Interest completed, the person who would be for the time being entitled payable
until into the income of the fund when so invested shall receive vestment. interest at the rate of four per cent. per annum upon the market value (to be computed as of the date of the testator's death) of such part of the fund as shall not yet have been so invested 3
one on his
308. Where, by the terms of a bequest, the legatee is Minor
untitled to entitled to the immediate payment or possession of the money immediate or thing bequeathed, but is a minor, and there is no direction payment,
and no diin the Will * to pay it to any person on his behalf, the executor rection to or administrator shall pay or deliver 5 the same 6 into the pay to any
behalf. by the present appropriation of any stituting 'six per cent.' for 'four per sum of stock which is always fluctuat- cent.' ing in value, Webber v. Webber, i S. # In the vill. So in England the
direction for payment to the trustee Act V of 1881, sec. 125. This sec- must appear on the face of the will and tion involves an application to the High cannot be proved by parol evidence. Court in order to ascertain what it may • The payment or delivery need * for the time being regard as good pot be made till the expiration of a hecurities. As to an executor's duty
year from the testator's death. to convert in the absence of any • i. e. the whole legacy. The exespecial direction in the will, see 12 cutor cannot apply any part of the Bonn, H. C. 184.
capital of the legacy for the child's : Act V of 1881, sec. I 25.
maintenance or advancement without * Act V of 1881, 8Cc. 126, sub- the sanction of the Court.
& S. 311.
Court of the District Judge, by whom, or by whose District Delegate, the probate was or letters of administration with the Will annexed were granted, to the account of the legatee, unless the legatee be a ward of the Court of Wards; and if the legatee be a ward of the Court of Wards the legacy shall be paid into that Court to his account; and such payment into the Court of the District Judge, or into the Court of Wards, as the case may be, shall be a sufficient discharge for the money so paid; and such money when paid in shall be invested in the purchase of Government securities, which, with the interest thereon, shall be transferred or paid to the person entitled thereto, or otherwise applied for his benefit, as the Judge or the Court of Wards, as the case may be, may direct ?
1 Act V of 1881, sec. 127. Does this repeal sec. 32 of the Official Trustee's Act, XVII of 1864, where the minor or lunatic is entitled to immediate payment or possession ? That section provides that 'if any infant or lunatic shall be entitled to any gift or legacy or residue or share thereof, it shall be lawful for the executor or administrator by whom such legacy, residue, or share may be payable or transferable, or the party by whom such gift may be made, or any trustee of such gift, legacy or residue or
share, to pay or transfer the same to the Official Trustee appointed under this Act, provided that the leave of the High Court to make such paya ment shall be first obtained by motion made on petition. Any money of property paid or transferred to the Official Trustee or vested in him under this section shall be subject to the same provisions as are contained in this Act as to other property vested in such Official Trustee under the provisions hereof.'
OF THE PRODUCE AND INTEREST OF LEGACIES.
309. The legatee of a specific legacy is entitled to the clear Legatee of produce thereof, if any, from the testator's death ?.
legacy Exception.—A specific bequest, contingent in its terms, does entitled to
produce not comprise the produce of the legacy between the death of thereof the testator and the vesting of the legacy. The clear produce
from of it forms part of the residue of the testator's estate.
(a) A bequeaths his flock of sheep to B. Between the death
A and delivery by his executor the sheep are shorn, or some of the ewes produce lambs. The wool and lambs are the property of B. (6) A bequeaths his Government securities to B, but postpones the delivery of them till the death of C. The interest which falls due between the death of A and the death of C belongs to B, and must, unless he is a minor, be paid to him as it is received,
(9) The testator bequeaths all his four per cent. Government promissory notes to À when he shall complete the age of 18. A, if he complete that age, is entitled to receive the notes, but the interest which accrues in respect of them, between the testator's death and A's completing 18, forms part of the residueạ.
310. The legatee under a general residuary bequest is Residuary entitled to the produce of the residuary fund from the testator's legatee
entitled to death.
residuary Exception.-A general residuary bequest contingent in its fund from terms does not comprise the income which may accrue upon death.
The reason is, because a specific legacy is considered as separated from the general estate, and appropriated at the time of the testator's death.
Therefore whatever accrues upon it
? Act V of 1881, sec. 128.
the fund bequeathed between the death of the testator and the vesting of the legacy. Such income goes as undisposed of 1.
(a) The testator bequeaths the residue of his property to A, a minor, to be paid to him when he shall complete the age of 18. The income from the testator's death belongs to A.
(6) The testator bequeaths the residue of his property to A when he shall complete the age of 18. A, if he complete that age, is entitled to receive the residue. The income which has accrued in respect of it since the testator's death goes as undisposed of'.
311. Where no time has been fixed for the payment of a general legacy, interest begins to run from the expiration of one year from the testator's death 3.
Exceptions.-(1.) Where the legacy is bequeathed in satisfaction of a debt, interest runs from the death of the testator.
(2.) Where the testator was a parent or a more remote ancestor of the legatee, or has put himself in the place of a parent of the legatee, the legacy shall bear interest from the death of the testator 4.
(3). Where a sum is bequeathed to a minor with a direction to pay for his maintenance out of it, interest is payable from the death of the testator 5
Interest when time fixed.
312. Where a time has been fixed for the payment of a general legacy", interest begins to run from the time so fixed. The interest up to such time forms part of the residue of the testator's estate.
Exception.- Where the testator was a parent or a more remote ancestor 7 of the legatee, or has put himself in the place
1 i.e. it falls into the residue to accumulate for the benefit of the residuary legatee, or for the executors or next of kin of the testator upon the event of the residuary legatee's death before the legacy vests in him, or for such other person as may on that contingency be named to take.
2 Act V of 1881, sec. 129.
3 As the legacy is not due before the expiration of the year, no interest accrues due for delay in payment of the principal until after that period.
* For a parent or a person who has put himself in loco parentis is under à natural obligation to provide a present as well as a future maintenance for the child.
5 Act V of 1881, sec. 130.
o whether particular or residuary, vested or contingent.
? i.e. a grandfather or father. In England grandchildren and great-grandchildren are in such cases deemed strangers to the testator, unless he be in loco parentis.
of a parent of the legatee, and the legatee is a minor, the legacy shall bear interest from the death of the testator, unless a specific sum is given by the Will for maintenance 2.
313. The rate of interest shall be four per cent. per Rate of
interest. annum 3.
314. No interest is payable on the arrears of an annuity No interest within the first year from the death of the testator, although of arrears
annuity a period earlier than the expiration of that year may have within
first been fixed by the Will for making the first payment of the testator's annuity 4
death. 315. Where a sum of money is directed to be invested to Interest
on produce an annuity, interest is payable on it from the death of in sum to
be invested the testator 5.
annuity. 1 If the sum be insufficient and ing six per cent.' for 'four per cent.'
. the legacy be vested, the Court will Act V of 1881, sec. 133. See sec. allow a reasonable maintenance not- 298 (supra, p. 471). withstanding the surplus interest be 6 Act V of 1881, sec. 134. Here the directed to accumulate.
interest is payable as representing or unless the will contains a di- the annuity, which, as no time is rection to the contrary. Sec. 312 is = fixed for its commencement, is consiAct V of 1881, sec. 131.
dered as beginning from the testator's : Act V of 1881, sec. 132, substitut- death (sec. 298).