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Home Bare Acts Phrase: accumulative legacy Page 1 of about 605 results (0.006 seconds)Indian Succession Act, 1925 Part 6
Title: Testamentary Succession
State: Central
Year: 1925
.....of ministers of religion; for the formation or support of a public garden; All these bequests are void. _____________________ 1. Added by Act 51 of 1991, section 6. INDIAN SUCCESSION ACT, 1925Chapter 8 - OF THE VESTING OF LEGACIES Section 119 - Date of vesting of legacy when payment or possession postponed Where by the terms of a bequest the legatee is not entitled to immediate possession of the thing bequeathed, a right to receive it at the proper time shall, unless a contrary intention appears by the will, become vested in the legatee on the testator's death, and shall pass to the legatee's representatives if he dies before that time and without having received the legacy, and in such cases the legacy is from the testator's death said to be vested in interest. Explanation.An intention that a legacy to any person shall not become vested in interest in him is not to be inferred merely from a provision whereby the payment or possession of the thing bequeathed is postponed, or whereby a prior interest therein is bequeathed to some other person, or whereby the income arising from the fund bequeathed is directed to be accumulated until the time of payment arrives,.....
View Complete Act List Judgments citing this sectionIndian Succession Act, 1925 Complete Act
Title: Indian Succession Act, 1925
State: Central
Year: 1925
.....- Short title Section2 - Definitions Section3 - Power of State Government to exempt any race, sect or tribe in the State from operation of Act Part 2 Section4 - Application of Part Section5 - Law regulating succession to deceased person's immovable and movable property, respectively Section6 - One domicile only affects succession to movables Section7 - Domicile of origin of person of legitimate birth Section8 - Domicile of origin of illegitimate child Section9 - Continuance of domicile of origin Section10 - Acquisition of new domicile Section11 - Special mode of acquiring domicile in India Section12 - Domicile not acquired by residence as representative of foreign Government, or as part of his family Section13 - Continuance of new domicile Section14 - Minor's domicile Section15 - Domicile acquired by woman on marriage Section16 - Wife's domicile during marriage Section17 - Minor's acquisition of new domicile Section18 - Lunatic's acquisition of new domicile Section19 - Succession to movable property in India in absence of proof of domicile elsewhere Part 3 Section20 - Interests and powers not acquired nor lost by marriage Section21 - Effect of marriage.....
List Judgments citing this sectionIndian Succession Act, 1925 Chapter 8
Title: Of the Vesting of Legacies
State: Central
Year: 1925
.....and, upon the death of any of them (except the last survivor) under the age of 18, his vested interest passes, so subject, to his representatives. Section 120 - Date of vesting when legacy contingent upon specified uncertain event (1) A legacy bequeathed in case a specified uncertain event shall happen does not vest until that event happens. (2) A legacy bequeathed in case a specified uncertain event shall not happen does not vest until the happening of that event becomes impossible. (3) In either case, until the condition has been fulfilled, the interest of the legatee is called contingent. Exception.Where a fund is bequeathed to any person upon his attaining a particular age, and the will also gives to him absolutely the income to arise from the fund before he reaches that age, or directs the income, or so much of it as may be necessary, to be applied for his benefit, the bequest of the fund is not contingent. Illustration (i) A legacy is bequeathed to D in case A, B and C shall all die under the age of 18. D has a contingent interest in the legacy until A, B and C all die under 18, or one of them attains that age. (ii) A sum of money is bequeathed to A "in case.....
View Complete Act List Judgments citing this sectionIndian Succession Act, 1925 Section 119
Title: Date of Vesting of Legacy when Payment or Possession Postponed
State: Central
Year: 1925
Where by the terms of a bequest the legatee is not entitled to immediate possession of the thing bequeathed, a right to receive it at the proper time shall, unless a contrary intention appears by the will, become vested in the legatee on the testator's death, and shall pass to the legatee's representatives if he dies before that time and without having received the legacy, and in such cases the legacy is from the testator's death said to be vested in interest. Explanation.An intention that a legacy to any person shall not become vested in interest in him is not to be inferred merely from a provision whereby the payment or possession of the thing bequeathed is postponed, or whereby a prior interest therein is bequeathed to some other person, or whereby the income arising from the fund bequeathed is directed to be accumulated until the time of payment arrives, or from a provision that, if a particular event shall happen, the legacy shall go over to another person. Illustrations (i) A bequeaths to B 100 rupees, to be paid to him at the death of C. On A's death the legacy becomes vested in interest in B, and if he dies before C, his representatives are entitled to the legacy.
View Complete Act List Judgments citing this sectionIndian Succession Act, 1925 Chapter 16
Title: Of Ademption of Legacies
State: Central
Year: 1925
..... "the debt which C owes me": "2,000 rupees which I have in the hands of D": "the money due to me on the bond of E": "my mortgage on the Rampur factory". All these debts are extinguished in A's lifetime, some with and some without his consent. All the legacies are adeemed. (ii) A bequeaths to B his interest in certain policies of life assurance. A in his lifetime receives the amount of the policies. The legacy is adeemed. Section 155 - Ademption pro tanto by testator's receipt of part of entire thing specifically bequeathed The receipt by the testator of a part of an entire thing specifically bequeathed shall operate as an ademption of the legacy to the extent of the sum so received, Illustration A bequeaths to B "the debt due to me by C'. The debt amounts to 10,000 rupees. C pays to A 5,000 rupees the one-half of the debt. The legacy is revoked by ademption, so far as regards the 5,000 rupees received by A. Section 156 - Ademption pro tanto by testator's receipt of portion of entire fund of which portion has been specifically bequeathed If a portion of an entire fund or stock is specifically bequeathed, the receipt by the testator of a portion of the fund or.....
View Complete Act List Judgments citing this sectionIndian Succession Act, 1925 Chapter 14
Title: Of Specific Legacies
State: Central
Year: 1925
.....C": "the money due to me on the bond of D": "my mortgage on the Rampur factory": "one-half of the money owing to me on my mortgage of Rampur factory": "1,000 rupees, being part of debt due to me from C": "my capital stock of 1,000 in East India Stock": "my promissory notes of the Central Government for 10,000 rupees in their 4 per cent. loan": "all such sums of money as my executors may, after my death, receive in respect of the debt due to me from the insolvent firm of D and Company": "all the wine which I may have in my cellar at the time of my death": "such of my horses as B may select": "all my shares in the Imperial Bank of India": "all my shares in the Imperial Bank of India which I may possess at the time of my death": "all the money which I have in the 5 1/2 per cent. loan of the Central Government": "all the Government securities I shall be entitled to at the time of my decease". Each of these legacies is specific. (ii) A, having Government promissory notes for 10,000 rupees, bequeaths to his executors "Government promissory notes for 10,000 rupees in trust to sell" for the benefit of B. The legacy is specific. (iii) A, having property.....
View Complete Act List Judgments citing this sectionIndian Succession Act, 1925 Chapter 12
Title: Of the Refunding of Legacies
State: Central
Year: 1925
.....may be, in the country of domicile, the surplus or residue to him for distribution to those persons. ______________________ 1. Substituted by Act 3 of 1951, section 3 and Schedule, for "the States". Section 367 - Transfer of assets from India to executor or administrator in country of domicile for distribution Where a person not having his domicile in1[India] has died leaving assets both in1[India] and in the country in which he had his domicile at the time of his death and there has been a grant of probate or letters of administration in1[India] with respect to the assets there and a grant of administration in the country of domicile with respect to the assets in that country, the executor or administrator, as the case may be, in1[India], after having given such notices as are mentioned in section 360, and after having discharged, at the expiration of the time therein named, such lawful claims as he knows of, may, instead of himself distributing any surplus or residue of the deceased's property to persons residing out of1[India] who are entitled thereto transfer, with the consent of the executor or administrator, as the case may be, in the country of domicile, the.....
View Complete Act List Judgments citing this sectionIndian Succession Act, 1925 Chapter 8
Title: Of Assent to a Legacy by Executor or Administrator
State: Central
Year: 1925
.....of the fund to A. This is an implied assent to the bequest to B. (iv) Executors die after paying all the debts of the testator, but before satisfaction of specific legacies. Assent to the legacies may be presumed. (v) A person to whom a specific article has been bequeathed takes possession of it and retains it without any objection on the part of the executor. His assent may be presumed. Section 334 - Conditional assent The assent of an executor or administrator to a legacy may be conditional and if the condition is one which he has a right to enforce, and it is not performed, there is no assent. Illustrations (i) A bequeaths to B his lands of Sultanpur, which at the date of the Will, and at the death of A were subject to a mortgage for 10,000 rupees. The executor assents to the bequest, on condition that B shall within a limited time pay the amount due on the mortgage at the testator's death. The amount is not paid. There is no assent. (ii) The executor assents to a bequest on condition that the legatee shall pay him a sum of money. The payment is not made. The assent is nevertheless valid. Section 335 - Assent of executor to his own legacy (1) When the.....
View Complete Act List Judgments citing this sectionIndian Succession Act, 1925 Section 120
Title: Date of Vesting when Legacy Contingent Upon Specified Uncertain Event
State: Central
Year: 1925
(1) A legacy bequeathed in case a specified uncertain event shall happen does not vest until that event happens. (2) A legacy bequeathed in case a specified uncertain event shall not happen does not vest until the happening of that event becomes impossible. (3) In either case, until the condition has been fulfilled, the interest of the legatee is called contingent. Exception.Where a fund is bequeathed to any person upon his attaining a particular age, and the will also gives to him absolutely the income to arise from the fund before he reaches that age, or directs the income, or so much of it as may be necessary, to be applied for his benefit, the bequest of the fund is not contingent. Illustration (i) A legacy is bequeathed to D in case A, B and C shall all die under the age of 18. D has a contingent interest in the legacy until A, B and C all die under 18, or one of them attains that age. (ii) A sum of money is bequeathed to A "in case he shall attain the age of 18", or "when he shall attain the age of 18". A's interest in the legacy is contingent until the condition is fulfilled by his attaining that age. (iii) An estate is bequeathed to A for life, and after his
View Complete Act List Judgments citing this sectionIndian Succession Act, 1925 Chapter 15
Title: Of Demonstrative Legacies
State: Central
Year: 1925
.....of Ramnagar". (iii) A bequeaths to B "10,000 rupees out of my estate at Ramnagar", or charges it on his estate at Ramnagar: "10,000 rupees, being my share of the capital embarked in a certain business". Each of these bequests is demonstrative. Section 151 - Order of payment when legacy directed to be paid out of fund the subject of specific legacy Where a portion of a fund is specifically bequeathed and a legacy is directed to be paid out of the same fund, the portion specifically bequeathed shall first be paid to the legatee, and the demonstrative legacy shall be paid out of the residue of the fund and, so far as the residue shall be deficient, out of the general assets of the testator. Illustration A bequeaths to B 1,000 rupees, being part of a debt due to him from W. He also bequeaths to C 1,000 rupees to be paid out of the debt due to him from W. The debt due to A from W is only 1,500 rupees; of these 1,500 rupees, 1,000 rupees belong to B, and 500 rupees are to be paid to C. C is also to receive 500 rupees out of the general assets of the testator.
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