Bare Act Search Results

INDIAN SUCCESSION ACT, 1925 Section 170

Title: Exoneration of specific legatee's stock in joint stock company

State: Central

Year: 1925

.....of the call. These payments must be borne by A's estate. (ii) A has agreed to take 50 shares in an intended joint-stock company, and has contracted to pay up 100 rupees in respect of each share, which sum must be paid before his title to the shares can be completed. A bequeathes these shares to B. The estate of A must make good the payments which were necessary to complete A's title. (iii) A bequeaths to B his shares in a certain railway. B accepts the legacy. After A's death a call is made in respect of the shares. B must pay the call. (iv) A bequeaths to B his shares in a joint-stock company. B accepts the bequest. Afterwards the affairs of the company are wound up, and each shareholder is called upon for contribution. The amount of the contribution must be borne by the legatee. (v) A is the owner often shares in a railway company. At a meeting held during his lifetime a call is made of fifty rupees per share, payable by three instalments. A bequeaths his shares to B, and dies between the day fixed for the payment of the first and the day fixed for the payment of the second instalment, and without having paid the first instalment. A's estate must pay the first.....

INDIAN SUCCESSION ACT, 1925 Section 158

Title: Ademption where stock, specifically bequeathed, does not exist at testator's death

State: Central

Year: 1925

Where stock which has been specifically bequeathed does not exist at the testator's death, the legacy is adeemed. Illustration A bequeaths to B "my capital stock of 1,000l. in East India Stock": "my promissory notes of the Central Government for 10,000 rupees in their 4 per cent. loan". A sells the stock and the notes. The legacies are adeemed.

Indian Succession Act, 1925 Section 144

Title: Bequest of Stock Where Testator Had, at Date of Will, Equal or Greater Amount of Stock of Same Kind

State: Central

Year: 1925

Where a bequest is made in general terms of a certain amount of any kind of stock, the legacy is not specific merely because the testator was, at the date of his will, possessed of stock of the specified kind, to an equal or greater amount than the amount bequeathed. Illustration A bequeaths to B 5,000 rupees five per cent. Government securities. A had at the date of the will five per cent. Government securities for 5,000 rupees. The legacy is not specific.

INDIAN SUCCESSION ACT, 1925 Section 159

Title: Ademption pro tanto where stock specifically bequeathed, exists in part only at testator's death

State: Central

Year: 1925

Where stock which has been specifically bequeathed exists only in part at the testator's death, the legacy is adeemed so far as regards that part of the stock which has ceased to exist. Illustration A bequeaths to B his 10,000 rupees in the 5 1/2 per cent. loan of the Central Government. A sells one-half of his 10,000 rupees in the loan in question. One-half of the legacy is adeemed.

Indian Succession Act, 1925 Section 166

Title: Stock Specifically Bequeathed Sold but Replaced, and Belonging to Testator at His Death

State: Central

Year: 1925

Where stock specifically bequeathed is sold, and an equal quantity of the same stock is afterwards purchased and belongs to the testator at his death, the legacy is not adeemed.

Indian Succession Act, 1925 Section 143

Title: Bequest of Certain Sum Where Stocks, Etc., in Which Invested Are Described

State: Central

Year: 1925

Where a certain sum is bequeathed, the legacy is not specific merely because the stock, funds or securities in which it is invested are described in the will. Illustration A bequeaths to B "10,000 rupees of my funded property": "10,000 rupees of my property now invested in shares of the East Indian Railway Company": "10,000 rupees, at present secured by mortgage of Rampur factory". No one of these legacies is specific.

Indian Succession Act, 1925 Section 165

Title: Stock Specifically Bequeathed Lent to Third Party on Condition That It Be Replaced

State: Central

Year: 1925

Where stock which has been specifically bequeathed is lent to a third party on condition that it shall be replaced, and it replaced accordingly, the legacy is not adeemed.

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,.....

Succession Act, 1925 Complete Act

State: Central

Year: 1925

.....under this section or exempted from the operation of any of the provisions of the Indian Succession Act, 1865(10 of 1865), under section 332 of that Act are in this Act referred to as "exempted persons". PART 02 OF DOMICILE SECTION 04: APPLICATION OF PART This Part shall not apply if the deceased was a Hindu, Muhammadan, Buddhist, Sikh or Jaina. SECTION 05: LAW REGULATING SUCCESSION TO DECEASED PERSON'S IMMOVABLE AND MOVABLE PROPERTY, RESPECTIVELY (1) Succession to the immovable property in India of a person deceased shall be regulated by the law of India, wherever such person may have had his domicile at the time of his death. (2) Succession to the movable property of a person deceased is regulated by the law of the country in which such person had his domicile at the time of his death. SECTION 06: ONE DOMICILE ONLY AFFECTS SUCCESSION TO MOVABLES A person can have only one domicile for the purpose of the succession to his movable property. SECTION 07: DOMICILE OF ORIGIN OF PERSON OF LEGITIMATE BIRTH The domicile of origin of every person of legitimate birth is in the country in which at the time of his birth his father was domiciled; or, if he is a posthumous.....

Indian 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.....