Indian Succession Act,1925
Act No : 39
Section :
Period of vesting where will directs that annuity be provided out ofproceeds of property, or out of property generally, or where moneybequeathed to be invested in purchase of annuity.
174. Period of vesting where will directs that annuity beprovided out of proceeds of property, or out of property generally, orwhere money bequeathed to be invested in purchase of annuity.-Wherethe will directs that an annuity shall be provided for any person outof the proceeds of property, or out of property generally, or wheremoney is bequeathed to be invested in the purchase of any annuity forany person, on the testator's death, the legacy vests in interest inthe legatee, and he is entitled at his option to have an annuitypurchased for him or to receive the money appropriated for thatpurpose by the will. Illustrations (i) A by his will directs that his executors shall, out of hisproperty, purchase an annuity of 1,000 rupees for B. B is entitled athis option to have an annuity of 1,000 rupees for his life purchasedfor him or to receive such a sum as will be sufficient for thepurchase of such an annuity. (ii) A bequeaths a fund to B for his life, and directs that afterB's death, it shall be laid out in the purchase of an annuity for C. Band C survive the testator. C dies in B's lifetime. On B's death thefund belongs to the representative of C.
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