PAYMENT OF INTEREST ON LEGACIES

Press, Volume LXXII, Issue 21747, 1 April 1936, Page 9

PAYMENT OF INTEREST ON LEGACIES

SUPREME COURT DECISION GIVEN

Whether the several legacies amounting to about £6OOO in the will of Harry Aulsebrook Bruce should carry interest from one year after the death of the testator, or from a later date such as the death of his widow, as it was impracticable to pay them so long as the widow's annuity runs, was argued recently in the Supreme Court before his Honour Mr Justice Northcroft. In a reserved judgment given' yesterday his Honour held that the testator had not expressed any special time, and that in consequence the well established rule applied that even if payment was impracticable interest must be paid or credited from 12 months after the date of the death of the testator. He considered that interest at the rate of 4 per cent, would be appropriate in all the circumstances, and an order was made accordingly. Mr K. M. Gresson appeared for the trustees, Mr A. T. Donnelly, for the specific legatees and Mr T. D. Harman for the residuary legatee.