INTERPRETATION OF WILL.

New Zealand Herald, Volume LXVIII, Issue 20959, 24 August 1931, Page 11

INTERPRETATION OF WILL.

QUEEN STREET SECTIONS.

PERPETUAL ANNUITIES.

Judgment was given by Mr. Justice Smith on Saturday in the case in which an interpretation was asked of certain clauses in the will of Walter Richard McElwain, who died in December, 1900. The only remaining unadministered property dealt with in the will consists of three sections in 10-srer Queen Street in the neighbourhood of the New Zealand Insurance Company Buildings. In 1354 these sections were leased for 999 years at an aggregate annual rental of £206 10s. The case was before the Supreme Court in September of last year and again last May.

' Sir. A. H. Johnstone represented the public trustee as trustee of the will in an originating summons for interpretation, and Mr. Leary, Mr. H. A. Anderson, Mr. Northcroft and Mr. North, of Haw era, represented various relatives interested in the wilL

His Honor found that the part of the property which each child of the testator took was determined by the share of income given to each. The testator intended"" to divide the total rental of £205 10s irrespective of its source in separate leases, and he did so divide it into snecific sums. He had made a gift _of property for the purpose of producing three several sums, and that was sufficient to create a perpetual annuity. Answering specific questions in _the originating summons. His Honor decioed that the children of testator's daughter Louisa were entitled, on the death of their mother, in equal shares to such part of the Queen Street property as produced £SO a year. The gift of rentals to the sons Percy and Hi chard was an absolute gift of rentals in perpetuity, but their children had no share or interest under the will. There was no intestacy as to the Queen Street property.