INTEREST ON LEGACIES

New Zealand Herald, Volume LXX, Issue 21505, 31 May 1933, Page 14

INTEREST ON LEGACIES

INTERPRETATION SOUGHT An originating summons to determine two questions of interpretation of the will of the late Matthew Anderson Clark, merchant, of Auckland, was brought before tho Chief Justice, Sir Michael Myers, in the Supreme Court yesterday. Mr. Clark, who died on May 15 of last year, left estate valued at £22,000 to his three children and two grandchildren. A clause in a codicil directed the trustees to pay to the two grandchildren a sum of £SOO each upon their attaining the age of 21, and a further clause directed that tho residue of the estate be divided among tho children. The trustees, the ISiew Zealand Insurance Company, Limited, and Kato Mary Clark (Mr. Milliken), initiated a friendly action against the beneficiaries to determine their duty in the interpretation of these clauses. Mr. Turner appeared for the three children and Mr. Steadman for tho two infant grandchildren. The questions asked were whether tho executors should "set apart, sever and separately invest" sums equal_ to tho amount of the two £SOO legacies, and whether the grandchildren were entitled to receive interest on these legacies. After legal argument had been heard His Honor intimated that he would probably give oral judgment this morning. _____