INTEREST ON LEGACIES

New Zealand Herald, Volume LXX, Issue 21506, 1 June 1933, Page 14

INTEREST ON LEGACIES

[PAYMENT NOT AUTHORISED Decision was given by the Chief Justice, Sir Michael Myers, yesterday on questions put to him by the trustees of ~ho will of the late Matthew Anderson Clark, merchant, of Auckland. The trustees wished to know whether two grandchildren, to whom legacies of .6500 ware to bo paid when they reached the ago of 21, were entitled to receive interest on their legacies. His Honor said this was not the case of a legacy given to a person in the first instance, and then directed to be paid at the age of 21. It was tho case of a sum of moifoy bequeathed to a person at tho age of 21. The vesting was therefore deferred, and in such a case interest was not payable on the legacy until after the date for payment had arrived. The question about severing the amounts of the legacies was not important, and there was nothing to prevent the executors from severing them from the rest of tho estate if that course should become necessary. There was no necessity for it at present, nor in all probability would the necessity ever arise. Costs of all parties would be taxed out of the estate.