THE LATE SIR F. T. SARGOOD. CONSTRUCTION OF HIS WILL.

Otago Witness, Issue 2630, 10 August 1904, Page 18

THE LATE SIR F. T. SARGOOD. CONSTRUCTION OF HIS WILL.

> friendly action between the Trustees, Executors, and Agency Company (Limited _), as one of the executors and trustees- of the will of the late Sa- Frederick T. Sargood, and the testator's 10 children, who are beneficiaries in hie estate, which has been brought by way of originating summons for the purpess of determining several questions of difficulty arising out of the admmitration of the trusts of the will, was ooinmenced before Mr Justice Hood in Melbourne. . . The proceeding's have been instituted fc* the purpose of adjusting accounts between, the various beneficiaries. The testator, by his -will, subject to a certain provision for his widow, left the residue of his property to be divided amongst his 10 children — five sons and five daughters— in equal shares. He gave an option to two of his sons, who were his partners in his Melbourne business, to purchase his share in tho business, and a similar option to tro other sons, who were his partners in the New Zealand business, to purchase his share in that business. Another son and a daughter were a.so given an option of purchasing a pastoral property belonging to testator, known as " Rippcnhurst." In each, of the so cases, should the option, be exercised, the trustees were empowered to set off the share of the purchaser in the residuary, estate against the purchase mon&y The various beneficiaries affected have elected to exercise these options, and the trustees have valued their shares for the purpose of the set-off, but as this will mean a present payment of the beneficiaries' shares in full, as against other beneficiaries who will have to wait for full payment until the w.hole of the estate is rca'ised, the trustees wish to know in each case how the accounts of the- various beneficiaries affected should, on a proper construction of the will, be debited in respect of the sum of £50,000 applied by the ,plaintiff with respect to each beneficiary, as on account of his or her share under the will towards payment of the purchase moneys owing by them, and with what rate of interest such accounts should be debited in. respect of such applications. The plaintiff also seeks the guidance of the court as to how the probate duty on the Ripponhurst property should be paid, seeingthat it has been valued at £61.186 13s lOd, whilst the beneficiaries were allowed by th© will to purchase it for £45,461, and, under these circumstances, the general estate or the beneficiaries' shares skctild bear the burden. Other questions are asked as to how an option given to testator's five sons successively to purchase "my free-hold property, being Nos. 240 to 248 Flinders stieet. in the City of Melbourne, and now occupied! by the said firm of Sargood, Butler, Nichol, and Ewen," still applies, seeing that tha nature of the property is now different from what it was when the will was executed, owing to the destruction of the original buildings by the great fire in 1897, end the. erection of new buildings oil a slightly different site. The couit's guidance is also sought as to whether the trustees should sell certain grazing properties in New South Wales, known as the '' Jerildcne " and '" Ellerslie " Stations, at present or not.