REFUSAL OF GIFT.

Otago Witness, Issue 3782, 7 September 1926, Page 34

REFUSAL OF GIFT.

RIGHTS OF LEGATEES. WELLINGTON, September 3. The Court of Appeal gave judgment this morning in the case of the Pearce Estate, which came before the court last session. The question for decision was whether the legatees, Frank Kenneth Pearce and Alan Pearce, were entitled to renounce a devise of land left to them under the will of William Bryant Vatsr Pearce, while accepting a gift of stock and other chattels on the land. This matter involved a large sum, as the net value of testator’s estate is some £62,000. The legatees refused the gift of land because of burdens attached to it, which made it of no worth to them, but were quite willing to accept valuable stock. If they did this, however (the court held), the burdens of the land would have to be satisfied out of the residuary estate under the will, and this would mean a burden on the residuary legatees. The court gave judgment that the two legatees could not renounce the devise of land whilst accepting the gift of stock and chattels, but must take all or nothing.