TERMS OF A WILL

Southland Times, Issue 19966, 4 September 1926, Page 7

TERMS OF A WILL

INTERESTING APPEAL COURT DECISION. (Per United Press Association.) 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 (July 12). The question for decision was whether the legatees, Frank Kenneth Pearce and Alan Pearce, were entitled to renounce the devise of land left to them under the will of William Bryant Vater Pearce, while accepting a gift of stock and other chattels on the land. This matter involved a large sum, as the nett value of the testator’s estate is some £62,000. The legatees refused the gift o' land because of the burdens attached to it, which made it of no worth to them, but were quite willing to accept the valuable stock. If they did this, however, the burdens of the land would have to be satisfied out of the residuary estate under the will, and 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.