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Report No. 110

24.8. Section 148.-

Section 148 reads as under:-

"148. Where property comprised in a bequest to two or more persons in succession is not specifically bequeathed, it shall, in the absence of any direction to the contrary, be sold, and the proceeds of the sale shall be invested in such securities as the High Court may by any general rule authorise or direct, and the fund thus constituted shall be enjoyed by the successive legatees according to the terms of the will.

Illustration

A, having a lease for a term of years, bequeaths all his property to B for life, and, after B's death, to C. The lease must be sold, the proceeds invested as stated in this section and the annual income arising from the fund is to be paid to B for life. At B's death, the capital of the fund is to be paid to C." The section needs no chance. It may be pointed out that the rule is different where there is a specific bequest.1

1. Section 147, supra.

24.9. Section 149-No abatement of specific legacies.-

Section 149 provides that if there is a deficiency of assets to pay legacies, a specific legacy is not liable to abate with the general legacies. As already mentioned,1 non-liability to abatement is one of the distinguishing features of specific legacies. The section reflects this principle and we have no chance to recommend in the section.

1. Para. 24.1, supra.



The Indian Succession Act, 1925 Back




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