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Report No. 110

27.9. Decision of House of Lords as to meaning of 'stock'.-

Reference may also be made in this connection to a decision of the House of Lords1. In that case, the testator had bequeathed to his wife 'leasehold estates and all such stocks in the public funds, or shares in any Railway of which I may die possessed,' and, on failure of issue, he gave to his brother the same leasehold estate, stock, shares, moneys and securities".

The question was whether the 'shares' and 'stocks' were two different things, in view of the fact that the testator consciously used both these terms in his will. It was held that manifestly, for every purpose, share and stocks were alike share when paid up, grew into stock, and were put upon a special Register for the convenient management of business, but, in substance, they continued to be the same thing, and may well pass by the same words unless there be a clear difference made between them.

1. Frederick F.J. Morrice v. George E. Aylmer, (1875) 7 HL 717.

The Indian Succession Act, 1925 Back

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