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Report No. 110

Chapter 43

Payment and Apportionment of Annuities (Sections 338 to 340)

43.1. Scope.-

Payment and apportionment of annuities is dealt with in sections 338 to 340. The provisions deal with matters of detail, and need no introductory comments.

43.2. Section 338-Commencement of annuity when no time fixed by will.- Section 338 reads:-

"338. Where an annuity is given by a will and no time is fixed for its commencement, it shall commence from the testator's death, and the first payment shall be made at the expiration of a year next after that event."

The section needs no change.

43.3. Section 339-Commencement of periodical annuity.- Section 339 reads:-

"339. Where there is a direction that the annuity shall be paid quarterly or monthly, the first payment shall be due at the end of he first quarter, or first month, as the case may be, after the testator's death; and shall, if the executor or administrator thinks fit, be paid when due, but the executor or administrator shall not be bound to pay it till the end of the year."

The section needs no change.

43.4. Section 340-Dates of successive payments when first payment directed to be made within a given time or on a day certain: death of annuitant before date of payment.-

Section 340 reads:-

"340. (1) Where there is a direction that first payment of an annuity shall be made within one month or any other division of time from the death of the testator, or on a day certain, the successive payments are to be made on the anniversary of the earliest day on which the will authorised the first payment to be made.

(2) If the annuitant dies in the interval between the times of payment, an apportioned share of the annuity shall be paid to his representative,"

The section needs no change.



The Indian Succession Act, 1925 Back




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