A bequeaths "the interest of his 5 1/2 per cent. promissory notes of the Central Government to B for…
Illustration (ii) to Succession Act section 172 limits B to income for life but gives C the notes when B dies. The time limit restricts B's enjoyment, while the subsequent…
Choose your answer
A bequeaths "the interest of his 5 1/2 per cent. promissory notes of the Central Government to B for his life, and after his death to C". What do B and C take?
Answer and explanation
Correct answer D
Illustration (ii) to Succession Act section 172 limits B to income for life but gives C the notes when B dies. The time limit restricts B's enjoyment, while the subsequent unlimited gift carries the underlying securities to C rather than sending them into residue.