A bequeaths to B 500 rupees a year upon his attaining the age of 18, and directs that the interest, or…
Illustration (xii) to section 120 states that "The legacy is vested" in B. The Exception to section 120 provides that where a fund is given on attaining an age and the will…
Choose your answer
A bequeaths to B 500 rupees a year upon his attaining the age of 18, and directs that the interest, or a competent part of it, be applied for B's benefit until he reaches that age. What is the nature of the legacy?
Answer and explanation
Correct answer D
Illustration (xii) to section 120 states that "The legacy is vested" in B. The Exception to section 120 provides that where a fund is given on attaining an age and the will directs the income from that fund, or so much as is needed, to be applied for the legatee's benefit meanwhile, "the bequest of the fund is not contingent". Giving B the intermediate income of the same fund shows that the age only fixes the time of payment.