A's will directs his executors to purchase, out of his property, an annuity of 1,000 rupees for B. B…
Illustration (i) to section 174 says B "is entitled at his option" to have the annuity bought or to receive a sum sufficient to buy it. Under section 174, where money is to…
Choose your answer
A's will directs his executors to purchase, out of his property, an annuity of 1,000 rupees for B. B asks for the money instead. What is the position?
Answer and explanation
Correct answer D
Illustration (i) to section 174 says B "is entitled at his option" to have the annuity bought or to receive a sum sufficient to buy it. Under section 174, where money is to be laid out in buying an annuity, the legacy vests on the testator's death and the legatee may elect to take the money. The executors cannot insist on buying the annuity.