PROBATE AND ADMINISTRATION ACT 1898 - SECT 46D
Application of income of settled residuary real or personal estate
PROBATE AND ADMINISTRATION ACT 1898 - SECT 46D
Application of income of settled residuary real or personal estate
46D Application of income of settled residuary real or personal estate
(1) Where, under the provisions of the will of a person dying after the
commencement of the Conveyancing (Amendment) Act 1930 (in this section called
"the deceased" ), any real or personal estate included (either by specific or
general description) in a residuary gift is settled by way of succession, no
part of the income of that property shall be applicable in or towards the
payment of the funeral, testamentary, and administrative expenses, debts, and
liabilities, or of the interest (if any) thereon up to the date of the death
of the deceased, or of any legacies bequeathed by such will.
(2) The income
of the settled property shall be applicable in priority to any other assets in
payment of the interest (if any) accruing due on the funeral, testamentary,
and administrative expenses, debts, liabilities and legacies, after the date
of the death of the deceased and up to the payment thereof, and the balance of
such income shall be payable to the person for the time being entitled to the
income of the property.
(3) Where, after the death of the deceased, income of
assets which are ultimately applied in or towards payment of the funeral,
testamentary, and administrative expenses, debts, liabilities and legacies
arises pending such application, that income shall, for the purposes of this
section, be deemed income of the residuary estate of the deceased.
(4) This
section shall only affect the rights of beneficiaries under the will as
between themselves, and shall not affect the rights of creditors of
the deceased.
(5) This section shall have effect, subject to the provisions
(if any) to the contrary contained in the will and to the provisions of any
Act as to charges on property of the deceased.
