South Australian Consolidated Acts South Australian Consolidated Acts120A—Interest upon pecuniary legacies
(1) Subject to any
testamentary direction or provision to the contrary, where a will provides for
the payment of a pecuniary legacy of a specified amount and the legacy is not
paid in full on or before the relevant date, then, as from the relevant date
and until the date of payment, interest accrues on the legacy, or so much of
the legacy as remains unpaid, at the rate from time to time fixed by
regulation for the purposes of this section.
(2) A right to
interest under this section does not exist independently of a right to payment
of the legacy itself, and where a legacy abates, the extent of the abatement
shall be taken into account in calculating interest for the purposes of this
section.
(3) This section
applies to legacies whether they become or became payable before or after the
commencement of the Administration and Probate Act Amendment Act 1981 ,
but it does not affect interest that may have accrued upon a legacy before the
commencement of that amending Act.
(4) In this
section—
"the relevant date" means—
(a) a
date fixed by the will as the date on or before which the legacy is to be paid
or, if no such date is fixed by the will, the date of the first anniversary of
the testator's death; or
(b) the
date of commencement of the Administration and Probate Act Amendment
Act 1981 ,
whichever is the later.