3 Bradf. 364 | N.Y. Sur. Ct. | 1855
By the fifth clause of her will, the testatrix gave to her nephew and his wife and the survivor of them “ the interest, dividends, or other income of two thousand five hundred dollars,” for and during their joint lives, and the life of the survivor of them, and after their decease the principal sum to their children then living. There are numerous other bequests of life estates of the same character contained in the will, and the question arises whether the interest or income began to run on the decease of the testatrix. Generally, when no time of payment is named, legacies are not due until the lapse of a year from the death of the testator, and of course do not begin to earn interest until they become due. But annuities are considered as commencing from the death of the testator, and the first payment
By the twenty-sixth clause of the will, Anna Buckley and John B. Lawrence, sister and brother of the testatrix, are constituted residuary legatees ; but by a codicil, the estate of the sister is cut down to “ the interest, dividends, and other periodical income” of one half “ during the residue of her natural life,” and the remainder is given over to her descendants. There is no direction to convert and invest in this connection, and the tenant for life is entitled to the income from the death of the testator, not only on such investments as were then made in accordance with the duty of an executor as to making investments, but also on such as have been made within the year. If any amount remained uninvested, interest is to be allowed on the valuation of such portion of the residue, as of the time of the testator’s decease. (Hewitt vs. Morris, 1 Turn. & Russ. 241; La Terriere vs. Bulwer, 2 Sim., 18; Douglass vs. Congreve, 1 Keen, 410; Williamson vs. Williamson, 6 Paige, 298).