The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-10-31
Surrogate's Court.

Surrogste's Court.
IN THE NATTER or THE ESTATE or CHARLES Il.
CowELL, DECEASED IAN INTERESTING POINT IN
LAw-DiFFEREscE BETWEEN A LEGACY AND AN
ANNUITY.
Decision Of the Surrogate, A. W. Bradford
0cr so-The estator gave his sister, Louisa Booth
the interest upon fifteen hundred dollars in case she
should become widow, for tho period OF her widow
hood payable annually At her death the principal was
TO be given 70 charitable uses, and provided that
the interest OF the Same for % much OF her life
should not be widow, should be applied 70 the same
uses. The viii contained numerous other requests
pteret certain amounts 70 various legatees psya
BILE annually during e and their decease the princ
pal sums were given over 70 charitable uses The
executors were authorized 70 invest the estate
in such sums, and upon such terms, as they nigh
deem necessary for the due execution Of the will
The 'eststor died In October, 1854. and Mrs Booth
became widow in Nay, 1885, i am now asked TO
tine bears interest There must be- some special drec
non IA wil 10 take legacy Of tho usual rule
oeeaesw are not payable until year the sssta
tors decesse and begin TO bear interest only the
Teroo when they fall due distinction has long been
recognized in the law 10 favor Of annunies. and
at the end Of the drtt year from eststors death
In Eyr Vi Gooiog 8, BarDey, s79 there beque.t
the interest OF eco DO paid the sxssse annually
during her natural hfe ana the Court said "thesc is
difference between the legacy OF sum Of money 70
for tue term Of NE and beques Of sum 70 be paid
nuA for lite. 10 the former the legacy being
pay able until the end OF from the esAsors DEATH
the lsgatee draws no interest fos that year. Bu,
be made end Of the first year. or the nten
ton OF the testStor Is not complied with You must
count the time immediately from his death the
vi no receive the al nuty during her hfen The effect
OF this decision 70 place the gilt OF the Int crest OF
tain sum annually on the same footing annuity,
Tbs then would seem 70 be supported by the decision
OF Chancellor Wswoth, In Craig Craig. q Reub Gu.
I6 where The executors we're directed 10 invest "a
sum OF money sufficient TO produce IN legal interest
this as an annuity and decreed that five hundred dollars
should be raped for the first year. the ega,ee
the teetators sop and lunahc, and The will expressly
declared the bequess be for the purpose aiming
him. These facts would, think have iusnned pay
intent OF the will independently OF the question
whether the legacy should be treated as an annuity
Lord Eden in Gibson Bott, vesey, 20, who there
said, 'f y Is given the first psy msnt paid a.
the end OF tie year rom the oeath but legacy given
for life with remainder over, interest /. due until the
end Of the year is only interest OF the legacy and
when the legacy Ia payable tnere no fund to produce
interest This is clear enough, but still remains open
70 determine what is annuity end what legacy
Tor hie II teems u have been doubted whether, IL u
Of money directed TO pao out to produce
annuity that Ia 20 ne considered as legacy payable Ia
year. or an aana,iy payable at death An annuity Is
stated ~ m per anuun payable annually unless otatr
eirscted. IL is not income profits indeter
minabie in amount, varying according 70 the income
ard profits though certain fund may be pro-
Why it is payable st the end OF the first
year simply because the testator has 30 directed Al
duty to pay the annuity arises contemporspeously with
efiux OF the period the Law has allowed for the set
Element Of tue estaso The iucone or interest OF
tain fund not an annuity but sinpiy PROFITS OF certain
property TO be left or ~bch may vary more or less H.
however, Craig Craig there pc clear direction
TO raise certain sum annually, that patAkes OF the
of annuity, standing the mode raising
II by interest investments De presented Ana So
the other hand the oequea;h the interest OF
stated amount that cannot treated as an annuity bat
only as gin OF income Bu, II, as in Eyre Godiog,
the legacy be OF the ip,eres, annually as In tht.
the initial asf ay.hla hat m
say Is an annuity or merely q legacy! IL is
not . stated sum, but may be more less,
respect II does possess the characteristic OF a
sEnuhy, but 10 merely interest or income. Ii
a charActerstic common alike to IN annuity or TO
interest," and not peculiar 70 elmer In the present
the tes'aior gives The interest upon $1,000 lne git ~
the interest," and ths the entire substance OF the gt
the mode Of pay ment Is annually but that relates To.
pay nj and Eot TO The GIN The thing given the Psols
Of certain portion Of the estate 10 separated in
and invested. IL Ia gwen interest u q denominated
capital and interest therefore begin
III IL, capital has become due The provisions OF rue
Will would therefore to he satisfied by making the
investment at the end Of the year, and Paying toe
interest annually 70 The life tenant Inc VIII ex
the dtcease OF tie lega.ee whom the iatcres, Is
b,queaibed FIR lie. These bequess are substantially
iep for lie, with remainder aud the iegsces
~ould become cue allow interest III Dad
OF the year. nniess Otherwise specially directed DO
noen, 10 take The OF the general rule In ihs
case OF Airs Booth Il 10 10 be observed that the bequea
takes elect I'm care she should become widow"
Where The gill provides time when tue legacy 20 DO
come due, whether by naming period o. prescribing
condition or coptD gcncy the legacy becomes cue wnen
The prescribed mes has arrived the soDtingen
occurred although may be within the year. The git
70 Mrs Boota became operative on certain contingency
-cn her becoming a wido~, and was 70 be cou,ausd
during Der vtdovhood. took effect ~ilhin the year
and on the occurrence Of the con iron became the
duty OF the executors a. make the Investment and pay
her the interest annually from that period. lad gun
on widow hood, aad ike ain on marriage, become. due
on the event pese ibed ny the estaior whetser hap
.ens before or after the year Tn,re must be q dec
accordingly, giving the applicant me interest from the
time she became widow. The taxes witch the exscu
or may be compeled 10 pay, ana also bis comni.siIn
the interest payable Annually 70 the egatec, must
come Of the interest, and not cha 70
general estate RI this bad been snnrhy, the rule
might perhaps, have been otherwtse bat beng merely
afr Of interest or income, the 1Dd must pay ts
charges.