LEGACIES
Legacy:
A gift under a will is a legacy. A legacy may be generator specific.
Specific Legacy :
(1) If testator bequeaths to any person a specified part of his property as distinguished from all other properties, the legacy is specific (Sn. 142) E.g.: (i) A bequeaths properties to 8 mentioning :
(a) My diamond ring given to me by C
(b) The golden chain I am wearing
(c) Rs. 5,000 which I have kept in my safe No. 1
(d) My furniture kept in my house at Calcutta (address mentioned)
(e) My shares in Canara Bank, branch address specified. All these are specific legacies. ,They are easily identifiable.
E.g. (ii) A bequeaths properties to B mentioning :
(a) Golden ring
(b) Horse
(c) So much money as is necessary to buy 50, Government . bonds.
These are not specific legacies. The legacy will not become specific merely because certain
stocks, funds or securities are described in terms of money to be given as legacy. A bequeaths to B Rs. 10,000 of his property. This is not specific. If a bequest is made in general terms of a certain sum of money equal to any kind of stock, it is not a specific legacy because the testator had much of the stocks in the companies. A bequeaths to B 5% Government securities. A has various Govt. securities for Rs. 5,000. The legacy is not specific, as no reference is made to the particular Government Bond. if the will contains a bequest of the residue of the testator's property along with some mentioned items, the articles so mentioned are not specifically bequeathed. Specific legacy can be made to two or more persons in succession though the value of the property may be decreasing. 7
Demonstrative Legacies
Where a testator bequeaths a certain sum of money or a certain quantity in any other commodity and refers to a .particular fund or stock so as to constitute the same, the primary fund or stock, of which payment is to be made, the legacy is demonstrative. In specific legacy a specified named property is given to the legatee, !n demonstrative legacy it is directed to be paid out of a specified fund or property.
(i) A bequeaths to B Rs. 1000 due from W to A. He also bequeaths to Rs, 5000 to be paid from the various amounts due from '0'. Legacy to B is specific whereas to C it is demonstrative.
(ii) A bequeaths to C Rs. 25,000 out of estate at Ramanagaram. This is demonstrative,
(iii) A bequeaths to B 'Rs. 10,000 from my 5% bonds; 1000 chests of tel from my tea esta These are demonstrative. Regarding ademption a demonstrative legacy is to be paid from the general assets of the testator. Hence, it is not adeemed. But, a specific legacy is adeemed if it does not exist on testator's death.
Residuary Legatee :
A Residuary Legatee may be constituted with any words that show an intention of thetestator that the person so named takes the surplus or residue of his property. No particular mode is prescribed by law but it is necessary that the intention should be clear to constitute a legatee who gets the residue after all the other bequests are attended to.
E.g.: A makes a will mentioning 'I think there will be something left after all the funeral expenses etc., and legacies are met. That shall be given to B who is studying in the college to equip him to any study he chooses.' B here is a residuary legatee. The residuary legatee is entitled to ail the property of the testator at the time of his death. That is, the property which has not been given to any person under the will.' "Any other property not mentioned above is to be given to S my youngest son." S is a residuary legatee.
