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Section 350 Succession Act 1925: Residuary legatee’s title to produce of residuary fund

Section 350 (Residuary legatee’s title to produce of residuary fund) under Chapter XI (Of the Produce and Interest of Legacies) of Part IX (Probate, Letters of Administration and Administration of Assets of Deceased) of the Indian Succession Act, 1925

❝The legatee under a general residuary bequest is entitled to the produce of the residuary fund from the testator’s death.

 Exception.—A general residuary bequest contingent in its terms does not comprise the income which may accrue upon the fund bequeathed between the death of the testator and the vesting of the legacy. Such income goes as undisposed of.

Illustrations

 (i) The testator bequeaths the residue of his property to A, a minor, to be paid to him when he shall complete the age of 18. The income from the testator's death belongs to A.

 (ii) The testator bequeaths the residue of his property to A when he shall complete the age of 18. A, if he completes that age, is entitled to receive the residue. The income which has accrued in respect of it since the testator's death goes as undisposed of.❞




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Notes:

The Indian Succession Act, 1925 was amended by from time to time by:
- the Indian Succession (Amendment) Act, 1926 (37 of 1926);
- the Indian Succession (Second Amendment) Act, 1926 (40 of 1926);
- the Repealing and Amending Act, 1927 (10 of 1927);
- the Repealing Act, 1927 (12 of 1927);
- the Indian Succession (Amendment) Act, 1927 (18 of 1927);
- the Indian Succession (Amendment) Act, 1928 (14 of 1928);
- the Indian Succession (Amendment) Act, 1929 (18 of 1929);
- the Transfer of Property (Amendment) Supplementary Act, 1929 (21 of 1929);
- the Indian Succession (Amendment) Act, 1931 (17 of 1931);
- the Amending Act, 1934 (35 of 1934);
- the Government of India (Adaptation of Indian Laws) Order, 1937;
- the Repealing Act, 1938 (1 of 1938);
- the Indian Succession (Amendment) Act, 1939 (17 of 1939);
- the Berar Laws Act, 1941 (4 of 1941);
- the Indian Independence (Adaptation of Central Acts and Ordinances) Order, 1948;
- the Indian Succession (Amendment) Act, 1949 (35 of 1949);
- the Adaptation of Laws Order, 1950;
- the Part B States (Laws) Act, 1951 (3 of 1951);
- the Repealing and Amending Act, 1952 (48 of 1952);
- the Repealing and Amending Act, 1953 (42 of 1953);
- the Union Territories (Laws) Amendment Act, 1956 (68 of 1956);
- the Indian Succession (Amendment) Act, 1957 (34 of 1957);
- the Indian Succession (Amendment) Act, 1962 (16 of 1962);
- the Repealing and Amending Act, 1964 (52 of 1964);
- the Delegated Legislation Provisions (Amendment) Act, 1983 (20 of 1983);
- the Indian Succession (Amendment) Act, 1991 (51 of 1991);
- the Repealing and Amending Act, 2001 (30 of 2001);
- the Indian Succession (Amendment) Act, 2002 (26 of 2002).

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