Page:United States Statutes at Large Volume 76A.djvu/663

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–567–

-567§ 233. Condition precedent; construction; operation A condition precedent in a will is one which is required to be fulfilled before a particular disposition takes eflfect. I t is to be deemed performed when the testator's intention has been substantially, though not literally, complied with. Nothing vests until the condition is fulfilled, except where the fulfillment is impossible, in which case the disposition vests, unless the condition was the sole motive thereof, and the impossibility was unknown to the testator, or arose from an unavoidable event subsequent to the execution of the will. § 234. Condition subsequent; operation A condition subsequent is one under which an estate or interest is so given as to vest immediately, subject only to be divested by a subsequent act or event. A testamentary disposition, when vested, may not be divested except upon the occurrence of the precise contingency prescribed by the testator for that purpose.

CHAPTER 15—LEGACIES AND INTEREST See.

261. Nature and designations of legacies. 262. Bequest of interest or Income; time of accrual. 263. Time legacies due; interest; commencement of annuities. 264. Construction of chapter. § 261. Nature and designations of legacies Legacies are distinguished and designated, according to their nature, as follows: (1) A legacy of a particular thing, specified and distinguished from all others of the same kind belonging to the testator, is specific; if the legacy fails, resort may not be had to the other property of the testator. (2) A legacy is demonstrative when the particular fund or personal property is pointed out from which it is to be taken or paid; if the fund or property fails, in whole or in part, resort may be had to the general assets, as in case of a general legacy. (3) An annuity is a bequest of certain specified sums periodically. If the fund or property out of which they are payable fails, resort may be had to the general assets, as in case of a general legacy. (4) A residuary legacy embraces only that which remains after all the bequests of the win are discharged. (5) All other legacies are general legacies. § 262. Bequest of interest or income; time of accrual I n case of a bequest of the interest or income of a certain sum or fund, the income accrues from the testator's death. § 263. Time legacies due; interest; commencement of annuities Legacies are due and deliverable one year after the testator's death, and bear interest from that time, except that legacies for maintenance, or to the testator's widow, bear interest from the testator's death. Annuities commence at the testator's death. § 264. Construction of chapter In all cases the provisions of this chapter are to be controlled by a testator's express intention.