Section 342: Investment of general legacy, to be paid at future time: disposal of intermediate interest
The Succession Act · Federal Acts · Part IX · in_force
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disposal of intermediate interest.―(1) Where a general legacy is given to be paid at a future time, the executor or administrator shall invest a sum sufficient to meet it in securities of the kind mentioned in section 341. (2) The intermediate interest shall form part of the residue of the testator’s estate.
Related sections
Section 341: Investment of sum bequeathed where legacy, not specific, given for lifeSection 343: Procedure when no fund charged with, or appropriated to, annuitySection 340: Dates of successive payments when first payment directed to be made within a given time or on day certain: death of annuitant before date of payment CHAPTER X Investment of funds t o provide for legaciesSection 344: Transfer to residuary legatee of contingent bequestSection 339: When annuity, to be paid quarterly or monthly, first falls dueSection 345: Investment of residue bequeathed for life without direction to invest in particular securities
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