May'S Trustees v. Paul [1900] ScotLR 37_470 (22 February 1900)

May'S Trustees v. Paul [1900] ScotLR 37_470 (22 February 1900)

Interest on the legacy is payable from the date of the testatrix's death at 4% per annum, as there were sufficient assets to pay the legacies at that time and the trustees' delay in realisation, though prudent, cannot prejudice the legatee's entitlement to interest.

Citation
[1900] ScotLR 37_470
Parties
Trustees (applicants): May's Trustees; Legatee (second Party, Respondent): Mrs Julia MacGregor or Paul and her husband; Residuary Legatees (third Parties, Respondents): Society for the Relief of Indigent Gentlewomen of Scotland and The Church of Scotland's Association for Augmenting the Smaller Livings of the Clergy
Jurisdiction
Scotland
Judgment Date
22 February 1900
Procedural Posture
Special Case (succession/trusts) / Inner House, Second Division, Court of Session – Final Judgment
Outcome
Second party (Mrs Paul) entitled to interest at 4% per annum on her legacy from the date of the testatrix's death.
Legal Topics
Interest on Legacies, General Legacies, Construction of Wills
Succession Trusts and Estates Interest on Legacies General Legacies Construction of Wills

Case Brief

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Parties

May's Trustees

Trustees (applicants)

Mrs Julia MacGregor or Paul and her husband

Legatee (second Party, Respondent)

Society for the Relief of Indigent Gentlewomen of Scotland and The Church of Scotland's Association for Augmenting the Smaller Livings of the Clergy

Residuary Legatees (third Parties, Respondents)

Procedural Posture

Special Case (succession/trusts) / Inner House, Second Division, Court of Session – Final Judgment

Legal Issues

  1. 1 Whether interest on a general legacy is payable from the date of the testator's death or from a later date when funds are realised.
  2. 2 At what rate is interest payable on the legacy?

Ratio Decidendi

Interest on the legacy is payable from the date of the testatrix's death at 4% per annum, as there were sufficient assets to pay the legacies at that time and the trustees' delay in realisation, though prudent, cannot prejudice the legatee's entitlement to interest.

Court Disposition

Second party (Mrs Paul) entitled to interest at 4% per annum on her legacy from the date of the testatrix's death.

Orders

  • Payment of interest at 4% per annum on the £1000 legacy from the date of death.
  • All parties to the special case entitled to their expenses out of the residue of the trust estate.