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Section 148: Sale and investment of proceeds of property bequeathed to two or more persons in succession.

The Indian Succession Act, 1925Central Act · Act 39 of 1925

Where property comprised in a bequest to two or more persons in succession is not specifically bequeathed, it shall, in the absence of any direction to the contrary, be sold, and the proceeds of the sale shall be invested in such securities as the High Court may by any general rule authorise or direct, and the fund thus constituted shall be enjoyed by the successive legatees according to the terms of the will.

Illustration

A, having a lease for a term of years, bequeaths all his property to B for life, and, after B's death to C. The lease must be sold, the proceeds invested as stated in this section and the annual income arising from the fund is to be paid to B for life. At B's death the capital of the fund is to be paid to C.

Where this provision sits

ActThe Indian Succession Act, 1925
Section148
Marginal noteSale and investment of proceeds of property bequeathed to two or more persons in succession.
JurisdictionCentral
StatusIn force as published by the source

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