The income, profit, or increase of specific testamentary gifts, as a general rule, goes with the gift though the time of enjoyment or vesting may be postponed.
(Code 1981, §53-4-60, enacted by Ga. L. 1996, p. 504, § 10.)
Law reviews.- For article, "The Time Gap in Wills: Shifting Assets and Shrinking Estates - Obsolescence and Testamentary Planning in Georgia," see 6 Ga. L. Rev. 649 (1972). For note, "Determining Principal and Income Allocation in Georgia Trusts," see 8 Ga. St. B.J. 564 (1972).
COMMENTThis section carries forward former OCGA Section 53-2-96.
JUDICIAL DECISIONS
Editor's notes.
- In light of the similarity of the statutory provisions, decisions under former Code 1933, § 113-809, are included in the annotations for this Code section.
Devisee entitled to income from date of testator's death.
- Market value of the securities bequeathed to legatee should be as of the date of testator's death. Owens v. Citizens' & S. Nat'l Bank, 177 Ga. 289, 170 S.E. 196 (1933) (decided under former Code 1933, § 113-809).
Specific devise of lands carries with it to the devisee the income, profit, or increase of the specific legacy from the date of the testator's death. Cheshire v. Keaton, 184 Ga. 29, 190 S.E. 579 (1937) (decided under former Code 1933, § 113-809).
When the testator makes a gift of the income on the legacy, and neither the legacy nor the income therefrom is delivered to the beneficiary within the time limits specified in the will, in order to be made whole, the beneficiary is entitled to interest on the income during the period the beneficiary should have been, but was not, receiving such income. DuBose v. Box, 246 Ga. 660, 273 S.E.2d 101 (1980) (decided under former Code 1933, § 113-809).
Cited in Jackson v. Maddox, 136 Ga. 31, 70 S.E. 865, 1912B Ann. Cas. 1216 (1911); Moore v. Lindsey, 662 F.2d 354 (5th Cir. 1981).
RESEARCH REFERENCES
Am. Jur. 2d.
- 80 Am. Jur. 2d, Wills, §§ 1356, 1357.
C.J.S.- 97 C.J.S., Wills, § 1684 et seq.
ALR.
- Time at which interest is payable under will or contract providing for payment of interest, 10 A.L.R. 997.
Who entitled to rent on death of landlord, 31 A.L.R. 4.
Income during administration as part of value of estate on which succession tax is to be computed, 32 A.L.R. 850.
What included in terms "notes," "securities," etc., in a bequest, 52 A.L.R. 1097.
Title of, or right to possession by, specific legatee prior to order or decree of distribution, 150 A.L.R. 91.
Disposition and rights in respect of surplus income from trust in excess of amount directed to be paid to, or required for support of, beneficiaries during trust period, 157 A.L.R. 668.
Term "proceeds" in will or other trust instrument as indicating intention as to whether assets are to constitute principal or income, 1 A.L.R.2d 194.
"Divide and pay over" rule, for purpose of determining vested or contingent character of estate, 16 A.L.R.2d 1383.
Bequest of bank deposits, stocks, bonds, notes, or other securities as carrying dividends or interest accruing between testator's death and payment of legacy, 15 A.L.R.3d 1038.
Testamentary devise or bequest conditioned upon beneficiary's supporting or rendering services to named person as providing for condition subsequent or precedent, 25 A.L.R.3d 762.
Change in stock or corporate structure, or split or substitution of stock of corporation, as affecting bequest of stock, 46 A.L.R.3d 7.
Extent of rights of surviving spouse who elects to take against will in profits of or increase in value of estate accruing after testator's death, 7 A.L.R.4th 989.
Proper disposition under will providing for allocation of express percentages or proportions amounting to more or less than whole of residuary estate, 35 A.L.R.4th 788.