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Section 143: Bequest of certain sum where stocks, etc., in which invested are described

Indian Succession Act • Official Statutory Text & Practice Guide

Statutory Regulation
Legal Standard
Competent Court / Tribunal
Act 1925
Section 142 All 391 Sections of Indian Succession Act Section 144

Legal Commentary & Landmark Judgments: Section 143

Section 143 clarifies when a bequest of a sum of money or stock is a specific legacy, requiring that the fund or investment in which it is invested be specifically described.

  • Bequest of Sum from Described Fund: Where a sum of money is bequeathed and the stocks, funds, or securities in which it is invested are specifically described, the bequest is specific.
  • Specific Security Tagging: Applies where the testator specifies the exact deposit receipt, government security number, or mutual fund folio holding the money.
  • Ademption Risk: If the specific security or fund is redeemed or liquidated by the testator during his lifetime, the legacy is adeemed under Section 152.
Key Landmark Precedents:
  • Subramaniam v. Ramaswamy (1932) 34 BOMLR 1612: The Privy Council held that where a sum of money is tied directly to a specified security under Section 143, it is a specific legacy that rises or falls with the existence of that security.
  • Ranganathan Chettiar v. Periakaruppan Chettiar AIR 1957 SC 815: Affirmed that identifying the specific investment vehicle converts a monetary gift into a specific legacy.
Courtroom Practice & Strategic Litigation Guidance:

If a testator bequeaths 'the sum of Rs. 10 Lakhs currently lying in Fixed Deposit No. 12345 at SBI', advise him that if that FD matures and is rolled into a new account, the bequest may adeem under Section 143; a demonstrative phrasing is safer.

Section 142 All 391 Sections of Indian Succession Act Section 144