Section 350 Succession Act: Residuary legatee's title to produce of residuary fund

Section 350 of Indian Succession Act: Testamentary & Estate Administration Procedure

Official Bare Act Text

Override / Mandate Mens Rea (Intent) Actus Reus (Conduct) Punishment Limitation Monetary

The legatee under a generalresiduary bequest is entitled to the produce of the residuary fund from the testator's death.

Exception.-A general residuary bequest contingent in its terms does not comprise the income which may accrue upon the fund bequeathed between the death of the testator and the vesting of the legacy. Such income goes as undisposed of.

Illustrations:

(i) The testator bequeaths the residue of his property to A, a minor, to be paid to him when he shall complete the age of 18. The income from the testator's death belongs to A.

(ii) The testator bequeaths the residue of his property to A when he shall complete the age of 18. A, if he completes that age, is entitled to receive the residue. The income which has accrued in respect of it since the testator's death goes as undisposed of.

Legal Commentary & Landmark Judgments: Section 350

Section 350 establishes the residuary legatee's entitlement to the surplus produce and income of the residuary fund, vesting in them all accretions not lawfully consumed in the payment of debts and legacies.

Exclusivity of Residuary Scope: The residuary fund comprises all remaining estate property after satisfying all specific, demonstrative, and general pecuniary bequests, together with debts and funeral charges.
Right to Net Income from Death: The residuary legatee is entitled to all income, interest, and rents generated by the residue from the date of the testator's death.
Subject to Prior Administration Demands: The income of the residue is subordinate to the operational costs of administration, estate taxes, and interest payable on delayed general legacies under Section 351.

Key Landmark Precedents:

Allhusen v. Whittell (1867) LR 4 Eq 295: Established the classical rule governing the adjustment of income and capital between life tenant and remainderman of residue, ensuring debts and legacies are paid rateably out of capital and first-year income.
Trevanion v. Vivian (1752) 2 Ves Sen 430: Held that the intermediate rents and profits of a residuary personal estate belong to the residuary legatee from the moment of the testator's demise.

Courtroom Practice & Strategic Litigation Guidance:

In administration suits, residuary legatees must examine the executor's accounts to verify that interest on debts has not been unjustly charged entirely against residuary income, demanding compliance with the rule in Section 350 and equitable apportionment.

Section 350: Residuary legatee's title to produce of residuary fund

Section 350 of Indian Succession Act: Testamentary & Estate Administration Procedure

Legal Commentary & Landmark Judgments: Section 350