PROBATE AND ADMINISTRATION ACT 1898 - SECT 84A
Interest on legacies and annuities
PROBATE AND ADMINISTRATION ACT 1898 - SECT 84A
Interest on legacies and annuities
84A Interest on legacies and annuities
(1) Subject to subsection (2), where interest is payable on any legacy or on
any arrears of an annuity in accordance with the will or instrument pursuant
to which the legacy or annuity is payable or with any enactment or rule of
law, that interest shall, unless the will or instrument otherwise provides, or
the Court otherwise orders, be payable at the relevant rate or such other rate
as may be prescribed in a regulation made under section 153.
(2) Where an
executor or administrator, in accordance with any power conferred on the
executor or administrator in that behalf, appropriates any property in or
towards satisfaction of any legacy (other than an annuity), the legatee shall
be entitled to the income from the property so appropriated, and interest
shall not be payable out of any other part of the estate on so much of the
legacy as has been satisfied by the appropriation.
(3) In this section,
"relevant rate" of interest means the rate that lies 2% above the cash rate
last published by the Reserve Bank of Australia before 1 January in the
calendar year in which interest begins to accrue.
