References: [1898] 1 Ch 115
Coram: Lord Lindley MR
Ratio: The testator bequeathed certain shares and declared that they ‘shall carry the interest accruing thereon at my death.’
Held: But for this clause the Apportionment Act would have allowed the residuary legatees to take the benefit of the dividends up to the date of death. Lord Lindley MR said that the clause amounted to ‘a stipulation, within the meaning of section 7, that no apportionment shall take place.’
Jurisdiction: England and Wales
This case is cited by:
- Cited – Tael One Partners Ltd v Morgan Stanley and Co International Plc SC (Bailii, [2015] UKSC 12, Bailii Summary, [2015] WLR(D) 122, [2015] BUS LR 278, WLRD, UKSC 2013/0127, SC, SC Summary)
This appeal raises a question of contractual interpretation. Its significance lies in the fact that the contractual condition in question forms part of the Loan Market Association standard terms and conditions for par trade transactions which are a . .
(This list may be incomplete)
Last Update: 13 July 2017
Ref: 564965
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