South Australian Current Acts South Australian Current Acts99—Payment of interest on legacies
(1) If a legacy of a
specified amount under a will is not paid in full to the beneficiary of the
legacy on or before the relevant date—
(a)
interest at the prescribed rate accrues from the relevant date on so much of
the legacy as remains unpaid on the relevant date; and
(b) the
executor must pay the beneficiary of the legacy interest on the unpaid amount
at the prescribed rate until the legacy has been paid in full.
(2) If a legacy
payable to a spouse from an intestate estate in accordance with Part 5 is
not paid in full on or before the first anniversary of the deceased person's
death—
(a)
interest at the prescribed rate accrues from that anniversary on so much of
the legacy as remains unpaid on that anniversary; and
(b) the
administrator of the estate must pay to the beneficiary of the legacy interest
on the unpaid amount at the prescribed rate until the legacy has been paid in
full.
(3) Payment of
interest on a legacy under subsection (1) is subject to a contrary
intention in the will about any of the following:
(a)
whether interest is payable on the legacy;
(b) the
time from which interest is payable on the legacy;
(c) the
rate of interest that is payable on the legacy.
(4) In this
section—
"relevant date" means—
(a) the
date fixed by the will as the date by which the legacy must be paid; or
(b) if
no such date is fixed by the will—the date of the first anniversary of
the testator's death.