55AInterest on legacies

55A Interest on legacies (1) Subject to subsection (2), if interest is payable on a legacy in accordance with the will under which the legacy is payable or in accordance with any enactment or rule of law, that interest is, unless the will otherwise provides, or the Supreme Court otherwise orders, payable at the rate determined by the Minister. (2) If an executor or administrator, in accordance with any power given to him or her by a will under which a legacy (other than an annuity) is payable, appropriates any property in or towards satisfaction of the legacy, the legatee is entitled to the income from the property so appropriated, and interest is not payable out of any other part of the estate on so much of the legacy as has been satisfied by the appropriation. (3) A determination under subsection (1) is a disallowable instrument. Note A disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act 2001.