75Certain periodical payments to be applied as income

75 Certain periodical payments to be applied as income (1) Unless a contrary intention appears in the will, this section shall apply to— (a) every payment of an annuity contributed for or purchased by for or on behalf of a deceased person who dies on or after the first day of January One thousand nine hundred and fifty-four; and (b) every periodical payment howsoever described paid in terms of or pursuant to a policy of insurance on the life of a deceased person who dies on or after the first day of January One thousand nine hundred and fifty-four and providing for payments to be made thereunder for a period of years or until a specified date or on the occurrence of a specified event or for the life of any person— which is received as part of the estate of the deceased person by the executor or administrator with the will annexed of the deceased person or by the trustee of his estate. (2) Every payment to which this section applies shall be paid or applied as if it were income of the estate of the deceased person received on the date on which that payment is received, and so that the dispositions trusts and powers applicable in the administration of the estate with respect to income received on that date shall apply with respect to that payment. No. 5770 s. 76.