105Residuary estate of deceased, application of income pending sale etc.

##### 105. Residuary estate of deceased, application of income pending sale etc. (1) Where, under the will of any person any real or personal property, included (either by specific or general description) in a residuary gift is settled by way of succession, then, notwithstanding that the property may be of a wasting, speculative or reversionary nature — (a) pending any sale, calling in, or conversion of the settled property, the whole of the net income of the property actually producing income shall be applied as income and no part thereof shall be apportioned to capital; and (b) on any sale, calling in, or conversion of the settled property, or on the falling in of any reversionary property, no part of the proceeds of the sale, calling in, conversion or falling in shall be applied as past income. (2) This section applies only in respect of the wills of persons who die after the commencement of this Act. (3) The provisions of this section apply if and so far only as a contrary intention is not expressed in the will of the deceased, and have effect subject to the terms of that will.