106Annuities etc., to be applied as income in some cases

##### 106. Annuities etc., to be applied as income in some cases (1) This section applies to — (a) every payment of an annuity contributed for or purchased by, for, or on behalf of, a deceased person who dies after the commencement of this Act; and (b) every periodic payment, however described, paid in terms of, or pursuant to, a policy of insurance on the life of a deceased person, who dies after the commencement of this Act, 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, that is received as part of the estate of the deceased person 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 apply with respect to that payment. (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 person, and have effect subject to the terms of that will.