In re the last will & testament of Wadskier
In re the last will & testament of Wadskier
Opinion of the Court
The opinion of the court was delivered by
The sole question to be decided in this case is the rate of interest, that a general legacy draws after the expiration of one-
Interest is recoverable on a general legacy, from the expiration of one year from the testator’s death, unless some other period is fixed by the will for the payment of the legacy, was decided by this court, in the ease of Davison v. Rake, 45 N. J. Eq. 767; so, it was decided by the supreme court, that general legacies shall be due and payable at the expiration of one year from the testator’s death, and shall bear interest from that date. Welsh v. Brown, 43 N. J. Law 37. This is the rule established in this state by a long line of authorities.
While the rate of interest in those cases was not the point under discussion, yet, nowhere, is there any mention that the rate of interest shall be less than the legal rate, inferential^, the legal rate was the rate contemplated, in the case of Welsh v. Brown, supra; the suit was instituted to recover one hundred and seventy five ($175) dollars, one year’s interest at the legal rate, on a legacy of twenty-five hundred ($2,500) dollars.
In the books there are many cases illustrating the principle on which interest is allowed, either by way of damages for the detention of the fund or by way of profit earned. Where interest is given by way of damages, for the detention of a debt, the general rule is that the legal rate is recoverable (Wilson v. Cobb, 31 N. J. Eq. 94); a contract which provides for the payment of interest, lout fixes no rate, the law fixes the rate at the legal rate. Bowne v. Ritler, 23 N. J. Eq. 459. The learned vice-ordinary points out in his opinion filed in this case a long line of authorities, in sister (jurisdictions, holding, that a general legacy from the time it becomes payable, will draw interest, at the legal rate, in the jurisdiction where the estate is administered. Such is the rule to be applied in this state.
The clause of the will of the testatrix, out of which this controversy arose, was before this court in the case of In re Wadskier 86 N. J. Eq. 259. This court affirmed the decree of the orphans
The decree of the prerogative court affirming the decree of the orphans court of Camden county will, therefore, be reversed and remanded to that court, to enter a decree in accordance with the views expressed in this opinion.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.