Decedent left a will in which she made a bequest of $3000, $1000 to be paid in cash and the balance to be invested by her executor in annuities to be purchased from certain specified companies. In his final report, which was upheld by the district court, the executor expressed his belief that the legatee had the right under this will to elect either to receive the entire bequest in cash or to have the designated part invested in the specified annuities, and stated that since the legatee had elected to receive the cash, the entire $3000 would be distributed directly to her unless the court ruled otherwise. At the hearing of the executor's report, the annuity companies filed objections which the district court overruled. On appeal to the Supreme Court of Iowa, held, reversed. Where a will directs that a certain sum be invested in an annuity, the legatee may not elect to receive payment in cash of the sum provided. In re Johnson's Estate, (Iowa 1947) 30 N.W. (2d) 164.
Daniel W. Reddin III S.Ed.,
WILLS-BEQUESTS OF ANNUITIES-RIGHT OF LEGATEE TO RECEIVE PRINCIPAL IN LIEU OF ANNUITY,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol47/iss1/26