Demonstrative Legacy

A pecuniary legacy, coupled with a direction that it be paid out of a specific fund.

A pecuniary legacy coupled with a direction that it be paid out of a specific fund. A bequest of a sum of money payable out of a particular fund or thing. A pecuniary legacy given generally, but with a demonstration of a particular fund as the source of its payment. Roquet v. Eldridge, 118 Ind. 147, 20 N. E. 733; Glass v. Dunn, 17 Ohio St. 413. See Harper v. Bibb, 47 Ala. 547; Kunkel v. Macgill, 56 Md. 120. Such a bequest differs from a specific legacy in this, that if the fund out of which it is payable fails for any cause, it is nevertheless entitled "to come on the estate as a general legacy; and it differs from a general legacy in this, that it does not abate in that class, but in the class of specific legacies," Armstrong's Appeal, 63 Pa. 312, per Sharswood, J. A bequest of "$2,000 of the South Ward Loan of Chester," where the testator owned $10,000 of the loan at the date of the will, which was paid off before death, was held demonstrative; Ives v. Canby, 48 Fed. 718. So, also, "25 shares of capital stock of the State Bank," etc., the testator owning 25 shares; Davis v. Cain's Ex'r, 36 N. C. 309; had the testator said "my" 25 shares, it would have been a specific legacy; id. So of a gift of 25% canal shares of which the testator owned 15%, all of which he sold before his death; 2 Beav. 515. The criterion in all the cases is whether it was the testator's intention to give the specific security then owned by him, or, on the other hand, to give nothing distinctly severed from his estate, but rather such a sum as would suffice to buy the securities named; id. See 2 White & T. Lead. Cas. 646; 2 Y. & C. 90; Newton v. Stanley, 28 N. Y. 61; Dryden v. Owings, 49 Md. 356.

The bequest of a certain sum to be paid out of a specific fund.