What is the general principle of the doctrine of taking a share of a devisee's estate for payment of interest on a bond?
Ontario, Canada
The following excerpt is from Springer v. Exchange Bank of Canada, 1887 CanLII 14 (ON CA):
We may also refer to Mathews v. Keble, L.R. 3 ch. 691, reversing 4 Eq. 467. The general principle seems fully admitted. The decision was on a question of charging a share on property devised subject to payment of certain debts and interest, for which bonds were held from the devisee. It was held that he could not take the estate without payment in full of all interest under the words of the will without paying all and in excess of the penalties.
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