Unpaid Legacies to Bear Interest; Commencement of

Annuities; Unpaid Accumulations to Bear Interest. General pecuniary legacies, including general pecuniary legacies in trust, if not paid prior to the first anniversary of the testator's death, bear annual interest thereafter at the rate prescribed by law for interest on civil judgments. Annuities commence at the testator's death and are due at the end of the annual, monthly or other specified period. Whenever an annuitant, legatee of a legacy for maintenance or beneficiary of a trust may be entitled to periodic payments or trust income commencing at the testator's death, he shall be entitled to annual interest, at the rate pre- scribed by law for interest on civil judgments, on the amount of any unpaid accumulations of such payments or income held by the personal representative on each anniversary of the testator's death, computed from the date of such anniversary. SOURCE: California Probate Code, § 162. COMMENT: The Probate Code of Guam, as originally enacted, contained no provision for interest on legacies, etc., as provided in § 647. The Commission is of the opinion that such a provision is necessary, in order to be certain that legatees receive everything due to them and to help protect legatees against overly long delays in administration of estates. Moreover, the provisions concerning time of payment statutorize common law rules which do not have application in Guam under the Codes of Guam. Also see Comment to § 649, infra.