Legacies: Distinctions, Definitions and Designations

Legacies are distinguished, defined and designated, according to their nature, as follows:

(a)Specific: A legacy of a particular thing, specified and distinguished from all others of the same kind belonging to the testator, is specific; if such legacy fails, resort can not be had to the other property of the testator.

(b)Demonstrative: A legacy is demonstrative when the particular fund or personal property is pointed out from which it is to be taken or paid.

(c)Annuity: An annuity is a bequest of certain specified sums periodically; if the fund or property out of which a demonstrative legacy or an annuity is payable fails, in whole or in part, resort may be had to the general assets of the testator's estate, as in case of a general legacy.

(d)Residuary: A residuary legacy embraces only that which remains after all the bequests of the will are discharged. COL120106 CH. 6 INTERPRETATION OF WILLS

(e)General: All other legacies are general legacies.