ABSTRACT
Stock was bequeathed upon trust to accumulate the dividends until Vautier (V) attained the age of 25. At this age, the trustees were required to transfer the capital and accumulated income to V. V attained the age of majority (21) and claimed the fund at this age. The question in issue was whether the trustees were required to transfer the fund to V. Lord Langdale MR decided that since the fund had vested in V, the sole beneficiary, subject to the enjoyment being postponed, and he was of full age, he was entitled to claim the entire fund. The beneficiary had a vested interest in the income, and the accumulations were for his sole benefit, which he was entitled to waive:
‘I think that principle has been repeatedly acted upon; and where a legacy is directed to accumulate for a certain period, or where the payment is postponed the legatee, if he has an absolute indefeasible interest in the legacy, is not bound to wait until the expiration of that period, but may require payment the moment he is competent to give a valid discharge.’
