- 52 -
on the basis of inventory value. [Emphasis
added.]
Petitioners contend that only EPTL section 11-2.1, and
not EPTL section 11-1.5, applies in our case. They argue
that "Under EPTL 11-1.5, only an outright general legacy is
entitled to interest". In support, they initially cite In
re Ahrens' Estate, 196 N.Y.S. 313, 314 (App. Div. 1922),
and In re Allen's Will, 165 N.Y.S.2d 614, 617 (Sur. Ct.
1957).
Petitioners' argument fails to account for the fact
that In re Ahrens' Estate and In re Allen's Will were
decided under a different statute, Surrogate's Court Act
(SCA), section 218, the predecessor to EPTL section 11-1.5.
SCA section 218 differs from EPTL section 11-1.5 in a
crucial way: The provision pertained to "legacies",
whereas EPTL section 11-1.5 affects "testamentary
dispositions". The court in Ahrens explained that "A
'legacy' referred to in section 218 of the Surrogate's
Court Act is distinguishable from a trust fund created by a
testator in his will. The latter does not come within the
rule of the statute". In re Ahrens' Estate, supra at 314.
In Allen, the court cited Ahrens for the proposition that
SCA section 218 "applies to legacies and not trust funds."
In re Allen's Will, supra at 617.
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