In Re Ferry, Allen v. Allen, [1945] N.Z.L.R. 448 (S.C.) -- summary under Paragraph 108(2)(b)

By dwpv, 28 November, 2015

In finding that the phrase "my investments of all descriptions" in a will did not include money on current account at a bank, Kennedy J. stated (p. 451-452):

I do not think in popular parlance the word 'investment' covers money lodged in a post-office savings-bank. Such money is withdrawable at will just as money in a current account with the bank is. The only difference is until recent times the Post-Office Savings-Bank paid a low rate of interest - that is, a rate of interest lower in comparison with the rate obtainable elsewhere in what are sometimes termed gilt-edged investments. An investment is, I think, the antithesis of ready money, and ready money is usually used in a sense including money on current account or money withdrawable on demand.

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