Where a bequest is contingent, the executor or administrator is not bound to invest the amount of the legacy, but may transfer the whole residue of the estate to the residuary legatee, if any, on his giving sufficient security for the payment of the legacy, if it shall become due.
PART IX PROBATE, LETTERS OF ADMINISTRATION AND ADMINISTRATION OF ASSETS OF DECEASED · CHAPTER X.—Of the Investment of Funds to Provide for Legacies
Section 344: Transfer to residuary legatee of contingent bequest
The Indian Succession Act, 1925