The Indian Succession Act, 1925
Section 158. Ademption where stock, specifically bequeathed, does not exist at testator’s death.
Where stock which has been specifically bequeathed does not exist at the testator's death, the legacy is adeemed.
Illustration
A bequeaths to B--
"my capital stock of 1,000£ in East India Stock":
"my promissory notes of the Central Government for 10,000 rupees in their 4 per cent. loan."
A sells the stock and the notes. The legacies are adeemed.
Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.
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