Section 120. Date of successive payments when first payment directed to be made within given time, or on day certain. Apportionment where annuitant dies between times of payment.

Where there is a direction that the first payment of an annuity shall be made within one month or any other division of time from the death of the testator, or on a day certain, the successive payments are to be made on the anniversary of the earliest day on which the will authorises the first payment to be made ; and, if the annuitant dies in the interval between times of payment, an apportioned share of the annuity shall be paid to his representative.