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WILLIAMS' CASE. 243
difference between the amount of the annual legal interest on the
purchase money of a fee simple estate in land and the annual
amount of rents and profits. But to ascertain the amount of the
legal interest on the purchase money of an estate, the amount of
the purchase money itself must be first ascertained, which, with-
out an actual sale, can only be done as a matter of opinion; and,
therefore, as a guide to such an opinion reference is always had to
the amount of its annual income; and as regards an estate for life
in land the annual rents and profits afford the only means of making
a correct estimate of its value, (p)
In making an estimate of the value of such an estate, there is,
however, a material distinction between a tenant for life who is,
and one who is not liable to impeachment for waste. A tenant for
life, subject to impeachment of waste, cannot sell the timber grow-
ing on the estate, nor take the produce of mines unopened, both
of which are the property of the person entitled to the inherit-
ance; yet in cases where the estate has been sold to pay debts, the
court, it is said, has given a life estate in the whole interest of the
surplus money to the tenant for life, although the sum is increased
Atk. 185; Gwynne v. Heaton, 1 Bro. C. C. 2; Heathcote u. Paignon, 2 Bro. C. C,
167; Griffith v. Spratley, 1 Cox, 389; Gibson e. Jeyes, 6 Ves. 268; Peacock v.
Evans, 16 Ves. 512; Ex parte Thistlewood, 19 Ves. 253; Chalmer v. Bradley, 1
Jac, & Walk. 59; Oliver v. Court, 3 Exch, Rep. 320; Ryle v. Brown, 6 Exch.
Rep. 265.
Vulpean, in the time of the Emperor Justinian, A. D. 529, estimated the values
of annuities as follows .—(Pandect. 85. 2. 68.)
Age. Years of purchase,
Under 20 30
20 to 25 28
25 to SO 25
30 to 35 22
35 to 40 20
at 41 18 It is uncertain whether in this computation he made
42 17 any allowance for discount, or something equivalent
43 16 in meaning; or whether, as is much more probable,
44 15 this was his notion of the number of years which a
45 14 life at each age was likely to live. If the latter be the
46 13 meaning, the Romans must have had but a miserable
47 12 chance of life in old age.—(Finlaison's Rep. 19, note.)
48 11
49 10
50 to 55 9
55 to 60 7
above 60 5
(p) Badger v. Badger, Mosely, 117; Peacock v, Evans, 16 Ves 516.
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