In re McNaughton (Deceased) McNaughton v McNaughton - [1955] NZLR 45

Will — Construction — Income from Residuary Trust Estate to Widow — Such Estate consisting of Farming Business, Company Shares, Garage Business, and Royalties from Quarries — Trust for Sale and Conversion and Power of Postponement in Trustee's Discretion — No Express Gift of Intermediate Income or of Income of Unconverted Estate—Implied Gift of Income — Wide Powers given to Trustees including Powers of Management as if Absolute Owners — Evidence of Contrary Intention — Widow entitled to Full Net Income In Specie pending Sale and Conversion — Debts deemed to have been paid from Capital and Income.