155. Income undisposed of.

Where there is a trust to accumulate the income or surplus income of a fund for a period exceeding that permitted by the statutory restrictions1, the income accruing from the fund after the expiration of the permitted period devolves, with one exception, as if a gap had been left between the end of the valid period of accumulation and the commencement of the next interest2.

The exception is that, where a primary gift of an interest is cut down or charged only by a trust for accumulation and that trust exceeds the appropriate statutory period, the trust for accumulation is