153. Savings out of income and insurance policies.

153.     Savings out of income and insurance policies.

The statutory restrictions on accumulations1 do not prevent trustees or anyone else from making savings out of income. In the case of trustees, the check is provided by the duty of conforming to the trust2.

An insurance takes effect as a contract only; and a direction to effect or keep up a policy effected by the testator or the trustees is not affected by the statutory restrictions3, being outside the mischief at which the statute was aimed.