550. Absolute interest following limited interest.

If two or more interests in the whole or part of the residue of an estate are held successively during the administration period1 by different persons, and each later interest arises or is created on the cessation of the previous interest otherwise than by death, and at least one of the interests is an absolute interest2, and at least one of the interests preceding that interest is a limited interest3, then Rules A and B apply to determine in relation to such an absolute interest whether the person or company with the interest has an assumed income entitlement4 in