law: Transfer of Property Act, 1882
  36. Apportionment of periodical payments on determination
  
  of interest of person entitled
  In the absence of a contract or local usage to the contrary, all
  
  rents, annuities, pensions, dividends and other periodical payments in the
  
  nature of income shall, upon the transfer of the interest of the person
  
  entitled to receive such payments, be deemed, as between the transferor and the
  
  transferee, to accrue due from day to day, and to be apportionable accordingly,
  
  but to be payable on the days appointed for the payment thereof.