C CHERIATHAN Vs. P NARAYANAN EMBRANTHIRI

JUDGEMENT

(1.) Leave granted.

(2.) Respondent herein was owner of the land in question. He took the said land on lease with one Cheriathan jointly from one Gopalan Nair by reason of a deed of conveyance dated 21.12.1967. They made improvements. They constructed buildings thereupon. Half of the said leasehold rights was sought to be conveyed in favour of the appellant by reason of the said deed. Indisputably, the first respondent executed a deed of assignment in favour of the V. Devaki Amma in respect of his half share for a consideration to repurchase the same by a document dated 27.10.1969. She, by a deed of assignment dated 2.3.1976, transferred her right, title and interest being half of the property to the appellant and, thus, according to him, he became the full owner thereof.

(3.) On construction of the document in question, the learned Trial Judge opined that the transaction represented a sale. On an appeal having been preferred thereagainst by the respondent, the First Appellate Court held that the transaction was a mortgage by conditional sale and as the respondent did not exercise his option to repurchase the property within a period of three years, the said sale has become absolute.