NINKILERI LAKSHMIKUTTY KETTILAMMA Vs. THEKKA MADATHI VISHNU NAMBISAN

JUDGEMENT

(1.) The only question for decision in this Miscellaneous Appeal is whether certain insurance policy amount which has been sought to be attached by the respondent decree-holder can be held to be "assets" of the late Kerala Varma Raja in the hands of the appellant.

(2.) The appellant is the widow of Kerala Varma Raja. The policy in question was an endowment policy obtained by the deceased in 1927 and was payable on the 5 April, 1952, or on the death of the assured earlier. On the 3 July, 1933, the assured assigned this policy by an endorsement on the policy itself. This assignment was duly communicated to the insurance company and there registered, though as usual the company guarded itself from admitting the validity of the assignment. The assured died in 1933 and the decree under execution was passed against the appellant as his legal representative. The question does not now arise between the company and the assignee but between the assignee and a person who has obtained a decree against the assets of the assured.

(3.) The Court of first instance released the policy amount from attachment on the ground that by reason of the assignment the policy amount belonged to the assignee and did not form part of the estate of the assured at his death. The learned District Judge reversed this decision on the ground that the assignment was not an absolute or outright assignment taking effect at once but was only contingent; he thought it followed that the amount due to the assured under the policy formed part of the estate of the deceased. The decision of the learned District Judge is opposed to the judgment of this Court in Yacoob Sahib V/s. Pacha Bibi (1915) 38 I.C. 248. The only other reported decision on the point which has been brought to our notice is a decision of the Sind Judicial Commissioner's Court in Shamdas V/s. Savitribai A.I.R. 1937 Sind 181 and the principle of that decision is also in favour of the appellants contention.