AIR 1937 SINDH 306

Sindh High Court

Hon'ble Judge(s): Davis, Haveliwala , JJ

(A) Insolvency - Legacy possessed by insolvent on date of insolvency would vest in Official Receiver - Insolvent's ignorance of his right does not affect the case. What vests in the Official Receiver on the insolvency of a person is not the property which he knows he possesses but the property which in law he possesses.(Para 307C2) Where therefore a person possesses certain legacy on the date of insolvency but is ignorant of it and hence does not show it in the schedule of assets, the legacy would still vest in the Official Receiver and ignorance of insolvent of his rights would not affect the case.(Para 307C2) (B) Transfer of Property Act (4 of 1882) , S.6— Vested life interest under will in income of property is transferable. A vested life interest under a will in a definite fund or income of property is property within the meaning of S. 6, T. P. Act, and is transferable:(Para 307C2) (C) Provincial Insolvency Act (5 of 1920) , S.28(4)— Property vests in receiver or Court even without intervention. Under S. 28 (4), Prov. Insol. Act, the moment the property is acquired or devolves upon the insolv....