https://www.taxtmi.com/caselaws?id=96661 An assignment of book-debts made as security for an overdraft was treated as a transfer of an actionable claim under Section 130 of the Transfer of Property Act, but its governing character was a security transaction. Because Section 134 contemplates a debt transferred to secure another debt and leaves any residue with the transferor, the arrangement was in substance a mortgage of the debt. It therefore fell within the class of mortgage or charge on book-debts requiring registration under Section 109(d) of the Companies Act. As the documents were unregistered, the security was ineffective against the liquidator. en-us Fri, 01 Jun 1934 00:00:00 +0530 Tue, 10 Jan 2012 12:06:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96661 An assignment of book-debts made as security for an overdraft was treated as a transfer of an actionable claim under Section 130 of the Transfer of Property Act, but its governing character was a security transaction. Because Section 134 contemplates a debt transferred to secure another debt and leaves any residue with the transferor, the arrangement was in substance a mortgage of the debt. It therefore fell within the class of mortgage or charge on book-debts requiring registration under Section 109(d) of the Companies Act. As the documents were unregistered, the security was ineffective against the liquidator. Case-Laws Companies Law Fri, 01 Jun 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96661