https://www.taxtmi.com/caselaws?id=170912 A chitty subscriber's obligation to pay future subscriptions arises from the chitty contract and variola, not from receipt of the prized amount or execution of a security bond. The bond secures performance only and does not itself create a fresh debt; liability arises when an instalment falls due and remains unpaid. On that basis, the amount covered by the bond could not be treated as antecedent debt for supporting a Hindu father's alienation of ancestral property. The earlier view treating the prize amount and bond as creating an immediate debtor-creditor relationship was not accepted. en-us Wed, 22 Dec 1982 00:00:00 +0530 Tue, 18 Jul 2017 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170912 A chitty subscriber's obligation to pay future subscriptions arises from the chitty contract and variola, not from receipt of the prized amount or execution of a security bond. The bond secures performance only and does not itself create a fresh debt; liability arises when an instalment falls due and remains unpaid. On that basis, the amount covered by the bond could not be treated as antecedent debt for supporting a Hindu father's alienation of ancestral property. The earlier view treating the prize amount and bond as creating an immediate debtor-creditor relationship was not accepted. Case-Laws Companies Law Wed, 22 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170912