1929 (10) TMI 10

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.... that the assignment was invalid by reason of its being in breach of Section 6 of the Transfer of Property Act (Act IV of 1882), which applies to the dispositions of this particular settlor. The clauses relied on are Clause (a) of Section 6, which says : "The chance of an heir-apparent succeeding to an estate, the chance of a relation obtaining a legacy on the death of a kinsman, or any other mere possibility of a like nature, cannot be transferred"; and Clause (e), which says that a mere right to sue cannot be transferred. 2. The question at issue was whether the rights that were given, if any, to the assignor of the plaintiff, the eldest son, were a possibility of a like nature of an heir-apparent succeeding to an estate and so forth, ....

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.... divided then amongst the children living at that date. 3. Now, it is plain that the result of this disposition was to create first of all, a vested interest in all the children in the income of the property; secondly, it created a contingent interest in all the children in the corpus in respect of all the property until, at any rate, the youngest child reached the age of twenty. When the youngest child reached the age of twenty, the children who were alive at that date obtained a vested interest and a right to have the proceeds distributed among them as to the property in the first, second and third schedules. As to the property of the fourth schedule, all the children took a contingent interest until the death of the youngest child, an....