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Issues:
1. Assignment of interests under mortgages and securities in a money-lending dispute. 2. Validity of assignment and privity of contract between parties. 3. Entitlement to share of proceeds and lands in an administration suit. 4. Limitation period for claims and application of relevant legal provisions. Analysis: 1. The case involves a dispute between Chettiar money-lenders and bankers regarding assignments of interests under mortgages and securities. The parties involved represent different Chettiar firms, and the issue revolves around the effect of these assignments on the suit. 2. The validity of the assignment and the existence of privity of contract between the parties are crucial aspects of the case. The appellants argue that the assignment did not transfer an actionable claim, but the High Court held otherwise, emphasizing the transfer of all interests in any money recovered from the administration suit. 3. The question of entitlement to a share of proceeds and lands in an administration suit is central to the dispute. The respondents sought a declaration of ownership and an account of mesne profits, leading to a decree by the High Court upholding their claim for a share of the proceeds but rejecting their claim to a share of the lands. 4. The issue of the limitation period for claims and the application of relevant legal provisions, such as the Limitation Act and Contract Act, is also addressed. The appellants argued for specific provisions to apply, but the court determined that the case fell under Article 120 of the Limitation Act, emphasizing the accrual of the right to sue. In conclusion, the Privy Council dismissed both the appeal and cross-appeal, emphasizing the lack of success for either party. The judgment delves into the intricacies of assignments, privity of contract, entitlement to shares, and the application of limitation provisions, providing a comprehensive analysis of the legal issues involved in the case.
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