1929 (10) TMI 10

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..... s the assignee of one Maung Chit Maung. The plaintiff claimed to have a declaration of the interests of the assignor under a settlement made by the assignor's father in the year 1908. The defendants, who are the present appellants, are the trustees of the settlement, and the defence to the suit was an allegation that the assignment was invalid by reason of its being in breach of Section 6 of t .....

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..... ed as an ordinary settlement made in the settlor's lifetime, by which the settlor transferred to the trustees a large amount of property, in substance, probably, the whole of his property, in trust to allow the settlor during his lifetime to manage the property, and to have the sole benefit of the income both from the immovable and movable property. The settlement then proceeded to declare cer .....

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..... relation to the property comprised in the fourth schedule, because in that case the property was not to be distributed until the death of the youngest child, and it was to be 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 cr .....

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..... ies who benefit under the settlement: a vested right in the income, contingent I rights in the corpus ; and it appears to their Lordships to be plain that the contingent interest which the children took, whether they took it under the first, second and third schedules or under She fourth schedule, was something quite different from a mere possibility of a like nature of an heir-apparent succeeding .....

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..... rpus as being a vested interest at the time of the assignment, when, quite plainly, in their Lordships' view, it was not; nevertheless, it being of the nature that their Lordships have described, it was such an interest as could be assigned, and the Courts were, in their Lordships' opinion, quite right in making the decrees complained of. It is not unnatural, as it appears to their Lordshi .....

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