Lord Russell of Killowen:-

This is a very peculiar case, depending in large measure on its very peculiar circumstances, which must first be stated.

One, Li Woon Nam, died on 19th April, 1925 leaving his widow, Li Tse Shi (the appellant), and an adopted son, Li Kai Loy, him surviving. He was the owner of a Crown lease of certain premises (hereinafter referred to as the premises), 73, Bonham Strand West situate at Victoria in the colony of Hong Kong, which he had acquired from one Ng Yu Hon by an assignment dated 11th October 1924. His name appeared at his death as such owner in the Hong Kong Land Registry, the premises being then in the occupation of the said Ng Yu Hon as sub-lessee.

By his will the premises, together with other property, were bequeathed absolutely to the appellant. As will appear, no legal personal representative of the testator was appointed until some years after his death. In the meantime a strange transaction had taken place.

On 24th March 1930, an indenture was signed, sealed and delivered, purporting to be an assignment on sale of the premises by Li Woon Nam to Li Kai Loy, in consideration of a sum of 70,000 dollars paid by Li Kai Loy to Li Woon Nam, the receipt