Subramonian Poti, Ag. C. J. -

In this reference we are called upon to answer the question:

"A prized subscriber in a chitty receives the prize amount executing a security bond to secure payment of future subscriptions which he is bound to pay under the terms of the chitty variola. The payment of future subscriptions are not defaulted. Nevertheless can it be said that a debt due to the foreman arises by reason of the receipt of the prize amount from the foreman on the execution of the security bond for securing future subscriptions?"

This question was referred to a Full Bench and when the matter came up before the Full Bench the correctness of Full Bench decision in Achuthan v. State Bank of Travancore, Calicut,1974 KLT. 806 were canvassed in the case and that is how the matter is now before larger bench of this Court.

2. The background of the reference may be stated in brief. The question referred arises in the Second Appeal filed by the plaintiffs in a suit for setting aside a sales deed executed by their father and elder brother in favour of the first defendant on 2-4-1955. The executants are dead. The plaintiffs sued for partition of 6/8 shares in the properties and also