S. RAMACHANDRA IYER, C. J. :- The short point for determination in this appeal is whether an option to re-purchase reserved to the vendor under his conveyance can be validly assigned. Govindammal, the original owner of the property which forms the subject-matter of this litigation, executed a sale of it on 04-04-1953 in favour of the appellant for a sum of Rupees 12000. Three days later and as a part of the same transaction, the latter executed in favour of the vendor an agreement to reconvey the property for the same consideration if it were paid within a period of five years therefrom. It is not disputed that the agreement should be construed as conferring on the vendor an option to repurchase the property and that it is not an independent agreement for sale.

2. On 05-04-1958, Govindammal assigned her lights under the above agreement to the respondent for a consideration of Rs. 23000 a pail of which viz. Rs. 12,000 being reserved with him for payment to the appellant to obtain the property back. The respondent then called upon the appellant to receive the money and execute a reconveyance of the property. The appellant did not respond to the respondent's request for retran