Varadachariar, J.

1. The only question for decision in this Miscellaneous Appeal is whether certain insurance policy amount which has been sought to be attached by the respondent decree-holder can be held to be "assets" of the late Kerala Varma Raja in the hands of the appellant.

2. The appellant is the widow of Kerala Varma Raja. The policy in question was an endowment policy obtained by the deceased in 1927 and was payable on the 5th April, 1952, or on the death of the assured earlier. On the 3rd July, 1933, the assured assigned this policy by an endorsement on the policy itself. This assignment was duly communicated to the insurance company and there registered, though as usual the company guarded itself from admitting the validity of the assignment. The assured died in 1933 and the decree under execution was passed against the appellant as his legal representative. The question does not now arise between the company and the assignee but between the assignee and a person who has obtained a decree against the assets of the assured.

3. The Court of first instance released the policy amount from attachment on the ground that by reason of the assignment the policy amount belong