Alfred Henry Lionel Leach, C.J.

1. The appellant in this case is the Official Assignee of Madras, who represents the estate of one C Subramania Iyah, an insolvent. Before his adjudication, the insolvent borrowed a sum of Rs. 300 from the respondent, who is a money-lender and as security for the loan deposited with him two policies of insurance on his life. The deposit was evidenced by a document in writing and the question which arises in this appeal is whether this document amounts to an assignment of the insolvents interest in the policies. It was held by Somayya, J., that the document constitutes an assignment and the appellant challenges the correctness of this finding.

2. The document is in the, form of a letter signed by the insolvent in favour of the respondent and commences thus:

I have taken from you a loan of Rs 300 in words Rupees Three Hundred only at 1 1/2 pies per rupee per mensem on the pledge of the articles noted below on the following conditions.

3. It will be sufficient for the purposes of this appeal to state three of the conditions, namely, Nos. 4, 6 and 7, which read as follows:

4. I authorise you to hold and retain the below mentioned jewels with you as a