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Judgment
2 paragraphs · 185 wordsMitter and Agnew, JJ.—It has been contended before us that the mortgage upon which the plaintiff relies is not valid under the Transfer of Property Act. We are of opinion that the Transfer of Property Act does not deal with a mortgage of this kind. Future indigo crops that may be grown upon a certain plot of land belonging to the mortgagor were mortgaged. A mortgage of this kind does not come within the purview of the Transfer of Property Act. Neither can it be called a pledge of specific moveable property. It is a mortgage of moveable property that may come into existence in future. Such a transaction as this is neither governed by the Transfer of Property Act nor by the Contract Act. The transaction in question is in the nature of an agreement to mortgage "moveable property that may come into existence in future. We see no reason to hold that it is not valid. It has been recognized in Courts of justice in this country; see Lala Tilockdhari Lal v. Furlong 2 B.L.R. A.C. 230.
We dismiss the appeal with costs.