Official Assignee, Bombay v. Shroff
Rule established
Property includes every type of interest capable of being owned, including intangible rights such as a seat on the stock exchange
Facts
- Shroff held a seat (membership card) on the Bombay Stock Exchange
- On Shroff's insolvency, the Official Assignee claimed the seat as part of the insolvent estate
- Shroff argued the seat was a personal privilege, not property
Issue
- Whether the right to occupy a seat on the Bombay Stock Exchange constitutes "property" capable of being vested in the Official Assignee on insolvency.
Held
- The right to a seat on the Stock Exchange is property. It has pecuniary value, can be transferred (subject to exchange rules), and can devolve on death. It is therefore capable of vesting in the Official Assignee as part of the insolvent's estate.
Ratio Decidendi
"Property" in its widest sense includes every type of interest which a person can hold or enjoy, whether tangible or intangible, corporeal or incorporeal. A right that has economic value and is capable of alienation or devolution is property within the meaning of law.
How to use it in an exam
Use to illustrate the broad definition of "property" (S.3(26), General Clauses Act) and how intangible rights qualify as property. Key line: "Any right with pecuniary value capable of transfer or inheritance is property."
Source
Source: Avatar Singh, Law of Transfer of Property
This is an educational summary, not the judgment itself. Cite the reported version in professional or academic work.