1. For the purpose of answering this reference, it does not appear necessary to deal with, or to discuss the propriety of the judgment of the Full Bench in Umrao Begam v. The Land Mortgage Bank of India I.L.R. 2 All. 451. The ground upon which I think that the reference should be answered is, that the terms of the judgment of the Full Bench in Naik Ram Singh v. Murli Dhar I.L.R. 4 All. 371 are directly applicable to the present case; and I am of opinion that we ought not to hold that the transaction of mortgage, which was subsequently to become a sale, was a transaction to which Section 2 applied, because the sale would not have effect till after the Act came into operation.
Petheram, C.J., Brodhurst and Tyrrell, JJ.