The appellant accepts that position and contends that in the circumstances external to the statute an obligation on the part of the Council arose to pay over to him the £1,000 (less some £90 for rates) which Hill was prima facie entitled to receive. That obligation is said to arise in this way: Tooth, being in 1923 the absolute and complete owner of the land and all interests therein (I omit reference to mortgages), leased it to Hill on the terms of the agreement of 11th April 1923. That contract provided for a term of five years at a progressively increasing rent, and for an option to the lessee to purchase at a progressively diminishing price down to £8,441 1s. 4d. The mutual rights during the five years were thus definitely provided for, if the land were not resumed by some public authority. But what was to happen in case of resumption whereby the lease would be annihilated? That was specifically provided for by clause 9, which says: "In case the said land and buildings thereon shall be resumed by any authority then out of the compensation moneys payable to the lessor and lessee in respect of the same the lessor shall be entitled to receive eight thousand four hundred and forty pounds and in addition three hundred pounds a year or proportionate part thereof for the unexpired term of the lease and the lessee shall be entitled to the balance." That clause envisaged a possible resumption and its results, including the dissolution of the lease and the attendant obligations during its currency. The clause regards "the compensation moneys payable to the lessor and the lessee" as one aggregate fund, representing in money the totality of the landed interests taken by the resuming authority, and the ownership of the fund was agreed to be determined by its amount in relation to the provisions of clause 9. The compensation to be awarded to the claimants individually was, while "payable," to be bulked. It might be that the lessor would get more than would satisfy the sums mentioned. In that case the lessee would get more than his individual compensation. That might conceivably happen if the value went up. Or it might be the other way, as it actually eventuated. But the clause regulated the ownership of the fund while "payable" and gave to Tooth a first charge on it for the stipulated sums. To the extent that that charge encroached on the Hill compensation, that compensation was equitably assigned. The clause provides, not for any personal obligation on either lessor or lessee to pay anything to the other, but that the lessor is to be "entitled to receive" so much, and the lessee is to be "entitled to the balance." The "balance" is all that Hill is to be "entitled" to. The clause is in itself, in the event contemplated, the creation of a specific fund, for the purposes of the contract and the two parties to it, and at the same time is in itself an appropriation of that fund by giving Tooth a first charge upon it, which has to be satisfied before Hill has any right to any portion of it. Nothing whatever as between the parties was needed to give or was capable of giving vitality to clause 9, except the statutory exercise of the power of resumption of the entire land and interests thereon. On that event, as has been seen, the relation of landlord and lessee disappears and, nothing of the contract remains except clause 9, which is intended to apply and applies only to the substituted circumstances. It has been argued that clause 9 merely created personal obligations and did not attach to property. That is wholly unsustainable if equitable charges or assignments are to have any recognition. There could hardly be a stronger form of equitable charge and in possible events of equitable assignment. A very few authorities need specific citation. One is Dawson v Great Northern and City Railway Co[1]. At the last mentioned page Stirling L.J., speaking for Collins M.R., Mathew L.J. and himself, and referring to compensation for land compulsorily resumed, said: "The payment may be regarded as the price payable for the exercise of the powers, and in our judgment property." Indeed, as stated in Wright v Morgan[2] by Viscount Dunedin for the Privy Council: "Speaking generally, any vested interest is assignable unless there is something in the nature of the interest, or something in the words of the settlement which creates the interest which contradicts the nature of assignability." Consequently the subject matter of clause 9 is fit matter for equitable charge. That is the first step. The next is well illustrated by another case, also decided by the Privy Council, which makes the present one a fortiori. I refer to Vatsavaya Venkata Jagapati v Poosapati Venkatapati[3]. Lord Atkinson, speaking for a Board including Lord Shaw and Lord Blanesburgh, delivered the judgment. The material facts for present purposes, when condensed, were these: - A advanced 92,000 rupees for the purpose of conducting a suit claiming an estate. B the plaintiff in that suit agreed with A on 14th August 1907 that in certain events he (B) should compromise the suit, and then, by clause 12, "out of the movable and immovable properties that may be obtained by such compromise" &c. "we shall first pay to you the principal money advanced by you together with interest at one rupee per cent per mensem from the respective dates, and out of the movable and immovable properties that remain after so giving away to you we shall at once execute and give to you a proper sale-deed and place in your possession three thirty seconds of a share." Their Lordships say[4]: "What the agreement really does is to provide that the fruit" of the suit "which may be either movable or immovable property, shall be divided in certain shares between the parties to the agreement." Their Lordships, after dealing with the matter as affecting prior existing property, say[5]: "If even the money given to the plaintiffs in the compromise was a non-existing thing at the date of the agreement, and only came into existence at the date of the compromise decrees, the agreement of 14th August 1907, which is still in existence, ... attaches to the things so coming into existence subsequently." That is to say, there is thereby an assignment in equity and the interest passes to the assignee. (The italics are mine.) But the reason I say the present case is a fortiori is that in the Indian case the plaintiff in the first action was himself to receive the money and was "to pay" the money advanced. But he was to pay it "out of" a specific fund. In Durham Bros v Robertson[6] Chitty L.J. said: - "To operate as an equitable assignment no particular form of words is required in the document; an engagement or direction to pay, out of a debt or fund, a sum of money constitutes an equitable assignment, though it does not operate as an assignment of the whole fund or debt. A mere charge on a fund or debt operates as a partial equitable assignment." That is precisely what is stated in Palmer v Carey[7]. Clause 9, even if read as a personal obligation "to pay," must necessarily be read as an obligation to pay out of the total compensation moneys payable to both lessor and lessee. Brandt's Case[8] is decisive. Not only the express terms but the practical sense of the clause precludes an obligation on Hill to pay £8,440 and more out of Hill's prospective compensation, and he could not pay it out of Tooth's. The result so far is that the clause, in the event that happened, was an equitable assignment (as that expression is understood) to Tooth by Hill of Hill's compensation under the resumption. It amounts to what, as construed, the Judicial Committee failed to find in the agreement in Palmer v Carey[9], namely a "provision creating, contractually," a "right of property" in the fund.