Salient features of transfer of property act

It does not apply to transfers by the operation of law such as transfer of immovable property necessitated by Order of Court for insolvency or forfeiture among others. The 1sections contained within have been divided into chapters. What is a transferor of property?

Can transferee act on representation in good faith? It contains specific provisions regarding what constitutes a transfer and the conditions attached to it. Section 1 Transfer of Property Act, requires that such a transfer in order to be valid must extend to the whole of the remaining interest of the transferor in the property.

As the gift over in favor of the sons or grandsons of Mt. Ram Kali related to the absolute interest, it was clearly valid. Short title, commencement, extent and exemption. The student must lend much attention to the doctrines enshrined in the Act. Case law is given its due place.

Transfer by sale is effected by the following methods: by delivery of possession if the tangible immovable property is less than Rs. Hiba is a transfer of property by act of the parties and not by operation of law. It means that any transfer of property done by the court of law or any transfer of ownership by the Muslim law of inheritance will not be considered as Hiba.

Under Hiba, a living Muslim voluntarily transfers the ownership of any property to another living person.

From the Sec 2(4) of the act, we can say that this “includes the bill of lading, dock-warrant, warehouse keeper’s certificate, railway receipt, multimodal transport document, warrant or order for the delivery of goods and any other document used in the ordinary course of business as proof of the possession or control of goods or authorizing or purporting to authorize, either by endorsement or by delivery, the possessor of the document to transfer or receive goods thereby represented. The Section essentially prohibits alienation of immovable property when a dispute relating to the same is pending in a competent court of law. Some features in Benami transactions are : a) The beneficial ownership vests on the real owner. If goods are sold or exchanged for other goods, the transaction is barter, governed by the Transfer of Property Act and not a sale of goods under this Act. But if goods are sold partly for goods and partly for money, the contract is one of sale (Aldridge vs Johnson).

Includes both a ‘sale’ and ‘an agreement to sell. The act provides legal recognition to e-commerce, which facilities commercial e-transactions. It recognises records kept in electronic form like any other documentary records. In this way, at brings electronic transactions at per with paper transactions in documentary form.

The person whom the rights will be transferred. The owner can license his rights to another person as well. A mere transfer of possession of the goods cannot be termed as sale.

Transfer of property in the goods is another essential of a contract of sale of goods. To constitute a contract of sale the seller must either transfer or agree to transfer the property in the goods to the buyer. The doctrine of Lis Pendens esstentially aims at (i) avoiding endless litigation, (ii) protecting either party to the litigation against the act of the other, (iii) avoiding abuse of legal process. In this part of the post we will list down some of the important salient features of the National IPR Policy. To read the first part of this post click here.

The National IPR Policy has objectives and each of the objectives has been laid out quite well along with the steps that need to be taken to achieve them.

Properties held benami are liable for confiscation by the Government without payment of compensation. Offence of money laundering means the projection of tainted money as untainted. Punishment prescribe for the offence in normal crime is rigorous imprisonment for a term which shall not be less than years and for that of criminal cases is rigorous imprisonment of years.

The said Bill has been passed by both the Houses of Parliament during its just concluded Winter Session. It must be new (not previously known in the public domain), not obvious to skilled persons, and useful in the sense of solving some practical problem or generating something valuable to society. They are considered movable property and thus goods.

Standing timber is taken as movable property while trees are immovable property. It can also not purchase its own shares. Cannot accept deposits : The Act also prohibits private limited companies from asking money from public in from of loans or deposits.