Transfer of property conclusion

What is transfer of property? Can transfer of immovable property be transferred? Is partition a transfer of property? According to this section, transfer of property means an act by which a living person conveys property , in present or in future , to one or more other living persons , or to himself and other living persons.

If the parties have expressed the intention, the property in them passes in accordance with the provisions of Sec. Section 23(1): When thereis a contract for the sale of unascertained or future goods by description and goods of that description and in a deliverable state are unconditionally appropriated to the contract, either by the seller with assent of the buyer or. Thus the conveyance of the property must be from one living person to another living person. However transferee need not be a competent person like transferor. A transferee may be a minor, insane or child in mother’s womb.

Section of the transfer of property actdeals with the concept of what may be transferred. Property and interests in property as a general rule are transferable, and it should also be noted that the very transferability of the property is based on the maxim ‘alienation rei prefertur juri accrescendi’, and the meaning of the maxim goes like this– Law favours alienation to accumulation. Uniform legislation was the need of the hour considering this factor, and this act was drafted to serve the same purpose. Further, transfer of property is defined as an act by which a living person conveys certain property in present or in future, to one or more other li. See full list on blog.

And in order to know the difference, it also becomes important to know the link which exists between the transfer of property and section of the Civil Procedure Code. In the first place this article would focus on the provisions of the Act, with close reference to the relevant section of the Code, which would rather be an attempt to understand the property in general along with trying to answer the question of whether a property is transferable, which would be backed by the significant case laws. It specifically speaks about, what may be transferred. Property of any kind may be transferre except as otherwise provided by this act or even by any other law for time being in force, and these exceptions will be discussed in detail in the following sub-sections. Lastly, it can be said that the following research paper dealt with the topic of section of property act in detail with the addition of case laws in order to explain the different clauses involved in the sections.

In the legal arena, it becomes of paramount importance for the parties and the lawyers to have a detailed understanding of these above-discussed clauses and provisions. And finally, the paper has even attempted to touch the area of the clause which had certain significant exceptions. Official Assignee, Madras v. Re Davis and Company, QBD 194. Ownership of the property carries with it certain basic rights, such as a right to have the title to the property , a right to possess and enjoy it to the exclusion of everyone else, and a right to alienate it without being dictated to, save in accordance with a provision of law.

An absolute right to dispose of the property indicates that the owner can sell it for consideration or can donate it for religious or charitable purposes he may gift it to anyone, mortgage it or put it up for lease. Save with the help of law, no other person can interfere with this power or right of the owner or dictate to him, what should be the manner of alienation, should he alienate or not, or even what kind of use it should be put to. In short, this right of alienation, that is one of the basic rights of the owner, cannot be unreasonably encroached upon by anyone through a private agreement.

Right to exclude others is “one of the most essential sticks in the bundle of rights that are commonly characterised as property. They contemplate situations where limitations may be imposed on the transferee by the transferor in the instrument on the interest so transferred. In such a case, the question that arises is: are such restrictions valid? If so, under what circumstances are they valid?

Section provides two exceptions to the rule againstinalienability. Secon property may be transferredfor the benefit of a woman who is not a Hindu, a Muslim, or aBuddhist, such that she shall not have the power to transfer theproperty or change her interest therein during her marriage. There, women could be givenproperty for their enjoyment without the right to alienate theproperty during her marriage. The rule protected women frombeing forced to alienate their property in favour of their husbands.

However, despite the abolition of the doctrine of coverture inEnglan this exception continues to remain on the statute booksin India. Repugnant conditions are those that are inconsistent with the nature of the interest transferred. Section prohibits the imposition of any condition directing the transferee to apply or enjoy in a particular manner, any interest that is transferred absolutely in a particular manner.

Such conditions or directions are void and the transferee is entitled to receive property as if such a condition did not exist in the first place. The transfer itself is, however, not invalidated. These conditions are inconsistent with the nature of the interest transferred. Illustration:A and B enter into a sale deed for a piece of land. Therefore, they are called repugnant conditions.

The terms of the sale deed provides that the piece of land should be used for the purposes of starting a factory for the manufacture of jute textiles only. B can enjoy the land in any manner that he chooses and the sale. Section 12provides that where property is transferred subject to a condition or limitation leaking any interest therein, reserved or given to or for the benefit of any person, to cease on his becoming insolvent or endeavouring to transfer or dispose of the same, such condition or limitation is void. Nothing in this section applies to a condition in a lease for the benefit of the lessor or those claiming under him.

This condition is invalid. B later becomes insolvent and A seeks to enforce the condition. The principle underlying this section is that a right of transfer is incidental to, and inseparable from, the ownership of the property.

The rule that a condition of absolute restraint is voi is founded also on the principle of public policy allowing free circulation and disposition of property. It is only a condition which absolutely restrains the transferee from disposing of the interest that is rendered void. A condition imposing partial restraint may be valid. Moreover, every citizen has a right, under Article 300A of the Constitution of India, to property a. The act of transfer may be done in the present or for the future.

Instant Downloa Mail Paper Copy or Hard Copy Delivery, Start and Order Now! The passing of property has important consequences when the goods are damaged. In addition to this, it is clear that there are several kinds of transfer that may take place. Normally this risk passes to the buyer when the property in the goods. After the probate process has ende the executor of the will (the individual or law firm charged with following the terms of the will) will transfer funds and deed ownership to the heirs as stipulated in the will.

Step Read the will to determine how assets are intended to be distributed. Conditions are limitations or restrictions on the rights of the transferees. In simple mortgage there is a transfer of interest in the property mortgage in a charge there is no such transfer. Not withstanding this vital distinction, the section says : “The provision hereinbefore contained which apply to simple mortgage shall, so far may be, apply to charge.

A gift is often called a form of reward. People can give out a lot of different things to others. If it’s something like a pen or a some clothes, then that’s all well and good. Transfer of property in ascertained goods.

However, there are things that a person can’t lend to just about anyone without the proper forms. Real Estate, Family Law, Estate Planning, Business Forms and Power of Attorney Forms. Instantly Find and Download Legal Forms Drafted by Attorneys for Your State.