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THE TRANSFER OF PROPERTY ACT, 1882 |
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THE TRANSFER OF PROPERTY ACT, 1882 |
ACT NO. 4 OF 1882 |
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The Preamble of the Act is given as |
WHEREAS it is expedient to define and amend certain parts of the law relating to the transfer of property by act of parties; |
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CHAPTER-1 |
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PRELIMINARY |
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Section 1 deals with |
Short title. Commencement. Extent. |
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Section 2 deals with |
Repeal of Acts. Saving of certain enactments, incidents, rights, liabilities, etc |
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As per Section 2 Nothing herein contained shall be deemed to affect— |
a. the provisions of any enactment not hereby expressly repealed: b. any terms or incidents of any contract or constitution of property which are consistent with the provisions of this Act, and are allowed by the law for the time being in force: c. any right or liability arising out of a legal relation constituted before this Act comes into force, or any relief in respect of any such right or liability: or save as provided by section 57 and Chapter IV of this Act, any transfer by operation of law or by, or in execution of, a decree or order of a Court of competent jurisdiction: |
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Section 2 provides that |
nothing in the second chapter of this Act shall be deemed to affect any rule of Muhammadan law. |
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Section 3 deals with |
Interpretation-clause |
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As per Section 3 “immoveable property” |
does NOT include standing timber, growing crops or grass: |
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As per Section 3 “instrument”, means |
a non-testamentary instrument: |
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As per Section 3 “attached to the earth” means— |
a. rooted in the earth, as in the case of trees and shrubs; b. imbedded in the earth, as in the case of walls or buildings; or c. attached to what is so imbedded for the permanent beneficial enjoyment of that to which it is attached: |
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As per Section 3 “actionable claim” means |
a claim to any debt, other than a debt secured by mortgage of |
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As per Section 3 “a person is said to have notice” of a fact |
when he actually knows that fact, or when, but for wilful abstention from an enquiry or search which he ought to have made, or gross negligence, he would have known it. |
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As per Section 4 |
Enactments relating to contracts to be taken as part of Contract Act and supplemental to the Registration Act |
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As given in Section 4 |
The chapters and sections of this Act which relate to contracts shall be taken as part of the Indian Contract Act, 1872 (9 of 1872). |
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As per Section 4 Constitution Free One Liner Notes
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sections 54, paragraphs 2 and 3, 59, 107 and 123 shall be read as supplemental to the Indian Registration Act, 1908 (16 of 1908). |
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CHAPTER II |
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OF TRANSFERS OF PROPERTY BYACT OF PARTIES |
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A-TRANSFERS OF PROPERTY, WHETHER MOVEABLE OR IMMOVEABLE |
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Section 5 deals with |
“Transfer of property” defined. |
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As per Section 5, “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, or to himself and one or more other living persons; and “to transfer property” is to perform such act. |
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As per Section 5 “living person” includes Limitation Free One Liner Notes
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a company or association or body of individuals, whether incorporated or not, but NOTHING herein contained shall affect any law for the time being in force relating to transfer of property to or by companies, associations or bodies of individuals. |
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Section 6 deals with |
What may be transferred |
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Section 7deals with |
Persons competent to transfer. |
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Section 7 deals with Every person competent to contract and entitled to transferable property, or authorised to dispose of transferable property not his own |
is competent to transfer such property either wholly or in part and either absolutely or conditionally, in the circumstances, to the extent and in the manner, allowed and prescribed by any law for the time being in force. |
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Section 8 deals with |
Operation of transfer |
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Section 9 deals with |
oral transfer. |
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Section 9 reads as A transfer of property may be made |
without writing in every case in which a writing is not expressly required by law |
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Section 10 deals with |
Condition restraining alienation |
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As per Section 10 Where property is transferred subject to a condition or limitation absolutely restraining the transferee or any person claiming under him from parting with or disposing of his interest in the property, the condition or limitation is void, |
The exceptions to this are: in the case of a lease where the condition is for the benefit of the lessor or those claiming under him. |
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Section 11 deals with |
Restriction repugnant to interest created |
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Section 12 talks about |
Condition making interest determinable on insolvency or attempted alienation. |
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Section 13 talks about |
Transfer for benefit of unborn person. |
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Section 13 reads as Where, on a transfer of property, an interest therein is created for the benefit of a person not in existence at the date of the transfer, subject to a prior interest created by the same transfer, |
the interest created for the benefit of such person shall not take effect,
UNLESS it extends to the whole of the remaining interest of the transferor in the property. |
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Section 14 talks about |
Rule against perpetuity |
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Direction for accumulation is given in |
Section 17 |
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Transfer in perpetuity for benefit of public is given in |
Section 18 |
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As per Section 18 The restrictions in sections 14, Sections 16 and Sections 17 The Sexual Harrassment Of Woman At Workplace Free One Liner Notes |
SHALL NOT apply in the case of a transfer of property for the benefit of the public in the advancement of religion, knowledge, commerce, health, safety, or any other object beneficial to mankind. |
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Section 19 deals with |
Vested interest |
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As per Section 19 |
an interest therein is created in favour of a person
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An interest is vested interest where on a transfer of property, |
without specifying the time when it is to take effect, or in terms specifying that it is to take effect forthwith or on the happening of an event which must happen, unless a contrary intention appears from the terms of the transfer. |
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As per Section 19 A vested interest is NOT defeated by |
the death of the transferee before he obtains possession. |
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Contingent interest is given in |
Section 21 |
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As per Section 21 Where, on a transfer of property, an interest therein is created in favour of a person to take effect only on the happening of a specified uncertain event, or if a specified uncertain event shall not happen, such person thereby acquires a contingent interest in the property. |
Such interest becomes a vested interest, in the former case, on the happening of the event, in the latter, when the happening of the event becomes IMPOSSIBLE. |
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As per Explanation to Section 21 Interest is not contingent Where, under a transfer of property, |
a person becomes entitled to an interest therein upon attaining a particular age, and the transferor also gives to him absolutely the income to arise from such interest before he reaches that age, or directs the income or so much thereof as may be necessary to be applied for his benefit. |
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Conditional transfer is given in |
Section 25 |
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As per Section 25 An interest created on a transfer of property and dependent upon a condition fails |
if the fulfilment of the condition is impossible, or is forbidden by law, or is of such a nature that, if permitted, it would defeat the provisions of any law, or is fraudulent, or involves or implies injury to the person or property of another, or the Court regards it as immoral or opposed to public policy. |
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Fulfilment of condition precedent is given in |
Section 26 |
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As per Section 26 Where the terms of a transfer of property impose a condition to be fulfilled before a person can take an interest in the property, |
the condition shall be deemed to have been fulfilled if it has been substantially complied with. Rajasthan Court Fees One Liner Notes
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Fulfilment of condition subsequent is given in |
Section 29 |
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ELECTION |
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Section 35 deals with |
Election when necessary. |
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APPORTIONMENT |
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Section 36 deals with |
Apportionment of periodical payments determination of interest of person entitled |
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As per Section 36 In the absence of a contract or local usage to the contrary, |
all rents annuities, pensions, dividends and other periodical payments in the nature of income shall, upon the transfer of the interest of the person entitled to receive such payments, be deemed, as between the transferor and the transferee, to accrue due from day to day, and to be apportionable accordingly, but to be payable on the days appointed for the payment thereof. |
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B-TRANSFER OF IMMOVEABLE PROPERTY |
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Section 38 deals with |
Transfer by person authorised only under certain circumstances to transfer |
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As per Section 39 |
Transfer where third person is entitled to maintenance. |
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As per Section 41. |
Transfer by ostensible owner. |
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As per Section 41 Where, with the consent, express or implied, of the persons interested in immoveable property, |
a person is the ostensible owner of such property and transfers the same for consideration, the transfer shall not be violable on the ground that the transferor was not authorised to make it
Condition: the transferee, after taking reasonable care to ascertain that the transferor had power to make the transfer, has acted in good faith. |
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As per Section 43 |
Transfer by unauthorised person who subsequently acquires interest in property transferred. |
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Section 43 reads as Where a person fraudulently or erroneously represents that he is authorised to transfer certain immovable property and professes to transfer such property for consideration, |
such transfer shall, at the option of the transferee, operate on any interest which the transferor may acquire in such property at any time during which the contract of transfer subsists. |
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As per Section 43 Nothing in section 43 SHALL impair the right of transferees in good faith for consideration |
without notice of the existence of the said option. |
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Section 44 deals with |
Transfer by one co-owner. |
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As per Section 44 Where one of two or more co-owners of immoveable property legally competent in that behalf TRANSFERS HIS SHARE of such property or any interest therein, |
the transferee acquires as to such share or interest, and so far as is necessary to give effect to the transfer, the transferor's right to joint possession or other common or part enjoyment of the property, and to enforce a partition of the same, Subject to the conditions and liabilities affecting, at the date of the transfer, the share or interest so transferred. |
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As per Section 44 NOTHING shall be deemed to entitle him to joint possession or other common enjoyment or part enjoyment of the house. |
Where the transferee of a share of a dwelling-house belonging to an undivided family is NOT a member of the family. |
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Section 45 deals with |
Joint transfer for consideration |
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Section 46 deals with |
Transfer for consideration by persons having distinct interests |
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As per Section 46 Where immoveable property is transferred for consideration by persons having distinct interests therein, |
the transferors are, in the absence of a contract to the contrary, where their interests in the property were of equal value--entitled to share in the consideration equally, and, where such interests were of unequal value, proportionately to the value of their respective interests. |
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As per Section 47 |
Transfer by co-owners of share in common property |
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As per Section 47 Where several co-owners of immoveable property transfer a share therein without specifying that the transfer is to take effect on any particular share or shares of the transferors, |
the transfer, as among such transferors, takes effect on such shares equally where the shares were equal, and, where they were unequal, proportionately to the extent of such shares. |
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As per Section 48. |
Priority of rights created by transfer |
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As per Section 48, Where a person purports to create by transfer at |
each later created right SHALL, be subject to the rights previously created. |
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different times rights in or over the same immoveable property, and such rights CANNOT all exist or be exercised to their full extent together, |
CONDITION: in the absence of a special contract or reservation binding the earlier transferees. |
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As per Section 49 |
Transferee’s right under policy |
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As per Section 49, Where immoveable property is transferred for consideration, and such property or any part thereof is at the date of the transfer insured against loss or damage by fire, |
the transferee, in case of such loss or damage, may, require any money which the transferor actually receives under the policy, to be applied in reinstating the property.
CONDITION: in the absence of a contract to the contrary. |
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Section 50 deals with |
Rent bona fide paid to holder under defective title |
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Section 51 deals with |
Improvements made by bona fide holders under defective titles |
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Section 52 deals with |
Transfer of property pending suit relating thereto |
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Section 53 deals with |
Fraudulent transfer |
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As per Section 53(1) Every transfer of immoveable property made with INTENT TO DEFEAT OR DELAY THE CREDITORS of the transferor |
SHALL BE VOIDABLE at the option of any creditor so defeated or delayed. |
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As per Section 53 (1) NOTHING shall impair the rights of a transferee |
in good faith and for consideration. |
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As per Section 53 (1) NOTHING shall affect any law for the time being in force |
relating to insolvency. |
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As per Section 53 (2) Every transfer of immoveable property made without consideration with intent to defraud a subsequent transferee |
shall be VOIDABLE at the option of such transferee. |
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Section 53A deals with |
Part performance |
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CHAPTER III |
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SALES OF IMMOVEABLE PROPERTY |
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Section 54 defines |
SALE |
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As per Section 54 “Sale” is a transfer of ownership. |
IN EXCHANGE for a price paid or price promised or price part-paid and part-promised |
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As per section 54 In the case of tangible immoveable property of the value of one hundred rupees and upwards, or in the case of a reversion or other intangible thing, can be made only by a registered instrument. |
In the case of tangible immoveable property of a value less than one hundred rupees, such transfer may be made either by a registered instrument or by delivery of the property |
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As per section 54 A contract for the sale of immoveable property is a contract that a sale of such property |
SHALL take place on terms settled between the parties. It does not, of itself, create any interest in or charge on such property. |
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Section 55 deals with |
Rights and liabilities of buyer and seller |
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Section 56 deals with |
Marshalling by subsequent purchaser |
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As per section 56 If the owner of two or more properties mortgages them to one person and then sells one or more of the properties to another person, |
the buyer is, ENTITLED TO HAVE the mortgage -debt satisfied out of the property or properties not sold to him, so far as the same will extend, BUT NOT so as to prejudice the rights of the mortgagee or persons claiming under him or any other person who has for consideration acquired an interest in any of the properties. |
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Section 57 deals |
Provision by Court for incumbrances and sale freed therefrom. |
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CHAPTER IV |
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MORTGAGES OF IMMOVEABLE PROPERTY AND CHARGES |
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Section 58 defines |
“Mortgage”, “mortgagor”, “mortgagee”, “mortgage-money” and “mortgage-deed” |
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Section 58 (a) A mortgage is |
the TRANSFER of an interest in specific immoveable property for the PURPOSE of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability. |
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Section 58 (b) defines Simple mortgage as Where, |
without delivering possession of the mortgaged property, the mortgagor binds himself personally to pay the mortgage-money, and agrees, expressly or impliedly, that, in the event of his failing to pay according to his contract, the mortgagee shall have a right to cause the mortgaged property to be sold and the proceeds of sale to be applied in payment of the mortgage-money,
the TRANSACTION - a SIMPLE MORTGAGE the MORTGAGEE -a SIMPLE MORTGAGEE. |
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As per section 58 (c) Mortgage by conditional sale.—Where |
the mortgagor ostensibly sells the mortgaged property on CONDITION that on default of payment of the mortgage-money on a certain date the sale shall become absolute, or on CONDITION that on such payment being made the sale shall become void, or on CONDITION that on such payment being made the buyer SHALL transfer the property to the seller,
the TRANSACTION- A MORTGAGE BY CONDITIONAL SALE the MORTGAGEE- A MORTGAGEE BY CONDITIONAL SALE |
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As per Section 58 (d) Usufructuary mortgage. — Where |
the mortgagor delivers possession or expressly or by implication binds himself to deliver possession of the mortgaged property to the mortgagee, and authorises him to retain such possession until payment of the mortgage-money, and to receive the rents and profits accruing from the property or any part of such rents and profits and to appropriate the same I. in lieu of interest, or II. in payment of the mortgage -money, or III. partly in lieu of interest or partly in payment of the mortgage-money,
the TRANSACTION - an USUFRUCTUARY MORTGAGE the MORTGAGEE - an USUFRUCTUARY MORTGAGEE. |
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Section 58 (e) defines English mortgage Indecent Representation Of Woman Act Free Detailed Notes
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Where the mortgagor binds himself to re-pay the mortgage-money on a certain date, and transfers the mortgaged property absolutely to the mortgagee, but subject to a proviso that he will re-transfer it to the mortgagor upon payment of the mortgage-money as agreed, the TRANSACTION - ENGLISH MORTGAGE. |
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Section 58 (f) defines Mortgage by deposit of title- deeds. |
Where a person in any of the following towns, namely, I. Calcutta, II. Madras, and III. Bombay IV. and in any other town which the State Government concerned may, by notification in the Official Gazette, specify in this behalf, delivers to a creditor or his agent documents of title to immoveable property, with intent to create a security TRANSACTION - A MORTGAGE BY DEPOSIT OF TITLE-DEEDS. |
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Section 58(g) defines Anomalous mortgage. |
A mortgage which is NOT a simple mortgage, a mortgage by conditional sale, an usufructuary mortgage, an English mortgage or a mortgage by deposit of title-deeds |
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RIGHT AND LIABILITIES OF MORRGAGOR |
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Section 60 deals with |
Right of mortgagor to redeem |
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Section 61 deals with |
Right to redeem separately or simultaneously |
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Section 62 deals with |
Right of usufructuary mortgagor to recover possession |
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Section 63 deals with |
Accession to mortgaged property |
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Section 63A. deals with |
Improvements to mortgaged property |
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Section 65 deals with |
Implied contracts by mortgagor. |
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Section 65A deals with |
Mortgagor’s power to lease |
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RIGHT AND LIABILITIES OF MORRGAGEE |
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Section 67 deals with |
Right to foreclosure or sale. |
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Section 67A deals with |
Mortgagee when bound to bring one suit on several mortgages |
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Section 68 deals with |
Right to sue for mortgage-money |
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Section 69 deals with |
Power of sale when valid. |
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As per Section 69 (5) Nothing in Section 69 or in section 69A |
applies to powers conferred before the first day of July, 1882. |
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Section 69A deals with |
Appointment of receiver. |
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Section 70 deals with |
Accession to mortgaged property |
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As per Section 70, If, after the date of a mortgage, any accession is made to the mortgaged property |
the mortgagee, SHALL, for the purposes of the security, be entitled to such accession CONDITION: in the absence of a contract to the contrary. |
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Section 71 deals with |
Renewal of mortgaged lease |
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Section 72 deals with |
Rights of mortgagee in possession |
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Section 76 deals with |
Liabilities of mortgagee in possession |
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PRIORITY |
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Section 78 deals with |
Postponement of prior mortgagee |
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Section 79 deals with |
Mortgage to secure uncertain amount when maximum is expressed |
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Section 81 deals with |
Marshalling securities |
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As per Section 81 If the owner of two or more properties mortgages them to one person and then mortgages one or more of the properties to another person, |
the subsequent mortgagee is, in the absence of a contract to the contrary, entitled to have the prior mortgage debt satisfied out of the property or properties not mortgaged to him, I. so far as the same will extend, II. but not so as to prejudice the rights of the prior mortgagee or of any other person who has for consideration acquired an interest in any of the properties. |
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MARSHALLING AND CONTRIBUTION |
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Section 82 deals with |
Contribution to mortgage-debt. |
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DEPOSIT IN COURT |
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Section 83 deals with |
Power to deposit in Court money due on mortgage |
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Section 84 deals with |
Cessation of interest |
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REDEMPTION |
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Section 91 deals with |
Persons who may sue for redemption. |
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As per Section 91 Besides the mortgagor, ANY of the following persons may redeem, or institute a suit for redemption of, the mortgaged property, namely: — |
a. any person who has any interest in, or charge upon, the property mortgaged or in or upon the right to redeem the same; b. any surety for the payment of the mortgage - debt or any part thereof; or c. any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property. |
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Section 92 deals with |
Subrogation |
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As per Section 92 Any of the persons referred to in section 91 (other than the mortgagor) and any co-mortgagor SHALL |
on redeeming property subject to the mortgage, have, redemption, foreclosure or sale of such property, THE SAME RIGHTS as the mortgagee whose mortgage he redeems may have against the mortgagor or any other mortgagee. |
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As per Section 92 |
The right conferred by this section is- the right of subrogation, person acquiring the same - to be subrogated to the rights of the mortgagee whose mortgage he redeems |
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As per Section 92 NOTHING in this section shall be deemed to confer a right of subrogation on any person unless |
the mortgage in respect of which the right is claimed has been redeemed in full. |
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Section 93 deals with |
Prohibition of tacking |
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Section 94 deals with |
Rights of mesne mortgagee. |
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Section 96 deals with |
Mortgage by deposit of title-deeds |
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As per Section 96 The provisions contained which apply to a simple mortgage SHALL, |
apply to a mortgage by deposit of title-deeds |
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ANOMALOUS MORTGAGES |
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Section 98 deals with |
Rights and liabilities of parties to anomalous mortgages |
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Section 98 deals with In anomalous mortgage the rights and liabilities of the parties SHALL BE |
determined by their contract as evidenced in the mortgage-deed, and, so far as such contract does not extend, by local usage. |
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CHARGES |
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Section 100 deals with |
Charges. |
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As per Section 100 Where I. immoveable property of one person is II. made security for the payment of money to another, by act of parties or operation of law III. the transaction does not amount to a mortgage, |
the latter person is said to have a charge on the property; All the provisions which apply to a simple mortgage SHALL, apply to such charge. |
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As per Section 100 Nothing in section 100 applies to the charge of a trustee on the trust property for expenses properly incurred in the execution of his trust, |
NO charge shall be enforced against any property in the hands of a person to whom such property has been transferred for consideration and without notice of the charge |
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Section 101 deals with |
No merger in case of subsequent encumbrance. |
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NOTICE AND TENDER |
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Section 102 deals with |
Service or tender on or to agent. |
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Section 103 deals with |
Notice, etc., to or by person incompetent to contract. — |
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Section 104 deals with |
Power to make rules |
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CHAPTER V |
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LEASES OF IMMOVEABLE PROPERTY |
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Section 105 deals with |
Lease defined |
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As per Section 105 A lease of immoveable property is a |
transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms. |
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Section 105 also defines Lessor, lessee, premium and rent |
The transferor is called the lessor, the transferee is called the lessee, the price is called the premium, and the money, share, service or other thing to be so rendered is -the rent. |
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Section 106 deals with |
Duration of certain leases in absence of written contract or local usage |
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As per Section 106 (1) In the absence of a contract or local law or usage to the contrary, |
a lease of immovable property for agricultural purposes or manufacturing purposes SHALL be deemed to be a lease from year to year, Terminable: on the part of either lessor or lessee. Notice period: 6 months |
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As per Section 106 (1) In the absence of a contract or local law or usage to the contrary, The Muslim Woman (Protection Of Rights On Divorce) Act Free Bare Act |
and a lease of immovable property for any other purpose shall be deemed to be a lease from month to month
Terminable: on the part of either lessor or lessee, Notice period: fifteen days |
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As per Section 106(2) Notwithstanding anything contained in any other law for the time being in force, |
the period of termination shall commence from the date of receipt of notice. |
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As per Section 106 (4) Every notice under sub-section (1) |
must be in writing, signed by or on behalf of the person giving it, and either be I. sent by post to the party who is intended to be bound by it or be tendered or II. delivered personally to such party, or to one of his family or servants at his residence, or if such tender or delivery is not practicable affixed to a conspicuous part of the property. |
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Section 107 deals with |
Leases how made. |
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As per Section 107 A lease of immoveable property from : I. year to year, or II. for any term exceeding one year, or III. reserving a yearly rent, |
can be made only by a registered instrument. |
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As per Section 107 All other leases of immoveable property may be made |
I. either by a registered instrument or II. by oral agreement accompanied by delivery of possession. |
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As per Section 107 Where a lease of immoveable property is made by a registered instrument, such instrument or, where there are more instruments than one, |
each such instrument shall be executed by both the lessor and the lessee |
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As per proviso of Section 107 The State Government may, from time to time, by notification in the Official Gazette, |
direct that leases of immoveable property, OTHER THAN I. leases from year to year, or II. for any term exceeding one year, or III. reserving a yearly rent, or IV. any class of such leases, MAY be made by unregistered instrument or by oral agreement without delivery of possession. |
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Section 108 deals with |
Rights and liabilities of lessor and lessee |
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Section 109 deals with |
Rights of lessor’s transferee. |
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Section 110 deals with |
Exclusion of day on which term commences |
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Section 110 specifies Where the time limited by a lease of immoveable property is expressed as commencing from a particular day in computing that time such day shall be excluded. |
Where no day of commencement is named, the time so limited begins from the making of the lease. |
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Section 110 deals with the duration of lease for a year. |
Where the time so limited is a year or a number of years, the lease shall last during the whole anniversary of the day from which such time commences. CONDITION: in the absence of an express agreement to the contrary. |
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Section 110 deals with the option to determine lease. |
Where the time so limited is expressed to be terminable before its expiration, and the lease omits to mention at whose option it is so terminable, the lessee, and not the lessor, SHALL have such option. |
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Section 111 deals with |
Determination of lease |
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Section 112 deals with |
Waiver of forfeiture |
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Section 113 deals with |
Waiver of notice to quit |
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As per Section 113 A notice given under section 111, clause (h), is waived, |
with the express or implied consent of the person to whom it is given, by any act on the part of the person giving it showing an intention to treat the lease as subsisting |
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Section 114 deals with |
Relief against forfeiture for non-payment of rent |
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Where a lease of immoveable property has determined by forfeiture for non-payment of rent, and the lessor sues to eject the lessee, The Pre-Conception And Pre-Natal Diagnostic Techniques Act Free Bare Act |
if, at the hearing of the suit, the lessee pays or tenders to the lessor the rent in arrear+ interest+ full cost of suit gives such security as the Court thinks sufficient for making such payment within fifteen days, the Court MAY, pass an order relieving the lessee against the forfeiture; and the lessee shall hold the property leased as if the forfeiture had not occurred |
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Section 114A deals with |
Relief against forfeiture in certain other cases. |
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Section 116 deals with |
Effect of holding over |
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Section 117 deals with |
Exemption of leases for agricultural purposes |
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Section 117 reads as: NONE of the provisions of this Chapter apply to leases for agricultural purposes, |
except when the State Government may by notification published in the Official Gazette, declare all or any of such provisions to be so applicable in the case of all or any such leases, together with, or subject to, those of the local law. Such notification shall not take effect until the expiry of six months from the date of its publication. |
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CHAPTER VI |
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OF EXCHANGES |
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Section 118 deals with |
“Exchange” defined. |
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As per Section 118 When two persons mutually transfer the ownership of one thing for the ownership of another, neither thing or both things being money only, |
the transaction is called an “exchange”. |
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Section 119 deals with |
Right of party deprived of thing received in exchange. |
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Section 120 deals with |
Rights and liabilities of parties. |
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As per Section 120 Save as otherwise provided in this Chapter, |
each party has the rights and is subject to the liabilities of a seller as to that which he gives, and has the rights and is subject to the liabilities of a buyer as to that which he takes. |
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Section 121 deals with |
Exchange of money |
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As per Section 121 On an exchange of money, |
each party thereby warrants the genuineness of the money given by him. |
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CHAPTER VII |
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OF GIFTS |
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Section 122 deals with |
“Gift” defined. |
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As per Section 122 “Gift” is |
the transfer of I. certain existing moveable or II. immoveable property made voluntarily and without consideration, by donor, to the donee, and accepted by or on behalf of the donee. |
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Section 122 talks about acceptance when to be made. — |
during the lifetime of the donor and while he is still capable of giving. Condition: If the donee dies before acceptance, the gift is void |
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Section 122 also lays down: For making a gift of immoveable property, |
the transfer must be effected by a registered instrument signed by or on behalf of the donor, and attested by at least two witnesses. |
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Section 122 lays down: For making a gift of moveable property, |
the transfer may be effected either by a registered instrument signed or by delivery. Such delivery may be made in the same way as goods sold may be delivered. |
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Section 124 deals with |
Gift of existing and future property |
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As per Section 124 A gift comprising both existing and future property |
is VOID as to the latter. |
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Section 125 deals with |
Gift to several, of whom one does not accept. |
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As per Section 125 A gift of a thing to two or more donees, of whom one does not accept it, |
is VOID as to the interest which he would have taken had he accepted. |
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Section 126 deals with |
When gift may be suspended or revoked. |
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Section 127 deals with |
Onerous gifts |
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Section 127 lays down: Where a gift is in the form of a single transfer to the same person of several things of which one is, and the others are not, burdened by an obligation, |
the donee can take nothing by the gift unless he accepts it full The Protection Of Woman From Domestic Violence Act Free Bare Act |
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Section 127 lays down: Where a gift is in the form of two or more separate and independent transfers to the same person of several things, |
the donee is at liberty to accept one of them and refuse the others, although the former may be beneficial and the latter onerous. |
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Section 127 deals with onerous gift to disqualified person. — |
Case I A donee not competent to contract and accepting property burdened by any obligation is not bound by his acceptance.
Case II However, if after becoming competent to contract and being aware of the obligation, he retains the property given; he becomes so bound. |
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Section 128 deals with |
Universal donee |
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As per Section 128 Subject to the provisions of section 127, |
where a gift consists of the donor’s whole property, the donee is personally liable for all the debts due by and liabilities of the donor at the time of the gift to the extent of the property comprised therein. |
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As per Section 129 |
Saving of donations mortis causa and Muhammadan law |
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As per Section 129 Nothing in this Chapter related to gifts of moveable property made in contemplation of death, |
or shall be deemed to affect any rule of Muhammadan law |
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CHAPTER VIII |
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TRANSFERS OF ACTIONABLE CLAIMS |
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Section 130 deals with |
Transfer of actionable claim. |
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Section 130 does not apply to |
the transfer of a marine policy of insurance or fire policy of insurance or affects the provisions of section 38 of the Insurance Act, 1938 (4 of 1938)]. |
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As per section 131 |
Notice to be in writing, signed. |
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Section 133 deals with |
Warranty of solvency of debtor |
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Section 134 deals with |
Mortagaged debt |
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Section 134 reads as: Where a debt is transferred for the purpose of securing an existing or future debt, |
the debt so transferred, if received by the transferor or recovered by the transferee, is applicable, I. in payment of the costs of such recovery: II. in or towards satisfaction of the amount for the time being secured by the transfer; and the residue, if any, belongs to the transferor or other person entitled to receive the same |
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Section 135 deals with |
Assignment of rights under policy of insurance against fire. |
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Section 136 deals with |
Incapacity of officers connected with Courts of Justice. |
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As per Section 136 NO Judge, legal practitioner or officer connected with any Court of Justice |
Shall buy or traffic in, or stipulate for, or agree to receive any share of, or interest in, any actionable claim, No Court of Justice shall enforce, at his instance, or at the instance of any person claiming by or through him, any actionable claim so dealt with by him. |
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Section 137 deals with |
Saving of negotiable instruments, etc. |
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As per Section 137 Nothing in the foregoing sections of this Chapter applies to |
stocks, shares or debentures, or to instruments which are for the time being, by law or custom, negotiable, or to any mercantile document of title to goods |
