Transfer of Property
transfer of property
Introduction to TOP Act
What is the meaning of "transfer of property" for the purpose of the Act?
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The term "transfer of property" as defined by S5 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.
In this section, the term, ''living person'' includes a company or association or body of individuals whether incorporated or not.
Property: The word, ''property,'' is used in this Act in its widest and most generic legal sense. Therefore, an actionable claim, as also the right to reconveyance land may be termed ''property''. However, the power of appointment is not a property
Transfer: The word, ''transfer,'' is defined with reference to the word ''convey''. In India, the term ''transfer'' is used in its wider sense. It includes the transfer of interest in the property with the conveyance of property. This word is, sometimes, used, in its wider sense, to include any form of assurances between two parties, such as mortgages, charges, leases, gifts, assents, vesting declarations etc.
Living person: These words exclude transfers by will, for a will operates from the death of a testator.
In present or in future: A transfer of property may take place, not only in the present, but also in the future, but the property must be in existence. A transfer of property that is not in existence operates as a contract to be performed in the future which may be, specifically, enforced as soon as the property comes into existence.
What property can and what property cannot be transferred according to the Transfer of Property Act?
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Section 6 of the Act provides that property of any kind may be transferred, except, as otherwise provided by the Act or, by any other law that is in force.
Thus Section 6 provides that property of any kind may be transferred. However, it has two exceptions, which are as
Introduction to TOP Act
What is the meaning of "transfer of property" for the purpose of the Act?
[pic]
The term "transfer of property" as defined by S5 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.
In this section, the term, ''living person'' includes a company or association or body of individuals whether incorporated or not.
Property: The word, ''property,'' is used in this Act in its widest and most generic legal sense. Therefore, an actionable claim, as also the right to reconveyance land may be termed ''property''. However, the power of appointment is not a property
Transfer: The word, ''transfer,'' is defined with reference to the word ''convey''. In India, the term ''transfer'' is used in its wider sense. It includes the transfer of interest in the property with the conveyance of property. This word is, sometimes, used, in its wider sense, to include any form of assurances between two parties, such as mortgages, charges, leases, gifts, assents, vesting declarations etc.
Living person: These words exclude transfers by will, for a will operates from the death of a testator.
In present or in future: A transfer of property may take place, not only in the present, but also in the future, but the property must be in existence. A transfer of property that is not in existence operates as a contract to be performed in the future which may be, specifically, enforced as soon as the property comes into existence.
What property can and what property cannot be transferred according to the Transfer of Property Act?
[pic]
Section 6 of the Act provides that property of any kind may be transferred, except, as otherwise provided by the Act or, by any other law that is in force.
Thus Section 6 provides that property of any kind may be transferred. However, it has two exceptions, which are as