Quick Answer: What Is Transfer Section?

What are the 3 types of property?

In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property)..

Who is competent to transfer the property?

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 …

Who is ostensible owner?

Definition: Ostensible owner is the person who is though not the real owner but has all incidents and/or characteristics as the real owner. The person on the face of it i.e apparently looks like the real owner but in fact he is not the real owner.

What may be transferred under TPA?

The act of transfer may be done in the present or for the future. The person may include an individual, company or association or body of individuals, and any kind of property may be transferred, including the transfer of immovable property. … It includes movable, immovable, tangible and intangible assets.

How many sections are there in the Transfer of Property Act?

—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). 1[And section 54, paragraphs 2 and 3, and sections 59, 107 and 123 shall be read as supplemental to the Indian Registration Act, 2[1908 (16 of 1908)].] 5. “Transfer of property” defined.

What is Operation of transfer?

Unless a different intention is expressed or necessarily implied, a transfer of property passes forthwith to the transferee all the interest which the transferor is then capable of passing in the property and in the legal incidents thereof.

Where and under what circumstances ostensible owner can transfer?

The essential conditions for the valid transfer by an ostensible owner are that: a person must be the ostensible owner of a property. he must be such owner with the consent express or implied of the real owner; the transferee must purchase the property from such ostensible owner for consideration.

What are the 4 property rights?

This attribute has four broad components and is often referred to as a bundle of rights: the right to use the good. the right to earn income from the good. the right to transfer the good to others, alter it, abandon it, or destroy it (the right to ownership cessation)

What are actionable claims?

As per the Transfer of Property Act, Actionable Claim means: a claim to any debt other than a debt secured by mortgage of immovable property or hypothecation or pledge of movable property or. Claim to any beneficial interest in the movable property not in the possession, either actual or constructive, of the claimant.

What do you mean by transfer of property?

According to the Act, ‘transfer of property’ means an act by which a person conveys the property to one or more persons, or himself and one or more other persons. The act of transfer may be done in the present or for the future.

What is oral transfer?

Oral transfer. —A transfer of property may be made without writing in every case in which a writing is not expressly required by law. The Section 9 of Transfer of Property act is\also related with some other sections such as: Section 54 in The Transfer of Property Act, 1882. 54.

What is doctrine of part performance?

Doctrine of Part Performance is an equitable doctrine and it is incorporated to prevent fraud and from taking illegal advantage on account of non-registration of the document. This Doctrine is based on the maxim, Equity look at as it is done which ought to have been done.

How do I transfer property in India?

Property ownership can be transferred in two ways:• Voluntary Transfer. • Involuntary Transfer. … Sale Deed. This is the most popular method of property transfer in India. … Gift Deed. … Relinquishment Deed or Release Deed. … Partition Deed or Settlement Deed. … Inheritance or WILL Deed.

What is transfer of property in business law?

Transfer of Ownership Law And Its Legal Definition By Rahul Hingmire. Ownership involves the absolute rights and legitimate claim to an object. Transfer of ownership is the means by which the ownership of a property is transferred from one hand to another.

Is surrender a transfer of property?

Surrender: A deed of surrender is a legal document that transfers property ownership for a given time period provided certain conditions are met. … Once the deed of surrender has been signed, any outstanding claims on the property can be resolved.

What kind of property can be transferred?

The General rule related to Transfer of Property is that property of any kind may be transferred and this property can be movable or immovable. Property of any kind can be transferred from one party to another.

How a person can transfer property to himself?

The word “living person” includes corporations and other association of person. A transfer can be made by a person to himself, as for instance when a person vests property in trust and himself becomes the whole trustee.