Transfer of property

1. Transfer Of Property
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2. Property in general
 an object or objects that belong to someone
 a building or area of land, or both together
 the legal right to own and use something
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3. Introduction
 It came into force on 1 July 1882.
 According to the Act, 'transfer of property' means an act by which a person
conveys property to one or more persons, or himself and one or more other persons.
 The person may include an individual, company or association or body of individuals,
company or association or body of individuals, and any kind of property may be
transferred, including the transfer of immovable property.
 It contains specific provisions regarding what constitutes transfer and the conditions
attached to it.
 The act of transfer may be done in the present or for the future.
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4. CONT...
 TP Act governs only the transfer of IMMOVABLE properties.
 MOVABLE properties are governed by Sale of Goods Act.
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5. Movable Property
 TP Act doesn’t define “movable property”.
 General Clauses Act: “property of every description except
movable property”
 Examples:
 royalty,
 machinery not attached to earth,
 a decree for arrears of rent,
 government promissory notes,
 standing timber,
 growing crop,
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6. Immovable property
(TP Act deals only with this)
 TP Act doesn’t define immovable property
 Sec. 3 lays down “immovable property” does not include
 Standing timber
 Growing crops or
 Grass
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7. Persons competent to transfer
 Every person competent to contract and entitled to
transferable property, or authorized to dispose of transferable
property not his own, is competent to transfer such property
either wholly or in part, and either absolutely or conditionally.
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8. Two chief objects of the Act:
 Regulate transfer of property between living persons
 Complete the code of contract law for immovable property
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9. Broadly two types of property transfers
1. Transfer of property by
operation of law:
 Inheritance
 Insolvency
 Forfeiture
 Sale in execution of
decree
 By Will
2. Voluntary transfer of
property by act of
parties:
 Sale
 Mortgage
 Gift
 Exchange
 Charge
 TP Act applies only to
this 2nd category
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