Quick Answer: Does Transfer Of Property Act Apply To Movable Property?

Is transfer of property an exhaustive Act?

Objectives of Transfer of Property Act, 1882: With provision for inter-vivos (between two living persons) transfers, the Act, provides a law parallel to the existing laws of testamentary and intestate transfers.

The Act is not exhaustive because it does not cover the entire dimension of transfer of property..

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.

Can a right to future maintenance be transferred?

The sub-section of maintenance, it has been established that a right to future maintenance is solely for the personal benefit of the person to whom it has been granted and therefore, this very right cannot be transferred further. … This right can neither be transferred nor can it be attached by a court’s decree.

What is Section 53a of Transfer of Property Act?

—Where any person contracts to transfer for consideration any immoveable property by writing signed by him or on his behalf from which the terms necessary to constitute the transfer can be ascertained with reasonable certainty, and the transferee has, in part performance of the contract, taken possession of the …

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 …

What are the essential features of Transfer of Property Act?

The transfer must be between two or more living persons Section 5 of the Transfer of Property Act, 1882 describes the first essential of a valid transfer. The transfer of property must take place between two or more persons who are living or it must take place inter vivos.

Which is not transfer of property?

Stipends related to Military, Naval, Air Forces, Civil Prisoners, government pensions, etc are personal rights and cannot be transferred. General rule of Transfer of Property is that property of any kind can be transferred from one person to another.

What is difference between movable and immovable property?

Property ownership has its own classification: movable and immovable property. Movable property refers to personal property, which is either consumable or nonconsumable. On the other hand, immovable property refers to roads, constructions and buildings. They are referred to as immovable because they adhere to the soil.

Who can transfer an immovable property?

Under section 7 of TOPA, the individual must be competent. He/she must be of legal age and mentally stable. He/she must be the owner of the title of the immovable property or should be authorised to transfer the property. The person must not be legally disqualified as a transferee.

Who is an ostensible owner?

Ostensible means something that is not real or true. Therefore ostensible owner means a person who is not the real owner of the property he represents the real owner in transfers made to the third party. Such a representation is based on the consent of the real owner. Such consent may be express or implied.

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).

What is movable property under Transfer of Property Act?

Section 12(36) of the General Clause Act, 1847 defines “movable property” as “Movable property shall mean the property of every description except immovable property”. As per the Transfer of Property Act 1882, movable Property is those properties that are not immovable.

What is actionable claim under Transfer of Property Act?

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

What is Property in property law?

‘Real’ property encompasses interests in land and fixtures or structures upon the land. ‘Personal’ property encompasses tangible or ‘corporeal’ things—chattels or goods. … Tangible things exist independently of law but law governs rights of ownership and possession in them—including whether they can be ‘owned’ at all.

Is my house considered private property?

An ordinary private home (house, apartment, condo) is private property. … Real property is land and stuff affixed to it, like buildings, lampposts, and plumbing. (An estate is ownership or the right to use land. So real estate refers to ownership, rental, whatever, of real property.)

What do you mean by transfer of property in the goods?

‘Property in Goods’ which means the ownership of goods, is different from ‘ possession of goods’ which means the physical custody or control of the goods. The transfer of property in the goods from the seller to the buyer is the essence of a contract of sale.

What properties Cannot be transferred under Transfer of Property Act?

Transfer of Property Act, 1882 An interest in property restricted in its enjoyment to the owner personally cannot be transferred by him. A right to future maintenance, in whatsoever manner arising, secured or determined, cannot be transferred. A mere right to sue cannot be transferred.

Can a person transfer any property to himself?

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 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.

What properties can be transferred?

It includes movable, immovable, tangible and intangible assets. When a property is transferred, all the rights along with the property are also transferred. However arrangements may be made by which some of the rights may be transferred but not all.

What is considered movable property?

In civil law systems, personal property is often called movable property or movables – any property that can be moved from one location to another. … Movable property on land (larger livestock, for example) was not automatically sold with the land, it was “personal” to the owner and moved with the owner.

Is car a movable asset?

Immovable property, in the sense used, commonly refers to real estate (such as your house, factory, manufacturing plant, etc.) while movable property refers to movable assets (such as your computer, jewellery, vehicles, etc.).