There are six types of mortgage. They are:-
1. Simple Mortgage.
2. Mortgage by Conditional Sale.
3. Usufructuary Mortgage.
4. English Mortgage.
5. Mortgage by Deposit of Title Deeds.
6. Anomalous Mortgage.KEEP READING
An Act to amend the law relating to the Transfer of Property by act of parties. Preamble: Whereas it is expedient to define and amend certain parts of the law relating to the transfer of property by act of parties; it is hereby enacted as follows- Chapter I of TransferKEEP READING
For understanding the term sale, you must know its essentials. They are:
1. Sale is a transfer of ownership from one person to other. One person transfers his title to another.
2. It is transferred in consideration for a price. Here, price means money and not any other valuable thing. Please note that, if in consideration, instead of money, a thing is given, then it is not sale but exchange.
3. The price may be paid or promised to be paid on a certain date or part-paid and part-promised.KEEP READING
Section 127 of the Transfer of Property Act, 1882, defines onerous gifts.
This section regarding onerous gifts is based on the maxim-
‘Qui sentit commodum, sentire debet et onus’ which means ‘he who receives advantage must bear the burden also.’KEEP READING
Section 53 of Transfer of Property Act. Every owner of property has right to transfer his property as he likes.
But the transfer must be made with a bonafide intention. Where the transfer is made with fraudulent intention, it means with the intention of defeating the interest of creditor or interest of any subsequent transferee. Where the transfer is made with fraudulent intention, the object of the transfer would be bad in the eyes of equity and justice; though it is valid in law.KEEP READING
An ostensible owner is a person who has all the indications of ownership and looks like the owner of a property but is not the real owner.
Section 41 of the Transfer of Property Act, defines an ostensible owner.KEEP READING
Important Words of TPA that you must know about.
1. Transfer- It means the conveyance of a thing, property, or a right from one person to another.
2. Property- Property includes movable and immovable property. Any thing which has a monetary value.
3. Act of Parties- An act that has been done with the desire and consent of the parties. It is voluntary in nature.KEEP READING
A gift is a gratuitous transfer of a property of any nature to the other person. It is a voluntary transfer from one person to the other. Generally, a transfer without consideration is void.
But a gift is an exception to the rule that without consideration an agreement of transfer is void. A gift is given under natural love and affection. This is the reason that even law has put it in a different table.KEEP READING
The literal meaning of exchange is giving and taking of something.
Exchange is defined in section 118 of the Transfer of Property Act, 1882.
The exchange of property in this act relates to immovable property only.KEEP READING
What is Lease?
Lease is a transfer of possession.
Section 105 of Transfer of Property Act defines lease.
A lease is not a transfer of ownership of property, but only possession is given for a certain time.KEEP READING
There cannot be any direct transfer to an unborn person.
An unborn person means a person who is not in existence even in the mother’s womb.
For the transfer to an unborn person, the following three rules must be followedKEEP READING
Posthumous Child In Succession: Section 20 of the Hindu Succession Act recognizes the posthumous child as an heir in intestate succession.
It means the child who was in the womb at the time of death of intestate who is subsequently born alive shall have the same right to inherit to intestate as if he or she had been born before the death of intestate and the inheritance shall be deemed to vest in such a case from the date of death of the intestate.KEEP READING
Section 3 – Interpretation clause.
Section 5 – Transfer of property defined.
Section 6 – What may be transferred.
Section 7 – Persons competent to transfer.
Section 8 – Operation of transfer.
Section 9 – Oral transfer.KEEP READING
A mortgage as per section 58 of Transfer of Property Act is transfer of an interest in immovable property for securing payment of debt.
On the expiration of due date it becomes duty of mortgagor to repay the amount of loan to mortgagee and redeem the property mortgaged.KEEP READING
Charge is where immovable property of one person is made security for the payment of money to another.
It refers to the security for securing the debt, by way of pledge, hypothecation and mortgage.KEEP READING
The right of foreclosure is available to mortgagee under section 67 of Transfer of Property Act to recover his money due on mortgagor.
This right can be exercised only when-
The debt amount has become due for payment.
There should be no other contract contrary to the mortgage deed, else the terms and conditions of contract will suffice.
Where mortgagor has not got a degree of redemption under section 60.KEEP READING
