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
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
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
Section 60-A: A mortgagor is entitled for redemption after paying debt to mortgagee.
For example-
A is a mortgagor. He has taken amount of Rs. 50,000 from B and as a security he has mortgaged his immovable property (house) to B. Now if A has to transfer the concerned property to C, then he may direct B to transfer the property directly to C instead of transferring it to A.Keep Reading
A beautiful PDF for Transfer of Property Act (bare act) made by WritingLaw.
The PDF is colourful, helpful and suitable for mobile reading. You can download it from here and save it for offline use.Keep Reading
TRANSFER OF PROPERTY ACT, 1882 BARE ACT 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 herebyKeep Reading
ESSENTIAL ELEMENTS OF LEASE
1. Parties. The guardian of the minor may grant lease for the period of 5 years, more than this permission of court is required.
2. Possession(only immovable) (only usufruct is transferred)
3. Premium
4. PeriodKeep 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
CAN THERE BE DIRECT TRANSFER TO UNBORN PERSON?
There cannot be any direct transfer to unborn person.
An unborn person means a person who is not in existence even in mother’s womb.
For the transfer to unborn person the following three rules must be followed…Keep Reading
A mortgage is a transfer of an interest in specific immovable property for the purpose of securing the debt.
ELEMENTS OF MORTGAGE
1. There must be a transfer of an interest.
2. There must be specific immovable property intended to be mortgaged…Keep Reading
Posthumous means ‘occurring or appearing after the death’.
The succession can be either Testamentary or Intestate.
TPA and Hindu Succession Act, both talk about this type of succession.Keep Reading
Onerous Gifts is defined under Section 127 of Transfer of Property Act, 1882.
This section is based on the maxim-
“Qui sentit commodum, sentire debet et onus”
It means he who receives advantage must bear the burden also.Keep Reading
Section 41 of transfer of property act defines ostensible owner.
Ostensible owner is a person who has all the indications of ownership and looks like owner of property but is not the real owner.Keep Reading
