Transfer means the transformation of an object from one person to another. An asset can be defined as any tangible or intangible business owned by an individual or group of people. Property may be transferred from one person to another by transfering rights, or interest, or ownership, or possession of property to the satisfaction of the organization or to all the ingredients.
Transfers of goods can be done in the following two ways:
First: group action;
Transfer of property is defined under Section 5 of the Property Transfer Act, 1882. It refers to the act by which a living person transfers property to one or more persons or by himself or another or more persons living in the present or future. . Living people include a company, organization, or body of people whether they are affiliated or not.
A is a grandson of G and A has three properties he wanted to pass on one inheritance to his grandfather D but he died two years ago the transfer will not be held because the transfer must take place between two living persons.
Sr. No Transfer of Property within the Act
1 Immovable Property Living to Living Orders Transfer of Buildings Act, 1882
2 Movable goods Living to live Sale of goods Act, 1930
3 Immovable and movable property Dead to living Indian Succession Act, 1925
Preamble to the Transfer of Buildings Act, 1882
Prior to the arrival of the British Raj program in India, Hindus, and Muslims, were governed by their own rules of personal transfer. While the British actively participated in the Indian Law system they established informal courts where clear and practical law did not exist compared to the existing law in England. The Various Supreme Court has stated the need to take action in connection with the transfer of property. As the principle of good conscience, equality, and justice was confusing and created a variety of uncertainties, the private council noted that uncertainty and called on the authorities to take immediate action.
Therefore, the first commission was appointed by the British Queen Elizabeth II to remove the uncertainty. In matters relating to the transfer of property. The draft was sent to India after the introduction of certain amendments to the Legislature in 1877. It was then referred to the selection committee but was withdrawn due to public criticism. The Bill was restructured by the Second Law Commission. Some of the provisions were borrowed from English law relating to real property, the Transfer of Property and Property Act, 1881. In particular the law was designed in a way that suited the Indian population and could not be easily understood by a non-professional judge.
Despite various amendments made by the Second Commission, there was an extension of the law. A special committee was therefore appointed to make amendments to the existing law. Various amendments were therefore made to the practice in order to increase its scope and to correct existing errors.
Important concepts highlighted in the Act
Immovable property: In terms of the General Clauses Act, 1897 immovable property includes land, benefits from land, land-related assets. Under the transfer of assets, immovable property can be defined as all immovable property except for timber, growing plants, or grass.
Narayana Sa vs. Balaguruswami (1923)
In this case, larger arms were prepared to spray alcohol. The Court stated that it would be considered a movable property if it was renovated locally, not for commercial purposes.
Mortgage loan: After the 1900 mortgage loan amendment was not included in the application that could be processed. In the book of animals Peruma vs. Peruma Naicker, Wallis C.J. had argued that prior to 1900 mortgage loans could be transferred as potential claims, it was not included in potential claims, the legislature intended that the mortgage of a mortgaged property should be transferred to mortgage interest using a registered tool.
Tool: According to the law of transfer of property, the instrument 1882 refers to a non-testamental instrument. It serves as evidence for the transfer of property between living groups. According to the legal dictionary, the tool means an official legal document.
Proved: Refers to the official document signed by the witness. Transferrs are known as a judge. An amendment law was introduced in 1926 stating that there must be two or more witnesses who must sign a document before the trustee not at the same time but should not be part of the transfer.
Registered: In terms of the Transfer of Property Act, 1882 registered refers to any registered premises where the law applies. One has to go through different registration procedures.
.A description of the place should be mentioned.
Actions should be presented by a competent person.
The property must be registered in the same place as the registered office.
Delayed claims: Application for any debt, other than debt secured by immovable property or speculation or collateral for movable property or any interest in a tangible property or any interest in non-existent property, real, or constructive property of a plaintiff that the public courts consider as a basis for exemption, or that debt or interest interest exists, is charged, conditional or dependent.
Illustration: A has given his house to B to rent but B has not yet paid his rent as this could be a claim that could not be prosecuted.
Note: The notice refers to factual information. Man has a knowledge of facts about a variety of situations. In terms of the Transfer of Property Act, 1882 set out two types of notices
The Act was introduced with the intention of establishing a comprehensive Act that provides information on the transmission of the simplest language at the time of presentation was incomplete and had various uncertainties. It has gone through various amendments and the law has repeatedly confirmed its operation. In India, many other acts such as the transfer of property, 1882 still need to be done.
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