Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
By
Prof. Dr. K.S.N. SARMA
B. Sc, M.A, LL.D
January, 2015.
Extension of Right to
Immovable Property
Below - to the centre of the earth
Above - up to the sky
[Subject, however, to
- certain rules, regulations and restrictions
- imposed by the state
in view of public utility and public interest
as well as to facilitate International air-traffic ]
Ideologies in support of
property and ownership
Capitalism is
- in support of private
ownership.
Communism is
- in support of state ownership.
7
Ideologies opposed to
property as an institution
Some forms of Anarchism are
- opposed to property as an
institution.
Consider - Property is Theft
Classification of Property
Property is classified into
different categories.
They are:
- General and Special Property
- Moveable and Immovable
Property
- Tangible and Intangible
Property
- Corporeal and Incorporeal
Property
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Immovable Property
Defined.
Immovable Property
does not include
- Standing Timber
- Growing Crops
- Grass
[Sec 3
T.P. Act]
18
Transfer of Property
Section - 5 Contd.
cannot be transferred.
[Sec-6]
Section 6 (h)
No transfer can be made
(1) insofar as it is opposed to the nature of
the interest affected thereby, or
(2) for an unlawful object or consideration
within the meaning of Section 23 of the
Indian Contract Act, 1872, or
(3) to a person legally disqualified to be
transferee.
[Sec-7]
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
by any law for the time being in
force.
Oral transfer
[Sec 9]
26
Operation of transfer
[Sec 8]
interest
- accrued before the transfer;
30
Transfer of Immovable
Property
Sec - 54
2. Mortgage
Sec - 58
3. Charge
Sec - 100
4. Lease/Rent
Sec - 105
5. Exchange
Sec - 118
6. Gift
Sec 122
7. Licence
[Sec-52 of
Easements Act]
31
SALE
[Sec 54]
Mortgage Sec 58
Transfer of interest in specific
immovable property
1 - for the purpose of
- securing the
payment of money
- advanced or
- to be advanced - by way of
loan
or - an existing or
- future - debt
34
35
- the right
[Sec -
60 & 67.]
RIGHT OF REDEMPTION
9. In English Jurisprudence,
- the right of redemption
is
a right of equity
Whereas in India it is
- a legal and statutory
right,
though it was originally
RIGHT OF FORECLOSURE
1. As the Mortgagor has the right to redeem
the mortgaged property, the Mortgagee
has got a right of foreclosure.
2. Foreclosure means to bring an end to the
transaction of mortgage.
3. The right of foreclosure is given to the
mortgagee
as a remedy, in case he is kept unpaid by the
mortgagor.
4. If the mortgagee is
- left unpaid and
- the time promised for payment is over,
- the mortgagee may go to the court and
request
for foreclosure.
the
Simple mortgage
Mortgage by conditional sale
Usufructuary mortgage
Equitable mortgage
English mortgage
Anomalous mortgage.
48
1. SIMPLE MORTGAGE.
SIMPLE MORTGAGE
50
2. MORTGAGE BY CONDITIONAL
SALE.
3. USUFRUCTUARY MORTGAGE.
55
4. EQUITABLE MORTGAGE.
5. ENGLISH MORTGAGE
ENGLISH MORTGAGE
7. In this way, in English Mortgage there is a
mutual promises between the parties that
6. ANOMALOUS MORTGAGE.
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Distinguish
Sale
1.Transfer of
ownership in
property is
made.
2. It is a permanent
determining act on
the part of the
seller and he
remains without
any right in the
property sold.
Mortgage
1.Transfer of an
interest in
specific
immovable
property is
made.
2. Mortgagor remains
the owner of the
mortgaged
property and he
has a right to
recover the
mortgage property60
Sale
3. The sale is made
for a price paid or
promised; or part
paid and part
promised.
Mortgage
3. Mortgage is made
for advancing
money as loan on
the security of the
property.
4. Mortgage does
imply the existence
of a debt on
security of the
immovable
property.
61
LEASE
[Sec-105]
Essentials of Lease.
1. Two parties to Lease are Lessor and
Lessee
2. There should be a transfer of right of
enjoyment of immovable property.
3. The transfer may be express or implied
4. The transfer must be for a certain time,
or in perpetuity.
5. The transfer must be for consideration.
6. The parties should be competent to
grant and take on lease of such specific
immovable property.
63
License.
The term License is defined under Section-52
of Easements Act as detailed below:
Where one person grants to another
or to a definite number of other persons
a right to do (or) continue to do
in or upon the immovable property of the Grantor
something which would in the absence of such
right be unlawful and
such right does not amount to
an easement interest
or an interest in the property right
is called a License. Parties:
Grantor & Licensee.
65
Exchange [Sec-118]
When two persons - mutually transfer the ownership of
Exchange [Sec-118]
Exchange [Sec-118]
Examples of Exchange:
Movables:
other books
Immovable: - a house for another house;
- a 400
yards of house site in a city - for
one acre of agriculture
land in nearby
village etc
Movable for Immovable: a five year old
tractor with all auxiliary units and
69
Exchange [Sec-118]
70
Gift
[Sec 122]
Essentials of a Gift
1.
2.
3.
4.
5.
6.
7.
8.
The Donor
The Donee
Voluntary act expressed in writing - gift deed.
Absence of consideration [out of natural love and affection]
Subject-matter of Gift - Certain existing property]
Transfer - of ownership,
Acceptance of Gift by Donee
Consequence of death before acceptance by
donee:
- if donee dies: Gift is void
- if donor dies: Gift is void. The
reason in both the cases being there is no transfer
inter vivos.
inter vivos means between two living persons i.e. transfer must be
between two living persons.
73
Charge
[Sec 100]
By
act of Parties:
No particular form is necessary for creating a charge.
But, adequate intention should be expressed to make
property belonging to a person charged for payment
of a debt mentioned in the deed.
By operation of Law:
This type of
charge is not made by (i) Signature,
(II) Attestation and (iii) registration - of instrument.
The act itself creates
charge in favour of
Unpaid seller [Sec 55(4) (b)
For purchase money paid in advance [S 55(6)(b)]
Mortgagor on surplus sale proceeds [Sec 73]
A person to contribution [ Sec 82]
75
Essentials of a Charge
1. There must be immovable
property;
2. The immovable property may be
made
security - (i) by act of parties or
- (ii) by operation of Law;
3. The security should be for
payment of
money; and
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Actionable Claim
[Sec 3]
conditional
or
contingent.
77
Attestation
Attestation in relation to an instrument
means and
must be deemed to have meant
attested by two or more witnesses;
Each of whom has seen the executant
sign or affix his mark to an instrument; or
Each of whom has seen some other
person sign the instrument in the
presence or by the directions of the
executant; or
Each of whom has received from the
executant a personal acknowledgement of
78
his
Attestation - 2
And, each of whom has signed the
instrument
- in the presence of the
executant.
Note: 1). It shall not be necessary that
more than
one of such witnesses shall have been
present at
the same time;
2). No particular
form of attestation is necessary;
3). Mere attestation of a document
does not show
79
that the attesting witness had notice of
Distinguish
Sale and Agreement to sell
Sale
Transfer of
property
the property
passes from the
seller to the buyer
immediately so
that the seller is no
more the owner of
the goods sold.
Agreement to
sell
Transfer of
property
transfer of property
is to take place at a
future time or
subject to certain
conditions to be
fulfilled.
81
Sale
Nature of
Contract:
Sale is an executed
contract.
Agreement to
sell
Nature of
Contract:
agreement to sell
is executory
contract
82
Sale
Type of property
existing and
specific property
only.
Agreement to
sell
Type of property
future and
contingent
property
in some cases it
may refer to
unascertained
existing property.
83
Sale
Risk of loss
if the property is
destroyed, the loss
falls on the buyer
even though the
goods are in
possession of the
seller.
Agreement to
sell
Risk of loss
if the property is
destroyed, the loss
falls on the seller,
even though the
property are in the
possession of the
buyer.
84
Sale
Consequences of
breach
if the buyer fails to
pay the consideration
or
if there is a breach of
contract by the buyer,
the seller can sue for
the consideration even
though the property
are still in possession.
Agreement to sell
Consequences of
breach
if there is a breach of
contract by the buyer,
the seller can only sue
for the damages and
not for the price
- even though the
goods
are in the possession
of
the buyer.
85
Sale
Right to re-sell
the seller cannot resell the property
except in certain
cases, as for example,
in
- a sale by a seller
possession after
sale
under Sec - 30, or
- a sale by an unpaid
seller under Sec 54.
If he does so the
Agreement to
sell
Right to re-sell
in case of re-sale, the
buyer
- who takes the
goods for
consideration and
without notice of the
prior agreement,
- gets a good title.
In such a case,
- the original buyer
can
- sue the
seller for
damages.
86
Sale
General property
sale is a contract plus
conveyance, and
creates jus in rem,
i.e.,
- gives
right to the buyer
to enjoy the property
as
against the world at
large including the
seller.
Agreement to
sell
Particular
property
agreement to sell is
merely a contract,
pure and simple, and
creates jus in
personam i.e.,
gives a right to the
buyer against the
seller
to sue for damages.
87
Sale
Insolvency of buyer
if the buyer becomes
insolvent before he pays
for the property,
the seller, in the having
possession over the
property must
surrender it to the
official receiver or
assignee.
Seller can only claim a
ratable dividend for the
unpaid balance
consideration of the
property.
Agreement to
sell
Insolvency of
buyer
if the buyer becomes
insolvent and has not
yet paid the price,
the seller is not bound
to part with the
property, until he is
paid for.
88
Sale
Insolvency of
seller
if the seller becomes
insolvent,
the buyer, being the
owner, is entitled to
recover the property
from the official
receiver, or assignee.
Agreement to
sell
Insolvency of
seller
if the buyer, who has
paid the price, finds
that the seller has
become insolvent,
he can only claim
ratable dividend and
not the property
because property in
them has not yet
passed to him.
89