TRANSFER OF PROPERTY ACT
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What does the Transfer of Property Act, 1882 primarily govern?
It governs the transfer of property between living persons (inter vivos) in India, laying down rules for sale, mortgage, lease, exchange, gift, and actionable claims.
Under which Act are transfers of immovable property inter vivos primarily regulated in India?
Transfer of Property Act, 1882 regulates such transfers.
Which types of property transfers are excluded from the scope of the Transfer of Property Act, 1882?
Transfers by operation of law (such as inheritance, insolvency, or court auction) are excluded; the Act applies only to voluntary transfers between living persons.
What minimum age must a person be to competently transfer property under the Transfer of Property Act?
The transferor must be eighteen years of age (major).
What is the legal definition of 'immovable property' under the Transfer of Property Act?
Immovable property includes land, benefits arising out of land, and things attached to the earth or permanently fastened to anything attached to the earth, but excludes standing timber, growing crops, and grass.
What does Section 5 of the Transfer of Property Act define as 'transfer of property'?
Conveyance of property by living person to another living person.
What is an 'actionable claim' as defined under the Transfer of Property Act, 1882?
An actionable claim is a claim to any unsecured debt or a beneficial interest in movable property not in the claimant's possession, which civil courts recognise as affording grounds for relief; it can be transferred under the Act.
Which Section of the Transfer of Property Act deals with the rule of 'feeding the grant by estoppel'?
Section 43 deals with transfer by unauthorised person later acquires property.
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