Transfer of Property
All properties either movable or immovable constantly remain in the state of transfer and no society exists without such activity. A transfer may be by way of sale, exchange, gift, lease, mortgage or actionable claim. Prior to the year 1882 no law existed which really governed activities of transfer of properties in India and in the absence of statutory enactments English Law was adopted which was not satisfactory due to entirely different social conditions prevailing in India from that of England. Since the year 1882 the law relating to the transfer of properties by the act of the parties is codified in the Transfer of Property Act, 1882. The Act contains provisions defining as to what is transfer of the property, what may be the transfer, person competent to transfer, conditions restraining the transfer, transfer for the benefit of unborn person, transfer in perpetuity for the benefit of public, vested interest, contingent interest, conditional transfer, etc. It provides for sales, mortgages, charges and leases of immovable properties, exchanges, gifts, and transfer of actionable claim. Though not exhaustive, this act encompasses important transactions of properties.
