What is meant by transfer of property?

 Vande Matram! Welcome to the series of Transfer of Property Law. Since the civilisation of humans, the concept of property is present and the laws related to it are evolving day by day. Let’s discuss the transfer of property.

What is meant by transfer of property?

Section 5 of the Transfer of Property Act, 1882 defines the Transfer of the Property. The said Sections reads as follows:

5. “Transfer of property” defined.—In the following sections “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself, or to himself and one or more other living persons;

and “to transfer property” is to perform such act.

In this section “living person” includes a company or association or body of individuals, whether incorporated or not, but nothing herein contained shall affect any law for the time being in force relating to transfer of property to or by companies, associations or bodies of individuals.

As per the Section 5, transfer of property means an act by which a living person conveys property, in present or future, to one or more living persons, or to himself or to himself and one or more other living persons. ‘Living person’ includes a company or association or body of individuals, whether incorporated or not.

The property may be movable or immovable, present or future. Such transfer can be made orally, unless transfer in writing is specifically required under any law.

Any person competent to contract and entitled to transferable property, or authorized to dispose of transferable property on his own, is competent to transfer such property. The property can be transferred wholly or in part. It can be transferred either absolutely or conditionally. Such transfer can be only to the extent and in manner allowed and prescribed by law.

The Transfer of Property Act, 1882, which came into force on July 1, 1882, deals with the aspects of transfer of properties between living beings. The term transfer includes transfer through sale, mortgage, lease, actionable claim, gift or exchange. The Act does not cover transfers by the operation of law, in the form of inheritance, forfeiture, insolvency, or sale through the execution of a decree. The Act is also not applicable on the disposal of properties through wills and does not deal with cases of succession of property.

Conclusion:

Thus Section 5 of the Transfer of Property act, 1882 provides for the transfer of properties between living persons. The person may include a legal personality. The term transfer includes transfer through sale, mortgage, lease, actionable claim, gift or exchange.

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List of references:

1) Section 5 in The Transfer of Property Act, 1882

2) Transfer of property definition

3) Transfer of Property Act, 1882: Key facts

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