What is doctrine of priority?
Doctrine of Priority | Overview As the title itself suggests, the doctrine tells about who would be given the priority over others or who would be preferred first. This doctrine is embodied in Section 48 of the Transfer of Property Act, 1882.
What property can be transferred under Transfer of Property Act?
The general rule of the Transfer of Property Act is that any property can be transferred whether movable or immovable. Section 6 states that property of any kind can be transferred, except as otherwise provided by this act or by any other act for the time being in force.
What is Section 54 of Transfer of Property Act?
54. “Sale” defined. —”Sale” is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised. Delivery of tangible immoveable property takes place when the seller places the buyer, or such person as he directs, in possession of the property.
How many sections are in TPA?
There are 137 sections in the Transfer of Property Act.
What is marshalling and contribution?
Marshalling is the right of subsequent mortgagees whereas contribution is with respect to mortgagors. Marshalling is if a creditor has multiple funds to realize his debt, he must first pursue the multiple funds instead of prejudicing the creditor who is secured only by one fund.
What property Cannot transfer?
Right of re-entry cannot be transferred. An easement cannot be transferred. Easement is the enjoyment that the owner of the property holds with his property. Easement cannot be transferred.
What may be transferred and what may not be transferred?
Property of any kind may be transferred, except as otherwise provided by this Act or by any other law for the time being in force. (b) A mere right of re-entry for breach of a condition subsequent cannot be transferred to any one except the owner of the property affected thereby.
What is Section 49 of Registration Act?
49. Effect of non-registration of documents required to be registered.—No document required by section 17 1[or by any provision of the Transfer of Property Act, 1882 (4 of 1882)], to be registered shall— (a) affect any immovable property comprised therein, or. (b) confer any power to adopt, or.
What is a section 121 notice?
Section 121 of the Law of Property Act 1925 grants a rent charge owner remedies for unpaid rentcharges, even if they have not been demanded, if the arrears are unpaid for 40 days or more.
What is Section 3 of Transfer of Property Act?
Section 3 of the Transfer of Property Act, 1882 defines actionable claim as, “it means a claim Actionable Claim to any debt, another then a debt secured by mortgage of immovable property or by hypothecation or pledge of movable property or to any beneficial interest in movable property, not in the possession, either …
What is rule of marshalling?
The doctrine of Marshalling is thus based on the principle that a creditor who has the means of satisfying his debt out of several funds shall not, by the exercise of his right, prejudice another creditor whose security comprises only one of those funds.