SALIENT FEATURES OF THE TRANSFER OF PROPERTY ACT

SALIENT FEATURES OF THE TRANSFER OF PROPERTY ACT, 1882

• The transfer of property act, 1882 provides a uniform and a clear law concerning the transfer of movable property from one living person to another living person by the act of parties.
• The Transfer of Property Act, 1882 is an extension of the Indian Contract Act, 1872 because the contract act was recognized as an in exhaustive code.
• The transfer of property law is not a copy of the English transfer of property laws that was enacted based on socio-economic conditions of the country.
• The transfer of property Act, 1882 cannot be considered as totally exhaustive; it covers the transfer of immovable property from the act of parties.
• Transfer of property is subject to the concurrent list that provides power to both the state legislature and the parliament to pass laws related to the matter of transfer of property.
• The act covers five types of transfer of immovable property they are as follows: a) Mortgage b) gift c) sale d) actionable claims e) lease.
• The transfer of property Act, 1882 is a law that applies lex-loci to all people living in that jurisdiction, not like personal laws that differ from person to person.
• The transfer of property Act, 1882 is governed by various principles like justice, equity, and good conscience.
• Initially, at the time of implementation, the act didn’t apply to the State of Bombay, Punjab, and Delhi as because they had their own acts related to property matters.
Currently, the transfer of property act doesn’t apply in Punjab; it complies with the rule of good conscience, equity, and justice.
• Transfer of property Act, 1882 highlights the provision of inter-Vivos parallel to the existing laws relating to the testamentary and interstate transfer.
• The transfer of property act, 1882 is a general law and therefore it cannot prevail over the special laws passed by the parliament.
• Under the Transfer of Property Act, 1882 it mentions that absolute conditional restraint is void and partial conditional restraint on the transfer of property is valid.