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Principles of Transfer of Property

This document discusses the rule against perpetuity in the transfer of property. It defines the rule against perpetuity and explains that a transfer of property is only valid if the vesting of interest in the ultimate beneficiary may be postponed for no longer than the life or lives of living persons plus the minority of the ultimate beneficiary. It provides exceptions to the rule against perpetuity and discusses related principles around assessing the validity of a transfer based on the language of the deed. It also discusses transfers to a class and transfers to take effect on the failure of a prior interest.

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Saurabh Raj
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137 views

Principles of Transfer of Property

This document discusses the rule against perpetuity in the transfer of property. It defines the rule against perpetuity and explains that a transfer of property is only valid if the vesting of interest in the ultimate beneficiary may be postponed for no longer than the life or lives of living persons plus the minority of the ultimate beneficiary. It provides exceptions to the rule against perpetuity and discusses related principles around assessing the validity of a transfer based on the language of the deed. It also discusses transfers to a class and transfers to take effect on the failure of a prior interest.

Uploaded by

Saurabh Raj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Lecture-

16
Transfer of Property
(Principles
Rule againstof Transfer of Property)
Perpetuity (s. 14)
 Transfer in perpetuity — meaning
 Minority
 Object of rule against perpetuity
 Maximum permissible remoteness of vesting
 Essentials of rule against perpetuity u/s 14
• There is a transfer of property.
• The transfer is for the ultimate benefit of an unborn person who is given
absolute interest.
• The vesting of interest in favour of ultimate beneficiary is preceded by life or
limited interests of living person(s).
• The ultimate beneficiary must come into existence before the death of the
last preceding living person.
• Vesting of interest in favour of the ultimate beneficiary may be postponed
only upto the life or lives of living person(s) plus minority of ultimate
beneficiary, but not beyond that.
Slide-1 31/01/2018
Lecture-
16
Transfer of Property
 Validity of transfer to be assessed
(Principles by theof
of Transfer language of the deed, and not
Property)
by actual events
 Subsequent conduct of limited owner irrelevant
 Contingent interest
 Read with s 20 of the TPA
 Ram Newaz v Nankoo AIR 1926 All 283.
 Exceptions to the rule against perpetuity
o Transfer for the benefit of public (religious, charitable endowments, wakfs,
etc)
o Personal agreements
o Right of pre-emption (Ram Baran Prasad v Ram Mohit Hazra AIR 1967 SC
744)
o Charge
o Lease
 S. 114 of the Indian Succession Act 1925
 Hindu law and Muslim law, and English law
Slide-2 31/01/2018
Lecture-
16
Transfer of Property
(Principles of Transfer of Property)
 Transfer to class, some of whom come under
sections 13 and 14 (s 15)
– Legislative history
– The Indian Succession Act 1925 (s 115)

 Transfer to take effect on failure of prior interest


(s 16)
– General principle
– Prior transfer valid
– Alternative transfer valid
– The Indian Succession Act 1925 (s 116)
Slide-3 31/01/2018

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