Meaning and Concept
A transfer inter vivos refers to the transfer of property made during the lifetime of the transferor, as opposed to transfers that take effect after death (testamentary transfers). It is a voluntary disposition of property by way of sale, gift, mortgage, lease, or exchange while the transferor is alive and competent. Under Section 5 of the Transfer of Property Act, 1882, transfers inter vivos include both movable and immovable property and are subject to compliance with statutory formalities. The key feature is that the transfer creates immediate rights and obligations for the transferee, and the transferor cannot revoke it unilaterally unless the transfer is conditional. This type of transfer promotes certainty and smooth property transactions during a person’s lifetime.
Statutory Provision and Legal Framework
Transfers inter vivos are governed by Section 5 of the Transfer of Property Act, 1882, which defines “transfer of property” and distinguishes it from testamentary dispositions. Such transfers require the consent of the transferor, competency to contract, and fulfillment of formalities like registration for immovable property (as per the Registration Act, 1908). Courts have consistently held that transfers inter vivos are irrevocable once completed, except where conditional terms are specified. The legal framework ensures that property rights vest immediately in the transferee and protects third-party interests by providing clarity and enforceability.
Essential Characteristics and Importance
The essential features of a transfer inter vivos include: voluntary transfer during the transferor’s lifetime, creation of immediate rights and obligations, lawful consideration where applicable, and compliance with statutory requirements. Its importance lies in facilitating smooth property transactions, preventing disputes over ownership, and securing third-party interests. Transfers inter vivos are commonly tested in exams to distinguish them from testamentary transfers and conditional transfers. Understanding this concept is crucial for students to grasp the timing, enforceability, and formalities involved in property law.
Real-Time Example
A practical example of transfer inter vivos is when a father gifts his house to his daughter through a registered gift deed during his lifetime. The daughter immediately acquires ownership and all rights attached to the property. Another example is the sale of a shop by an owner to a buyer; the buyer gains possession and ownership rights immediately after the sale is completed. These examples demonstrate how transfers inter vivos operate in real-life scenarios and ensure that property is effectively and legally transferred under Section 5 of the Transfer of Property Act, 1882.
Mnemonic to Remember
A simple mnemonic to remember Transfer Inter Vivos is “LIVE”. L stands for Lifetime of transferor, I for Immediate rights, V for Voluntary transfer, and E for Enforceable legally. Remembering “LIVE” helps students quickly recall the essential features of transfer inter vivos during examinations.
About Lawgnan
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