(LLB STUDY - Law by Vansh Batra)

WHAT IS EQUITY ? Equity is not a word that can be said to have a precise meaning. The original idea of it synonymous with fairness and justice. Equity is the feeling of fairness and justice. Illustration - if A (a man) by fraud takes the signature of an old man on a document by saying to the old man that the documents relates to some insurance policy. But in real that document were property documents which relates to old man. Here if only law is concerned then we can say that property is transferred to person A. But if rules and principles of equity is applied then justice will be delivered to the old men. According to Aristotle "Equity is the correction of the law where it is defective on account of its generality." Equity is based on conscience and shows the principles of natural justice. HISTORICAL BACKGROUND By the middle of the 13th Century the common law administered in England, was in part Customary Law and in part Statutory Law.On account of the narrowness, extreme ri...

Introduction Section 6 "What may be transferred" explain about that properties which cannot be transferred. 6- What may 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,- Clause a to i Clause (a) : Spes successionis (i) The chance of an heir-apparent succeeding to an estate Illustration :- A expecting that he will succeed to his grandfather property after his grandfather's death. Here if A transfer that property thinking that he will succeed to the estate in future. So this Transfer will be invalid. This chance of succession i.e succeeding to the property is known as specs successionis and is not transferable. Illustration :- A, a Hindu owning separate property dies leaving a widow B and a brother C. Here property will goes to B. C has only a bare chance of succession (specs successionis) and this chance of succeeding to property cannot be transferred. (ii) the chance...

MEANING OF PERPETUITY Perpetuity means continuous or unending transaction. It is tying up property for an indefinite period. Transfers involving generation after generation (pidhi dar pidhi) are known as creating perpetuities. Section 14 is a Rule against these unending transaction. This rule can be divided into two points : ANALYSIS OF THE RULE (1) The Transfer of Property cannot operate to create an interest which is to take effect after the lifetime of one or more living person at the date of transfer. llustration : A transfer a property to B for life, then to B's son's for life, then to B's son's son for life, then to B's son's son's son for life. Here neither B nor his Sons and Grandsons are living. So this transfer will be void as it is creating unending transaction and making the property inalienable. If by any mechanism, the property is made inalienable it would be detrimental to the property. (2) The vesting of absolute interest in favour of ...

SECTION 13: BARE ACT [s 13] Transfer for benefit of unborn person.-Where, on a transfer of property, an interest therein is created for the benefit of a person not in existence at the date of the transfer, subject to a prior interest created by the same transfer, the interest created for the benefit of such person shall not take effect, unless it extends to the whole of the remaining interest of the transferor in the property. Illustration : A transfers property of which he is the owner to B in trust for A and his intended wife successively for their lives, and, after the death of the survivor, for the eldest son of the intended marriage for life, and after his death for A's second son. The interest so created for the benefit of the eldest son does not take effect, because it does not extend to the whole of A's remaining interest in the property. SECTION 13: GENERAL EXPLANATION The term 'unborn' here, refers to not only those, who might have been conceived ...

SECTION 15 - BARE ACT [s 15] Transfer to class some of whom come under sections 13 and 14.-If,on a transfer of property, an interest therein is created for the benefit of a class of persons with regard to some of whom such interest fails by reason of any of the rules contained in sections 13 and 14, such interest fails in regard to those persons only and not in regard to the whole class. SECTION 15 TPA - GENERAL EXPLANATION This section lays down that if in a transfer of property, an interest is created for the benefit of some class of persons, but due to applicability of either section 13 (transfer to an unborn person) or section 14 (rule against perpetuity) this interest becomes unavailable to some persons of that class, then, in such a case, the transfer will be invalid only for those persons and not for others. The transfer will remain valid for other persons of the class. Illustration - A makes a transfer of his property to B (His son) for life and then to B's Unb...