Section 13 & 20 Transfer Of Property ACt, 1882
pratik
(Querist) 07 May 2010
This query is : Resolved
Section 13 & 20 Transfer Of Property ACt, 1882.
Pls explain me the below mentioned para in detail with the easy examples pls experts explain me and if any notes available then pls post it .
Section 13 of the transfer of property act, 1882.
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.
Section 20 of the transfer of property act, 1882.
When unborn person acquires vested interest on transfer for his benefit.- Where, on a transfer of property, an interest therein is created for the benefit of a person not then living, he acquires upon his birth, unless a contrary intention appears from the terms of the transfer, a vested interest, although he may not be entitled to the enjoyment thereof immediately on his birth.
Meaning of vested interest as per section 20 of the transfer of property act, 1882.
Any case laws than pls put forward.
Thanking u all experts in advance.
Pls explain me.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 07 May 2010
These provisions of transfer of property act are useful for creation of private trusts in favour of the unbornperson and availing the twin befefits of transfer of property by avoiding succession laws and also creation of independent incometax assessment account.
