www.Aaptaxlaw.com
 
 
 

Section 21 - Contingent interest : Transfer of Property Act, 1882

 

 

What is Contingent interest? Section 21 of Transfer of Property Act, 1882

Section 21 of Transfer of Property Act 1882 : "Contingent interest"

21. Where, on a transfer of property, an interest therein is created in favour of a person to take effect only on the happening of a specified uncertain event, or if a specified uncertain event shall not happen, such person thereby acquires a contingent interest in the property. Such interest becomes a vested interest, in the former case, on the happening of the event, in the latter, when the happening of the event becomes impossible.

Exception.—Where, under a transfer of property, a person becomes entitled to an interest therein upon attaining a particular age, and the transferor also gives to him absolutely the income to arise from such interest before he reaches that age, or directs the income or so much thereof as may be necessary to be applied for his benefit, such interest is not contingent.

 
 

TRANSFER OF PROPERTY ACT 1882

Section 21 - Contingent interest

Section 22 - Transfer to members of a class who attain a particular age

Section 23 - Transfer contingent on happening of specified uncertain event

Section 24 - Transfer to such of certain persons as survive at some period not specified

Section 25 - Conditional transfer

 

 

Section 26 - Fulfillment of condition precedent

Section 27 - Conditional transfer to one person coupled with transfer to another on failure of prior disposition

Section 28 - Ulterior transfer conditional on happening or not happening of specified event

Section 29 - Fulfillment of condition subsequent

Section 30 - Prior disposition not affected by invalidity of ulterior disposition

 

 

Section 31 - Condition that transfer shall cease to have effect in case specified uncertain event happens or does not happen

Section 32 - Such condition must not be invalid

Section 33 - Transfer conditional on performance of act, no time being specified for performance

Section 34 - Transfer conditional on performance of act, time being specified

Section 35 - Election when necessary

 

 

Section 36 - Apportionment of periodical payments on determination of interest of person entitled

Section 37 - Apportionment of benefit of obligation on severance

Section 38 - Transfer by person authorised only under certain circumstances to transfer

Section 39 - Transfer where third person is entitled to maintenance

Section 40 - Burden of obligation imposing restriction on use of land

Home     About Us     Privacy Policy     Disclaimer    Contact Us  Sitemap