LLBH203 - Law of Transfer of Property - Law Assignment Help

Assignment Task

Where, on a transfer of property, an interest therein is created in favour of a person without specifying the time when it is to take effect, or in terms specifying that it is to take effect forthwith or on the happening of an event which must happen, such interest is vested, unless a contrary intention appears from the terms of the transfer. A vested interest is not defeated by the death of the transferee before he obtains possession.

Explanation: An intention that an interest shall not be vested is not to be inferred merely from a provision whereby the enjoyment thereof is postponed, or whereby a prior interest in the same property is given or reserved to some other person, or whereby income arising from the property is directed to be accumulated until the time of enjoyment arrives, or from a provision that if a particular event shall happen the interest shall pass to another person.

Strength:

• According to this section an interest may be vested even though it does not give a right to immediate possession.
• Subject to the second Para of the section 19, a vested interest is secured thought the transferee is dead.
• The law supports the property to be vested. And in order to secure the vested interest law implemented this section.
• According to the explanation of this section. “Where by income arising from the property is directed to be accumulated until the time of enjoyment arrives” -Secures the right of another person.

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