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Short ans - Lecture notes 1

Pharmaceutics Lab III (University of Mumbai)

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Charge : charge means an interest or right which a lender or creditor obtains in the property of the
company by way of security that the company will pay back the debt.

Mortgage : A mortgage is the transfer of an interest in specific immoveable property for the purpose
of securing the payment of money advanced or to be advanced by way of loan, an existing or future
debt, or the performance of an engagement which may give rise to a pecuniary liability.

Attached to the earth means (a) rooted in the earth, as in the case of trees and shrubs; (b) embedded
in the earth, as in the case of walls or buildings; or (c) attached to what is so embedded for the
permanent beneficial enjoyment of that to which it is attached (S.

Attest is a legal term that refers to the act of a person swearing to or affirming the truth of
something. Attestation may be made by bearing witness to the execution of a document by signing
one's signature to the document.

Profit a prendre : French term meaning “right of taking.” A profit a prendre is a right to take something
off the land of another person. ... A profit a prendre is clearly distinguishable from an easement

The universal Donee is one to whom the donors whole property is given and who consequently
become liable for all the debts due by and liabilities of the donor at the time of the gift to the extent
of property comprised in the gift.

An easement may be imposed by any one in the circumstances, and to the extent, in and to which
he may transfer his interest in the heritage on which the liability is so imposed.

Persons competent to transfer.—Every person competent to contract and entitled to

transferable property, or authorised to dispose of transferable property not his own, is competent to
transfer such property either wholly or in part, and either absolutely or conditionally,

The Transfer of Property Act, 1882 makes provision for Oral transfer in cases, where writing is not
expressly required by law for the purpose of transfer of property. The Act lays down that a transfer of
property may be made without writing in every case in which a writing is not expressly required by law.

The principle of subrogation refers to the substitution of one person for another. The substituting
person acquires the others rights and obligations

Lease and Mortgage – Difference between. ... The principal objective of a mortgage is to provide
security for repayment of amount, whereas the one under lease is that the owner of an item of
immovable property permits another to use it on payment of rent.

Vested interest is not defeated by the death of transferee before he obtains possession. Contingent
interest is defeated by the death of transferee before he obtains possession

Transfer of intangible thing be made only by a registered instrument

Section 118 of the Transfer of Property Act defines “exchange” as follows: “When two persons,
mutually transfer the ownership of one thing in exchange for the ownership of another, neither thing
or, both things being money only, such a transaction is called an “exchange.

Constructive notice is also known as “legal fiction” because the courts assume the interested parties
have knowledge that they may not actually have. ... Actual notice, on the other hand, refers to a
person being directly given notice that an existing case may affect his interests

In an easement there is a nonpossessory interest in land generally giving a person only a right of way
on the property of another. However, in profit a prendre, there is a right to take something off the land
of another person.

An easement may be acquired by the owner of the immovable property for the beneficial enjoyment of
which the right is created, or on his behalf, by any person in possession of the same

An heir apparent or heiress apparent is a person who is first in a line of succession and cannot be
displaced from inheriting by the birth of another person

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An election is a formal group decision-making process by which a population chooses an individual to

hold public office. ... To elect means "to select or make a decision"

Easement by prescription refers to an easement created by the open, notorious, uninterrupted,

hostile, and adverse use of another's land for a period set by statute.

Doctrine of lis pendens only applies when the property transferred during the pendency of suit or
proceeding.

Conditional Transfer. It means that any transfer that happens on the fulfilment of a condition that is
imposed on the other party for the transfer of property

Conditional Transfer. It means that any transfer that happens on the fulfilment of a condition that is
imposed on the other party for the transfer of property. For example, A agrees to transfer his property
to B if he gets selected for a job

The land for the beneficial enjoyment of which the right exists is called the dominant heritage, and the
owner or occupier thereof the dominant owner; the land on which the liability is imposed is called the
servient heritage, and the owner or occupier thereof the servient owner.

Ostensible owner is the person who is though not the real owner but has all incidents and/or
characteristics as the real owner.

Section 67 protects interest of a mortgagee who has advanced a loan in pursuance of some interest
in a security and mortgagor has defaulted in payment. The right of foreclosure of mortgagee is co-
extensive to right of redemption of mortgago

A gift can be revoked if the donee fails to adhere to the conditions laid down by the donor at the time
of drawing up of the gift deed. ... In order to constitute a valid gift, the gift must be accepted by the
donee. Once a property has been gifted to the donee, the donor cannot subsequently revoke or
cancel the gift.

Transmission is succession which involves passing of a right and obligation over a property to the
heirs or others consequent upon the death of the owner of the flat.

The phrase "by operation of law" is a legal term that indicates that a right or liability has been created
for a party, irrespective of the intent of that party, because it is dictated by existing legal principles.
For example, if a person dies without a will, his or her heirs are determined by operation of law.

lis pendens a pending legal action, or a formal notice of one.

Marshalling securities is the process of organizing, ranking, and distributing funds or

resources in a manner put forward by law as being the most effective way to discharge debts
that are owed to various creditors.

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