What is property.

• Property is a right and interest a person has in respect of lands,

chattels or any thing seen or not seen to the exclusion of others.
• The property is a generic term for all that a person has domain over.
It has an extensive application. While strictly speaking it would mean
only the right a person has in relation to some thing or a domain over
it. It cannot be held to be confined to a material object.
• Property signifies every species of property and it comprehends all a
man’s worldly possession.
• Some times the property may be owned by one person but yet
another may have a lease hold interest, an interest as a mortgagee,
an interest to collect rent, an interest to enjoy and so on so forth.
• In the modern days in contrast to the earlier period the property has
a very wide meaning. It covers various types of things or rights.
• The property should be given a liberal meaning. In fact it extends in respect of
various things which are found in a person’s day to day life
• Property can not remain in vacuum. Some one must be there to hold it.
 What a property is
• .Property –definition-- There is no specific definition of the word
“property” in transfer of property Act. However one has to look
to its meaning in an all comprehensive expansive manner.

• Property is either: real or immovable; or personal or movable". It

then proceeds to give the meaning of the expression "absolute
property", "common property", "intangible property", "movable
property", "personal property" "private property" and "public
property” among others. The above definition shows the wide
meaning attached to the expression. It is said to extend to every
species of valuable right and interest. It denotes every thing which is
the subject of ownership, corporeal or incorporeal, tangible or
intangible, visible or invisible, real or personal. It includes
"everything that has an extendable value". It extends to every species
of valuable right and interest.

• AIR 1996 SC 2082 Vikas Sales Corporation vs. commissioner of commercial

taxes
THE SECURITISATION AND RECONSTRUCTION
OF FINANCIAL
ASSESTS AND ENFORCEMENT OF SECURITY
INTEREST ACT, 2002
"property" means--
(i) immovable property;
(ii) movable property;
(iii) any debt or any right to receive payment of money,
whether secured or unsecured;
(iv) receivables, whether existing or future;
(v) intangible assets, being know-how, patent, copyright, trade
mark, license, franchise or any other business or
commercial right of similar nature
 • Illustrative but not exhaustive list of what a property is.
 Building,
 Car
 Money,
 Lease hold rights
 Right over an art piece, song, drama, story, prepared by oneself,
 Trade mark and trade names,
 Debt
 Goods or objects or things of tangible nature
 Goods or objects or things of intangible nature
 Books,
 Pen, pencil, television,
 Animals
 Gun, bombs, ammunition,
 Insignia,
 passport,
 To collect usufructs from tree till debt is wiped off,
 Claim for breach of contract
 Assets of every description whether corporeal or not, tangible or not , deeds,
instruments evidencing title,
 Actionable claims
 Types of Property

property

immovable Movable
 Property
.

property

Corporeal Incorporeal
that is which affects senses That which cannot be seen or handled
 movable property
.
movable property

Intangible.

tangible
 Property
.

property

intellectual Non intellectual

 Intellectual property
• Trade mark
• Copy right
• Patent
• Geographical indications
• Industrial designs.
• Lay outs
• Integrated circuits.
 Non Intellectual property
• Real property like land, tenements, hereditaments
and all rights connected there to, either of
equitable or of legal consequences.
• Debts and action claims.
• Insurance policies.
• Money.
• Movable properties such as growing crops, money,
all corporeal property, standing timber, corporeal
properties, and property of any description other
than immovable property.
• Whether the definition of immovable
property is exhaustive?

• Immovable property
a
non comprehensive definition.
Do you agree?
 Immovable property
• Transfer of property Act defines immovable
property to the effect that;
• Immovable property does not include
1.standing timber,
2.growing crops or
3.grass.
What is a standing timber.
What is meant by growing crops.
What is meant by grass.
Whether the similar definition is adopted in other
laws.
 Immovable property
T. P. Act 1882 sec Registration General clauses
3 Act.1908. Act.1897. Section 3(25)
Unless there is Immovable Immovable
any repugnancy property includes property shall
otherwise land, building, include land,
Immovable hereditary benefit to arise
property does not allowance, right out of land and
include of way, things attached
1.standing timber, to earth or
2.growing crops
permanently
or
fastened to any
3.grass. thing attached to
earth.
 benefit to arise out of EARTH
• All benefits which arise out of earth would constitute
immovable property.
• The said benefits cannot be severed out of the earth/land.
For the purpose of sustenance of the benefit they support
of the land.
• The benefits may in the form of;
• collection of leaves from trees or climbers,
• Collecting fish from a pond,
• Right to enter the lands and cut the trees,
• Right to collect minerals from the earth/land
• NOTE: however the right to have benefit from any standing
timber, growing crops, and grass would not amount to
immovable property.
• These benefits which arise out of land are generally
referred to as Profits a prendre.
 attached to earth. and permanently fastened to the things
attached to the earth
• Rooted in earth as in the case of trees
• Embedded in the earth as in the case of buildings or walls
• Attached so to what is so embedded for a permanent
beneficial enjoyment of that to which is attached.
Examples : doors, windows, shutters,
The test to be applied is to find out whether it is a permanent
one and that it is for the beneficial enjoyment of the one to
which it is attached. If it is of a temporary nature though for
the beneficial enjoyment, then it would not come under
this clause. Similarly even if it is of a permanent nature but
not for the beneficial enjoyment of the one to which it is
attached then it would not come under the category of
attached to earth
 Movable property
• Not specifically defined in transfer of property
Act.
• Includes standing timber, growing crop and
grass, fruit upon and juices in tree and
property of every other description except
immovable property. Sec.2(9) registration act.1908
• Movable property includes growing crops. Sec.2(9) civil
.procedure code. 1908
Sale and Agreement of Sell
Rights and Duties of Seller and Buyer
  RIGHT   DUTIES
1. To reserve the right of disposal of the goods until 1 To make the arrangement for transfer of property in the
certain conditions are fulfilled. ( sec 25 (1) goods to the buyer.

2. To assume that the buyer has accepted 2. To ascertain and appropriate the goods to the contract
the goods , where the buyer of sale

(i)   Conveys his acceptance;

(ii)  Does an act adopting the sale; or
(iii) Retains the goods without giving a notice of
rejection, beyond the specified date (or reasonable
time), in a sale on approval. (sec 24)

3. To deliver the goods only when applied for by the buyer 3. To pass an absolute and effective title to the goods, to
( sec 35) the buyer.

4. To make delivery of the goods in installments, when so 4. To deliver the goods in accordance with the terms of the
agreed ( sec 39 (1) contract ( sec 31)
Rights and Duties of Seller and Buyer
5. To exercise lien and retain possession of the goods, until 5. To ensure that the goods supplied conform to the implied /
payment of the price ( sec 47 (1) express conditions and warranties.

6. To stop the goods in transit and resume possession of 6. To put the goods in a deliverable state and to deliver the
the goods, until payment of the price ( sec 49 (2) and 50 goods as and when applied for by the buyer ( sec 35)

7 To resell the goods under certain circumstances ( sec 54) 7 To deliver the goods within the time specified in the
contract or within a reasonable time and a reasonable
hour. [ sec 36 (2) and (4)]

8 To withhold delivery of the goods when the property in the 8 To bear all expenses of and incidental to making a
goods has not passed to the buyer (sec 46 (2) delivery ( i.e. upto the stage of putting the goods into a
deliverable sate 0 (sec 36 (5)

9 To sue the buyer for price when the property in the goods 9 To deliver the goods in the agreed quantity. (Sec. 37 (1).
has passed to the buyer or when the price is payment on
a certain day, in terms of the contract, and the buyer fails
to make the payment  (sec 55)

    10 To deliver the goods in installments only when so desired

by the buyer. (Sec 38 (1))

    11 To arrange for insurance of the goods while they are in

transmission or custody of the carrier. (Sec. 39 (2).

    12 To inform the buyer in time, when the goods are sent by a

sea route, so that he may get the goods insured  [Sec. 39
(3) ]
Rights of unpaid seller