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Thread: Q. Write note on exchange. (2002)

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    Word Icon 35px Jpg.ashx Q. Write note on exchange. (2002)

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    1. Introduction:
    Exchange is a mutual transfer of the ownership of property by two persons. there can be no exchange where there is no transfer. the price is not present in this mode of transfer of immoveable property.
    2. Relevant provisions:
    Sec. 118, 119, 120 transfer of property act.
    3. Definition of exchange:
    According to Sec. 118.
    "When two persons mutually transfer the ownership of one thing for the ownership of another, neither things or both things being money only, the transaction is called exchange."
    4. Illustration:
    A transferred to B land worth Rs. one lack and B transferred to A a house worth Rs. ninty thousand to B. this transaction is exchange.
    5. Exchange how effected:
    A transfer of property in completion of an exchange can be made only in manner provided for the transfer of such property by sale.
    Case law
    Kepar Nath v/s Emperor

    It was held that transfer of money for another from is an exchange.
    6. Right of party deprived of thing received in exchange:
    If any party to exchange or any person claiming through or under such party is by reason of any defect in the title of other party deprived of thing or any part of the thing received by him in exchange, then unless a contrary intention appears from the terms of the exchange, such other party is liable to him or any person claiming through or under him for loss caused thereby, or at the option of the person do deprived, for the return of the thing transferred, if still in the possession of such other party or his legal representative or a transferee from him without consideration.
    7. Rights and liabilities of parties:
    Each party to an exchange has the rights and is subject to the liabilities of a sellor as to that which he gives, and has the rights and is subject to the liabilities of a buyer as to that which he takes.
    8. Conclusion:
    To conclude I can say that, in exchange property is given in return for property is one of the mode of transfer of property under the transfer of property act.

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