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Assume the ordinary provisions of the Transfer of Property Act, 1882 apply and no special exception…

A usufructuary mortgage is a non-simple mortgage. When it secures less than ₹100, section 59 permits it to be effected by delivery of the property instead of a registered…

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Assume the ordinary provisions of the Transfer of Property Act, 1882 apply and no special exception applies. Which transaction may be completed in the stated manner?

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Answer and explanation

Correct answer A

A usufructuary mortgage is a non-simple mortgage. When it secures less than ₹100, section 59 permits it to be effected by delivery of the property instead of a registered instrument.

The low-value rule does not extend to the gift of land, year-to-year lease or transfer of an unsecured actionable debt.

Option feedback

Option A

Section 59 permits delivery of the property for a non-simple mortgage securing less than ₹100.

Option B

Section 123 requires a registered, signed and attested instrument for an immovable gift irrespective of value.

Option C

For the stated non-agricultural lease from year to year, section 107 requires a registered instrument.

Option D

Section 130 requires an instrument in writing signed by the transferor or an authorised agent for transfer of this actionable claim.

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