When gift may be suspended or revoked

This is property Law Forum where all matters are discussed about the property and related issues. Transfer of property, Lease, sub-Lease, tenancy, agreements, Sale deeds, Transfer Deed, Relinquishment Deed and much more...

When gift may be suspended or revoked

Unread postby Admin » Sun Mar 13, 2016 9:41 am

When gift may be suspended or revoked.
The donor and donee may agree that on the happening of any specified event which does not depend on the will of the donor a gift shall be suspended or revoked; but a gift which the parties agree shall be revocable wholly or in part, at the mere will of the donor, is void wholly or in part, as the case may be. A gift may also be revoked in any of the cases (save want or failure of consideration) in which, if it were a contract, it might be rescinded. Save as aforesaid a gift cannot be revoked. Nothing contained in this section shall be deemed to affect the rights of transferees for consideration without notice. Illustrations (a) A gives a field to B, reserving to himself, with B's assent, the right to take back the field in case B and his descendants dies before A. B dies without descendants in A's lifetime. A may take back the field. (b) A gives a lakh of rupees to B, reserving to himself, with B's assent, the right to take back at pleasure Rs. 10,000 out of the lakh. The gift holds good as to Rs. 90, 000, but is void as to Rs. 10,000, which continue to belong to A.
Iqbal International Law Services®
info@iqballawservices.com
Phone: 0333-2171556
Admin
Site Admin
 
Posts: 456
Joined: Tue May 22, 2012 7:28 pm
Location: Karachi, Pakistan

Return to Property Law

Who is online

Users browsing this forum: No registered users and 1 guest

cron