What is the meaning of alienation in land law?
The chief characteristic of [N]ative law is its flexibility – one incident of land tenure after another disappears as the times change – but. the most important incident of tenure which has crept in and become firmly. established as a rule of [N]ative law is alienation of land.”
What is alienation of mortgaged property?
‘Alienation clause’ is a clause that limits the sale and purchase of a mortgaged property. Alienation clause empowers the mortgage lender to demand the outstanding amount from the borrower, in case the borrower is selling the asset or transferring its ownership right to someone else.
What is an accession in real estate?
In property law, it is a mode of acquiring property that involves the addition of value to property through labour or the addition of new materials. In commercial law, accession includes goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.
When can a father alienate joint family property?
As regards, Joint or Undivided property it has been held that the father can alienate undivided joint family property only in the following two cases: Gift of Love and Affection. Alienation for discharge of his personal debts.
What is defeasance in real estate?
Defeasance, as its name suggests, is a method for reducing the fees required when a borrower decides to prepay a fixed-rate commercial real estate loan. Instead of paying cash to the lender, the defeasance option allows the borrower to exchange another cash-flowing asset for the original collateral on the loan.
What is the opposite of alienation in real estate?
enfranchisement. Noun. ▲ Opposite of alienation or corruption. rehabilitation.
Is chattel real property?
Chattel is personal property such as furniture or livestock. Chattel real is property as well, but it’s property such as land or a building that is rented for a set amount of time.
What is the difference between accession and accessory?
Accession is anything attached to the principal thing either naturally or artificially (magagamit pa rin ang principal thing whether or not may accession). Accessory is anything that is necessary for the perfection, use, and preservation of a thing (if wala yung accessory, hindi magagamit yung thing).
Who have right to alienation in joint property?
1. A sole surviving Coparcener is fully entitled to alienate the joint family property. However, if at the time of such alienation, another Coparcener is present in the womb, then such coparcener can challenge the alienation or ratify it after attaining the age of majority.
When can an alienation be challenged?
Coparcener’s Right to Challenge Alienation Art 126 of the Indian Limitation Act 1908 sets the period of limitation for a suit by son challenging alienation made by the father as 12 years, Art 144 gives the period for alienation made by Karta as 12 years, in case of mere declaration the period is 6 years.
What is a loan reconveyance?
Whether you get a deed of reconveyance, a full reconveyance or a satisfaction of mortgage document, it means the same thing: your loan has been paid in full and the lender no longer has an interest in your property. With your mortgage or deed of trust paid off, you cannot be foreclosed on by a financial institution.