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Suggestive Answer
In the given problem, the
following issues arise:
A. Whether Amit has acquired a
vested interest under this transaction or it is a case of mere expectancy?
B. Whether the death of Vikram
during the lifetime of Amit has any consequences on the transaction with
Chanda?
To begin with the first issue, Section
19 of the Transfer of Property Act, 1872, contains the concept of vested
interest. It states that whenever an interest is created while transferring the
property, and such transfer takes place only after an unspecified time or
terms, but forthwith and happening on a certain event, such interest shall be
considered as vested, unless it appears otherwise with the language of the
document. Put simply, the ownership right is immediately vested, only the right
of enjoyment is postponed.
While applying the aforementioned
principle to the given scenario, it can be safely concluded that the transfer
of property to Vikram is not a mere expectancy but a case of vested transfer.
Here, although the actual transfer of the property shall take place only after
the death of Amit, Vikram has acquired a vested interest in the property.
Now, since the position on the
first issue is clear, it also removes the doubt from the second issue. Since
Vikram has acquired the vested interest in the property, he is legally
authorized to further transfer the property to Chanda or anyone else, provided
that such transfer shall not take effect until after Amit's death because the
condition for enjoyment is tied to Amit's lifetime.
Therefore, Chanda, though
acquiring the vested interest in the property, cannot claim the property before
the death of Amit.
Also: “Dying
Declaration In India”: What, How, and When, (Case Laws Included)
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