Transfer of Property Act Section 5 — “Transfer of property” defined

CHAPTER I PRELIMINARY

General

Summary

A transfer of property happens when a living person gives property to another living person, or to themselves, or to themselves along with others. This giving can happen right away or at some point in the future. The term "living person" also includes companies, associations, and groups of people, whether or not they are officially registered as a legal entity. However, this definition does not override any other existing laws that specifically deal with property transfers involving such companies or groups.

Official Text

In the following sections “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself, 2[or to himself] and one or more other living persons; and “to transfer property” is to perform such act. 3[In this section “living person” includes a company or association or body of individuals, whether incorporated or not, but nothing herein contained shall affect any law for the time being in force relating to transfer of property to or by companies, associations or bodies of individuals.]