Exchange A Legal Framework under the Transfer of Property Act 1882
Introduction The Transfer of Property Act, of 1882 , is a cornerstone of Indian property law, providing a detailed framework for transferring immovable and certain categories of movable properties. It ensures clarity, fairness, and uniformity in property transactions. Among the various modes of transfer described under this Act, "exchange" holds a unique position and is elaborated under Sections 118 to 121. This transfer mode allows for the mutual exchange of ownership between two parties, offering flexibility and utility in various situations. This article provides an in-depth discussion of these sections and explores other relevant provisions that intersect with the concept of exchange. Section 118: Definition of Exchange Section 118 defines exchange as a transaction in which two persons mutually transfer the ownership of one thing for the ownership of another, neither thing nor both things being money. It further states that the rules governing sales apply to exchanges to...