Legislative Dictionary - L
A lease of immoveable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised,, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms. The transferor is called the lessor, the transferee is called the lessee, the price is called the premium, and the money, share, service or other thing to be so rendered is called the rent.
[See, section 105, the Transfer of Property Act, 1882 (Act No. IV of 1882)].
"Lease" means a lease of immoveable property, and includes also —
(a) a patta;
(b) a kabuliyat or other undertaking in writing, not being a counterpart of a lease, to cultivate, occupy or pay or delivery rent for immoveable property;
(c) any instrument by which tolls of any description are let;
(d) any writing on an application for a lease intended to signify that the application is granted.
"Lease" includes a counter-part, Kabuliyat and an undertaking to cultivate or occupy.[See, section 2(7), the Registration Act,1908 (Act No. XVI of 1908)].
|Created On||September 18, 2011, 7:06 AM|