Judicial Dictionary - L
Judicial Dictionary
Legislative Dictionary
Lease
| Category | L |
|---|---|
| Title | Lease |
| Details |
A lease or tenancy simply means a contract that transfers the right to possess specific property. It is a contract between a lessor and a lessee for the use of a vehicle or other property, subject to stated terms and limitations, for a specified period and at a specified payment. 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. [Section 105 of the Transfer of Property Act, 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. [Section 2(3)(c); The Stamp Act, 1899] "Lease" includes a counter-part, Kabuliyat and an undertaking to cultivate or occupy. [Section 2(7) of the Registration Act, 1908] Lease from month to month, from year to year.—In the absence of a contract or local law or usage to the contrary, a lease of immoveable property for agricultural or manufacturing purposes shall be deemed to be a lease from year to year, terminable, on the part of either lessor or lessee, by six months' notice expiring with the end of a year of the tenancy; and a lease of immoveable property for any other purpose shall be deemed to be a lease from month to month, terminable, on the part of either lessor or lessee, by fifteen days' notice expiring with the end of a month of the tenancy. [Section 106 of the Transfer of Property Act, 1882] Lease is transfer of a property in favour of the lessee and no one could transfer the title better than what he had. [Rehman Feeds (Pvt) Ltd vs. Agriculture Development Bank of Pakistan 2001 YLR 2240] (i) By a lease a subordinate interest is created by a person in favour of another person in respect of some immovable property on condition of payment of premium or rent. (ii) The right which is created by a lease is the right of tenancy. ‘Lease’ and tenancy are cognate terms, implying the same kind of jural relationship. [M H Khandker, Advocate vs. Bangladesh 30 DLR (SC) 1] |
| Created On | April 30, 2011, 4:45 AM |
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