Ostensible Owner Meaning
The ostensible owner isn’t the real owner of a property. He/she just addresses himself/herself as a real owner to the outsiders. Such an ostensible owner enjoys all the privileges of possession of a property without being its real owner.
Such a situation may arise if an individual buys a property in the name of another person. It’s referred to as a Benami transaction, and the individual in whose name the property is bought is referred to as Benamidar (he is an ostensible owner in this case).
Now you know what is ostensible owner.
Ostensible Owner in Transfer of Property Act
As per the Transfer of Property Act,1882 (Section 41), when an individual acts on the implied or express consent of an individual who’s interested in immovable property, the individual who acts on such consent is the property’s ostensible owner. They have all the indicia of proprietorship like the option to title, archives, ownership, and so forth they can move the property for thought to the transferee.
Essential conditions for the application of the Transfer of Property Act (Section 41)
The person transferring the property needs to be the ostensible owner.
The consent of the actual owner, which might be expressed or implied, is required.
The ostensible owner needs to be compensated in property’s exchange.
The transferee needs to use reasonable caution over the power of the transferor over the property, and whether the transferee acted with bona fide intention.
Some More Terms under the Transfer of Property Act:
What is part performance in Transfer of Property Act?
What is exchange under Transfer of Property Act?
What is lease under Transfer of Property Act?
What is immovable property under Transfer of Property Act?
I hope now you understand the meaning of the ostensible owner in Transfer of Property Act.
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What is ostensible owner?
Gayatri
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2022-08-17T17:22:15+00:00 2022-08-26T19:10:50+00:00Comment
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