The Hindu law recognises the concept of ‘Universal Donor’ in the form of ‘
sanyasi’,
which is
a
way of life where people renounce all their worldly possessions and take up spiritual life. A universal donee is the person who receives all the properties of the donor under a gift.
Need legal assistance in buying or selling your property? Contact experts from NoBrokerSuch properties include movables as well as immovables.
Section 128 of Transfer or Property Act
lays down in this regard that the donee is liable for all the debts and liabilities of the donor due at the time of the gift.
The provision also incorporates an equitable principle that one who gets certain benefits under a transaction must also bear the burden therein.
However, the donee’s liabilities are limited to the extent of the property received by him as a gift.
If the liabilities and debts exceed the market value of the whole property, the universal donee is not liable for the excess part of it.
The provision safeguards the interests of the creditor and makes sure that they are able to chase the property of the donor if he owes them.
Read more:
What is Oral Transfer of Property
What is Transfer for Benefit of Unborn Person
What is property distribution law in India
What is universal donee?
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2022-09-05T14:52:35+00:00 2022-09-05T14:52:36+00:00Comment
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