Transfer of Property Act, 1882 [Act No. 4 of Year 1882] Chapter 6 Exchange
CHAPTER VI : OF EXCHANGES
118. “Exchange” defined
118. “Exchange” defined. – When two persons mutually transfer the ownership of one thing for the ownership of another, neither thing or both things being money only, the transaction is called an “exchange”.
A transfer of property in completion of anexchange can be made only in manner provided for the transfer of such property by sale.
119. Right of party deprived of thing received in exchange
119. Right of party deprived of thing received inexchange. – If any party to an exchange or any person claiming through or under such party is by reason of any defect in the title of the other party deprived of the thing or any part of the thing received by him in exchange, then, unless a contrary intention appears from the terms of theexchange, such other party is liable to him or any person claiming through or under him for loss caused thereby, or at the option of the person so deprived, for the return of the thing transferred, if still in the possession of such other party or his legal representative or a transferee from him without consideration.
120. Rights and liabilities of parties
120. Rights and liabilities of parties. – Save as otherwise provided in this Chapter, each party has the rights and is subject to the liabilities of a seller as to that which he gives, and has the rights and is subject to the liabilities of a buyer as to that which he takes.
121. Exchange of money
121. Exchangeof money. – On an exchangeof money, each party thereby warrants the genuineness of the money given by him.
Read Previous Chapters
- Chapter I Preliminary
- Chapter II Transfers Of Property By Act Of Parties
- Chapter III Sales of Immovable Property
- Chapter IV Mortgages Of Immovable Property And Charges
- Chapter V Leases Of Immovable Property