Transfer of property takes place

Solution

The transfer of property takes place by an act of parties, which means it occurs through an act by which a living person conveys property, either presently or in the future, to one or more other living persons or to himself and others. According to Section 5 of the Transfer of Property Act, 1882, the transfer must be between living persons or juristic entities (including companies and associations). Transfer by operation of law is different and not covered under this definition. Also, the transfer is not limited only between living persons excluding corporations; juristic persons like companies can also be parties.