Under Section 106 of the Transfer of Property Act, 1882, in the absence of a contract or local law or usage, a lease of immovable property for agricultural or manufacturing purposes shall be deemed to be:

Section 106 of TPA, 1882 provides a default rule for lease duration and termination in the absence of any written contract, local law, or usage to the contrary. Under the amended Section 106: (a) a lease of immovable property for agricultural or manufacturing purposes shall be deemed to be a lease from year to year, terminable by either lessor or lessee by 6 months' notice expiring with the end of a year of the tenancy; and (b) a lease of immovable property for any other purpose shall be deemed to be a lease from month to month, terminable by either party by 15 days' notice expiring with the end of a month of the tenancy. The notice must be in writing, signed by or on behalf of the person giving it, and either sent by post or personally served. This section is critical in banking law as it governs default terms for bank branch premises leased for commercial purposes classified as leases "for any other purpose" entitling either party to 15 days' notice.