As defined under section 3 of Transfer of Property Act, 1882, “ACTIONABLE CLAIM” is a claim on which action can be initiated in a court of law for relief. o CLAIMS SECURED BY ANY CHARGE SUCH AS MORTGAGE, PLEDGE OR HYPOTHECATION OF PROPERTY.
Moreover, how are leases determined?
111. Determination of lease
- A lease of immovable property determines-
- (a) by efflux of the time limited thereby,
- (b) where such time is limited conditionally on the happening of some event-by the happening of such event,
Likewise, what are the rights and liabilities of lessor and lessee?
Through the rights and liabilities, it is clear that a lessor must disclose facts and shall avoid interruptions while the lessee is leased the property. A lessee, on the other hand, is bound to take reasonable care of the property and at the same time pay his/her rent.
What is the difference between renting and leasing?
The difference between lease and rent is that a lease generally lasts for 12 months while a rental agreement generally lasts for 30 days. That means the landlord can't raise the rent without your written consent or evict you without cause, and you can't stop paying rent or break the lease without consequence.
How actionable claim can be transferred?
The transferee of an actionable claim is entitled to institute a suit or proceeding on his own name and can do so without seeking the consent of transferor to do so and without making him a party. The transfer of an actionable claim can be made with or without consideration.