THE TRANSFER OF PROPERTY ACT 511
who is of sound mind and is not disqualified from contracting by any law to which he is subject.
- Disqualification of an Insolvent.
A word may be said as to the capacity of an Insolvent to deal with any property subsequently acquired by him. Now it is settled Law that an insolvent, who has not received his final discharge, cannot create a mortgage on immoveable property acquired by him. 17 Mad. 21 (But See 8 Cal. 556).
§ ENTITLED
The question is whether entitled means entitled as a full owner or as a limited owner.
That a full owner has the capacity to mortgage is obvious. The question is whether a limited owner has the capacity to mortgage ?
Person holding property on trust for sale without express power to mortgage.
It may be laid down generally that a trust for sale containing a direction for absolute conversion does not authorize a mortgage.
Partner —can mortgage partnership property to secure partnership debt.
An executor or administrator under the Indian Succession Act is competent to transfer.
Hindu widow, a Member of a joint family and the Karta of a joint family, the Trustees of Hindu Religious Endowments.
The last two having their power and necessity.
§ TRANSFERABLE PROPERTY
The person whether he is a full owner or limited owner, the subject-matter must be transferable property.
What is transferable property ?
(i) Section 6 says—Property of any kind may be transferred, except as otherwise provided by this Act or by any other law. Every kind of property is transferable unless its transfer is prohibited by Law.