New Enroll in our GIC Finance Online Course Here!

    Register

    Question

    The transfer of an actionable claim shall be

    effected:
    A Only by oral Correct Answer Incorrect Answer
    B Only by the execution of an instrument in writing signed by the transferor Correct Answer Incorrect Answer
    C By partly oral and partly by execution of an instrument in writing Correct Answer Incorrect Answer
    D None of the above Correct Answer Incorrect Answer

    Solution

    Transfer of Property Act: Section 130 Transfer of actionable claim: (1) The transfer of an actionable claim whether with or without consideration shall be effected only by the execution of an instrument in writing signed by the transferor or his duly authorised agent, shall be complete and effectual upon the execution of such instrument, and thereupon all the rights and remedies of the transferor, whether by way of damages or otherwise, shall vest in the transferee, whether such notice of the transfer as is hereinafter provided be given or not: Provided that every dealing with the debt or other actionable claim by the debt or other person from or against whom the transferor would, but for such instrument of transfer as aforesaid, have been entitled to recover or enforce such debt or other actionable claim, shall (save where the debtor or other person is a party to the transfer or has received express notice thereof as hereinafter provided) be valid as against such transfer.

    Practice Next