THE U.S. DOLLAR’S JOURNEY: BUILDING AND SUSTAINING GLOBAL SUPREMACY
America rules the world because trade is dominated by dollar. The U.S. dollar’s dominance stems from the massive, stable U.S. economy, its deep and liquid financial markets (like US Treasury markets), the rule of law, and trust in American institutions, solidified by the 1944 Bretton Woods Agreement that pegged other currencies to the dollar, backed by gold. Even after abandoning the gold standard, its role as the primary currency for global trade (especially oil), its role as a safe haven in crises, and the established infrastructure for dollar transactions (like SWIFT) cemented its status, giving the U.S. unique financial power. The 1944 Bretton Woods Agreement, signed by 44 nations alliance in New Hampshire, which was established after-WWII to run and manage international monetary system based on fixed exchange rates, with the U.S. dollar pegged to gold ($35/ounce) and other currencies pegged to the dollar. It created the IMF and World Bank to foster stability, lasting until 1971 The Bretton Woods Framework: Foundations of Modern Global Finance In July 1944, nearly 730 representatives from 44 countries gathered at Bretton Woods to design a stable and efficient system for international currency exchange, discourage harmful currency devaluations, and encourage global economic development. The resulting Bretton Woods Agreement was instrumental in achieving these aims, establishing the International Monetary Fund (IMF) and the World Bank as key institutions. Although the original Bretton Woods system ended in the 1970s, both the IMF and World Bank continue to play essential roles in supporting international currency exchange and maintaining global financial stability. ( curtsy National WWII Museum) Harry Dexter White: Architect of Bretton Woods and Controversial Legacy Harry Dexter White played a pivotal role in shaping the Bretton Woods Agreement, which led to the creation of the International Monetary Fund (IMF) and the World Bank. As a government economist, White was instrumental in designing the postwar global economic order and contributed significantly to establishing the United States as a dominant world power. Despite these achievements, his legacy has often been clouded by allegations of espionage, with claims that he acted as a Soviet spy. While these accusations have persisted over time, they remain unproven, and some evidence suggests his innocence. Bretton Woods 1944: The Birth of Modern Global Finance Two major institutions were created: The International Monetary Fund (IMF), tasked with monitoring exchange rates and providing short-term loans to countries facing balance-of-payments deficits. The International Bank for Reconstruction and Development (IBRD/World Bank), designed to finance postwar reconstruction and economic development. The agreement delivered nearly three decades of monetary stability for Western economies, fostering international trade. However, it ultimately collapsed in 1971 when the U.S. ended dollar-to-gold convertibility. Despite this, the institutions founded at Bretton Woods remain central pillars of the global financial system today. The Nixon Shock: What Happened? On August 15, 1971, U.S. President Richard Nixon announced a series of sweeping economic measures that fundamentally changed the global financial system. The most significant of these was the unilateral suspension of the U.S. dollar’s convertibility into gold, effectively ending the Bretton Woods system of fixed exchange rates that had governed international finance since World War II. [en.wikipedia.org] Key […]
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“UNVEILING THE SFIO: INDIA’S MULTI-DISCIPLINARY AGENCY Ft5tt5OR CORPORATE FRAUD INVESTIGATION”
“UNVEILING THE SFIO: INDIA’S MULTI-DISCIPLINARY AGENCY FOR CORPORATE FRAUD INVESTIGATION” NOTIFICATION: The Central Government, by notification, established an office called the Serious Fraud Investigation Office to investigate frauds relating to a company: The said office is setup by the Central Government in terms of the Government of India Resolution No. 45011/16/2003-Adm-I, dated the 2nd of July 2003 and shall be deemed to be the Serious Fraud Investigation Office for the purpose of this section. SET UP The Serious Fraud Investigation Office is headed by a director and consist of such number of experts from the following fields to be appointed by the Central Government from amongst persons of ability, integrity and experience in,— (i) banking; (ii) corporate affairs; (iii) taxation; (iv) forensic audit; (v) capital market; (vi) information technology; (vii) law; or (viii) such other fields as may be prescribed. Director in the Serious Fraud Investigation Office, shall be an officer not below the rank of a Joint Secretary to the Government of India having knowledge and experience in dealing with matters relating to corporate affairs. The Central Government may appoint also experts and other officers and employees in the Serious Fraud Investigation Office as it considers necessary for the efficient discharge of its functions under this Act. The terms and conditions of service of Director, experts, and other officers and employees of the Serious Fraud Investigation Office shall be such as may be prescribed. (see rules) RULES OF APPOINTMENT 14.1.3- Companies (Inspection, Investigation and Inquiry) Rules,2014 3. Appointment of persons having expertise in various fields.— The Central Government may appoint persons having expertise in the fields of investigations, cyber forensics, financial accounting, management accounting, cost accounting and any other fields as may be necessary for the efficient discharge of Serious Fraud Investigation Office (SFIO) functions under the Act. 14.1.4-Companies (Inspection, Investigation and Inquiry) Rules,2014 Terms and Condition of service.— The terms and conditions of service of Director, experts and other officers and employees of the Serious Fraud Investigation Office under sub-section (5) of Section 211 shall be as under— (a) the terms and conditions of appointment of Director shall be governed by the deputation rules under the Central Staffing Scheme of Government of India; (b) the terms and conditions of service of experts from the Central Government or the State Government or Union territory Government, Public Sector Undertaking, Autonomous Bodies and such other organizations shall be as per the recruitment rules which may be duly notified by the Central Government under article 309 of the Constitution of India; (c) the terms and conditions of service of other officers and employees from the Central Government or the State Government or Union Territory Government, Public Sector Undertaking, Autonomous Bodies and such other organizations shall be as per the recruitment rules which may be duly notified by the Central Government under article 309 of the Constitution of India; (d) the Central Government may appoint experts or consultants or other professionals or professional firms on contractual basis as per the Scheme of engagement of experts or consultants which may be duly approved by the Central Government. India’s Companies Act, 2013, specifically Sections 211 and […]
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“UNMASKING MONEY LAUNDERING: INTERNATIONAL LAWS, TECHNIQUES, AND LANDMARK CASES”
Money laundering laws evolved from early record-keeping rules (like the US Bank Secrecy Act, 1970) into a sophisticated global framework, driven by the war on drugs and terrorism, with the FATF (1989) setting global standards (40 Recommendations). Key milestones include the Vienna Convention, US Patriot Act, and EU AML Directives, continually expanding scope to cover new tech like crypto (FATF Rec 15) and closing loopholes in corporate transparency, with laws like India’s PMLA (2002) following global norms. Early Stages (1970s-1980s) Focus: Initial efforts, like the 1970 US Bank Secrecy Act, targeted drug trafficking proceeds, shifting from basic reporting to criminalizing the act itself. Motivation: Governments recognized the financial system’s vulnerability and sought tools to seize illicit gains, especially from organized crime. International Standardization (1989-2000s) FATF: The Financial Action Task Force (FATF) was created in 1989, becoming the primary international body issuing guidelines (40 Recommendations) for a unified global approach to combat financial crime. United Nations: The Vienna Convention (1988) marked a major early international step, targeting drug-related money laundering. Expansion: Efforts broadened beyond drugs to combat terrorist financing, leading to the FATF’s “+9” Special Recommendations and revised 40 Recommendations by 2012. Modern Era & Technological Challenges (2000s-Present) EU Directives: The EU’s series of Anti-Money Laundering Directives (AMLDs) progressively strengthened rules on Customer Due Diligence (CDD) and expanded criminal liability. USA PATRIOT Act: This significantly enhanced US AML laws post-9/11, increasing scrutiny. Digital Assets: In 2019, FATF extended its standards to cover virtual assets (crypto), requiring regulation for Virtual Asset Service Providers (VASPs). Beneficial Ownership: Recent FATF updates (2022) focus on combating criminals hiding behind secret corporate structures. Global Response: Countries like India (PMLA, 2002) and others enacted laws aligning with these global standards, dealing with issues like fintech and new criminal typologies. KEY THEMES IN EVOLUTION From Banking to All Sectors: Regulations now cover fintech, crypto, and other areas, not just traditional banks. Transparency: Moving from a system of trust to one demanding transparency and accountability. Adaptability: Laws constantly evolve to counter new criminal methods, from physical cash to digital mixers Definition: The process of converting illicit funds (dirty money) into funds with an apparently legal source (clean money). Purpose: To use the proceeds from crime without detection by law enforcement, funding further criminal enterprises. Stages: Placement: Introducing the “dirty” cash into the financial system (e.g., small cash deposits). Layering: Obscuring the money’s origin through complex transactions, like electronic transfers or shell companies. Integration: Reintroducing the money as legitimate earnings through investments or purchases (e.g., real estate, luxury goods). Example: The Restaurant Scheme A criminal owns a cash-intensive business, like a restaurant or car wash, which generates legitimate revenue. They mix illegally obtained cash with the actual daily earnings. The business then reports the inflated, combined total as legitimate sales, depositing it into a bank account. The money is now “laundered” and appears as ordinary business revenue, making it usable by the criminal. Other Examples & Methods Shell Companies: Creating fake companies to funnel money through. Invoice Fraud: Manipulating invoices (over- or under-invoicing) for goods and services to justify moving money. Smurfing: Making numerous small cash deposits to avoid triggering […]
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CAN A HOUSING SOCIETY SELL TDR TO A PRIVATE MEMBER OF THE SOCIETY UNDER DOCUMENT OF MEMORANDUM OF UNDERSTANDING AND RESOLUTIONS?
JURISDICTION OF CO-OPERATIVE COURT AND BINDING NATURE OF SOCIETY RESOLUTIONS Let us first see what is TDR? Transferring Development Rights (TDR) by a housing society involves the society, as a landowner, generating extra buildable area (TDR) by surrendering land for public use (like roads, parks) to the municipality, receiving a TDR certificate (or Development Right Certificate – DRC), and then selling these rights to a developer or another party to build more than standard Floor Space Index (FSI) allows, benefiting both the society (compensation for land) and the buyer (extra construction rights). This process helps fund infrastructure projects and allows societies to get value for reserved plots, making TDR a crucial tool in urban development, especially in places like Mumbai. How it Works for a Society: Land Surrender: The housing society owns land, often designated for public amenities (e.g., a playground, road widening) by the city. TDR Generation: Instead of cash compensation, the Municipal Corporation (like MCGM in Mumbai) issues a TDR certificate (DRC) to the society, representing the Floor Space Index (FSI) potential of the surrendered land. Selling the Rights: The society can then sell this certificate to a builder or another property owner. Utilisation: The buyer uses the TDR to construct additional built-up area on their own plot, exceeding the normal FSI limits, often in a designated “receiving zone”. Benefits of TDR for Societies Financial Compensation: Provides funds for the society (often through developers) without the government paying cash, allowing land acquisition for public projects. Development Incentive: Encourages development and helps resolve land reservations, as owners get value for undevelopable land. Legal Avenue: Offers a way for societies and trusts to utilize or sell their development potential POINT OF CAUTION: A Housing Society cannot legally sell Transferable Development Rights (TDR) to a private member using only a Memorandum of Understanding (MoU) and Resolutions. TDR transactions must follow a formal, regulated process involving proper documentation and approval from the competent authorities to be legally valid. Legal Requirements for TDR Transfer : TDR is a formal legal instrument: TDR is an official development right issued by a municipal authority as a Development Right Certificate (DRC). This certificate is a tradeable commodity, similar to a stock, in a formal market. Formal Agreements are Required: Any transaction involving the sale or transfer of TDR requires a registered agreement, such as a formal TDR Sale Agreement, not just an MoU or simple resolutions. The agreement must be registered under the Registration Act, 1908. Statutory Compliance and Oversight: The transaction must comply with the relevant state laws, such as the Maharashtra Regional and Town Planning (MRTP) Act, 1966, and local Development Control Regulations (DCRs). Regulatory Approvals: The transfer must be registered with the Sub-Registrar and updated on the relevant municipal or urban local body’s (ULB) online TDR portal (if available). Authorities track the chain of ownership and usage of TDRs to prevent misuse and ensure transparency. Transparency and Fair Value: Transactions by a housing society, especially those involving a private member, are subject to scrutiny to ensure the society receives fair market value and to prevent irregularities or fraud. Risks of Using Only […]
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UNTRACEABLE MEMBERS AND PROPERTY RIGHTS IN COOPERATIVE HOUSING SOCIETIES: PROCEDURES AND PRECEDENTS
In the model bye-laws of a cooperative housing society (such as those in Maharashtra), a member is deemed to have ceased membership if their whereabouts are unknown for a continuous period of seven years and their shares and interest in the property are unclaimed by anyone else. This cessation allows the society to take further action regarding the property. Procedures and Provisions While specific actions for handling the property itself require legal procedures beyond just the society’s internal rules, the bye-laws provide a framework for managing the situation and ultimately dealing with the ownership: Cessation of Membership: Bye-law No. 55(f) (in the Maharashtra Model Bye-laws) explicitly states that a person shall cease to be a member if their whereabouts are not known for seven continuous years and no claim is made on their interest in the property. However, the associate member shall not cease to be Associate Member when the First Member ceases to be the member of the society if Associate Member holds title and interest in the property jointly with the member. The Committee shall take further action in the matter as indicated in the Bye-law No. 62. Vesting of Shares/Interest: If, after a member’s death or disappearance, there is no claimant (nominee, heir, or legal representative), their shares and interest in the capital/property of the society will vest in the society itself. Nominations and Legal Heirs: The bye-laws heavily emphasize the importance of nomination (Bye-law No. 32-34). If an owner is untraceable and has no nominee, the committee would typically ask for a legal representative or heir to come forward. Payment of Dues: The untraceable owner’s account would likely accumulate unpaid maintenance charges and other dues, incurring interest (up to 21% per annum in some model bye-laws). These liabilities must typically be cleared before any transfer of interest can occur. Formal Communication: The society uses formal communication methods, such as registered post to the last known address or displaying notices on the society’s notice board, which are considered valid service of notice even if the member is untraceable. The society must maintain records of all sent notices as proof. Committee Action: The managing committee has the power to manage the society’s affairs (Bye-law No. 111), which includes dealing with non-compliance and cessation of membership. They are responsible for initiating the process of addressing the untraceable owner’s status. Registrar and Courts: The final authority in serious disputes or complex situations, such as an untraceable owner with no clear legal path forward, ultimately lies with the Registrar of Cooperative Societies or a Cooperative Court. The society would likely need to approach these legal bodies for formal orders to take control of or dispose of the property. DISCUSSION: A is member and have signed Conveyance. A is not traceable for more than 40 years. Taking advantage of situation widow of promoter applies for membership. It was rejected. During course of arguments she sell the flat. After two decades the flat goes for redevelopment. The purchaser of the flat sells flat to the third party. Society refuses all a membership, In a recent ruling of Supreme Court of India K, Gopi […]
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“LEGAL IMPLICATIONS OF UNTRACEABLE SELLERS AND OWNERS IN HOUSING SOCIETY SHARE TRANSFERS”
Today we are discussing very important issue of transfer of shares in a society when a seller is not traceable and when Owner is not traceable. What is the difference between the two? Before going to the core issue let us first learn definition of the term “member” under the Maharashtra Co-operative Society Act 1960 and the Bye-laws. Bye-Laws 3 (xxiv) “Member” means a person joining in an application for the Registration of a Cooperative Housing Society which is subsequently registered, or a person duly admitted to Membership of a Society after Registration and who holds the right, title and interest in the property individually or jointly; Share Capital: a.) A Share Certificate, prescribed in bye-laws, bearing distinctive number and indicating the name of the Member, the number of shares issued and the value paid there on, shall be issued by the Society to every Member for the shares subscribed by him, within a period of six months of the allotment of the shares. Conditions of Membership: 19. An individual / applicant who is eligible to be the Member and who has applied for Membership of the Society in the prescribed form, may admitted as Member by the Committee on complying with the following conditions :- i. applicant has fully tendered the value of at least Ten shares of the Society, along with his Application for Membership; ii. applicant has paid the Entrance Fee of Rs. 100/-, along with the Application for Membership; iii. applicant has submitted the application as prescribed, of the particulars in regard to any house, plot or flat owned by him or any of the Members of his family, anywhere in the area of operation of the Society; iv. applicant has submitted undertaking in the prescribed form to the effect that he shall use the flat / unit for the purpose for which it was purchased by him; v. applicant has furnished an undertaking in the prescribed form, if he / she has no independent source of income; vi. applicant has submitted, along with the application for Membership of the Society, a certified copy of the agreement, duly stamped and registered entered into by him / her/ them with the Promoter Builder or Transferor under Section 4 of the Maharashtra Ownership of Flats Act;applicant has furnished such other undertakings/declarations, in the prescribed forms as are required under any law for the time being in force and such other information as is required under the Bye-laws of the Society along with the application for Membership. viii. In case of Societies registered under the jurisdiction of special planning Authority like CIDCO / MHADA / SRA / MMRDA etc. the applicant should be eligible person as per the provision of respective Act and the directives of the Govt. / the Planning Authorities, if any. Note : The conditions at (iii), (iv), (v), and (vii) above shall not be applicable to the Promoter Builder, applying for Membership of the Society, in respect of the unsold flats. An Individual, a Firm, a Company or a Body Corporate, registered under any Law for the time being in force, who/ which is eligible to be an Associate Member and who/which shall […]
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CRITICAL ROLE OF TITLE CLEARANCE IN REDEVELOPMENT
In a redevelopment project, it is highly recommended to verify and clear the property’s title first before formally deciding on and appointing a builder. While a builder can be tentatively selected (e.g., via a Letter of Intent or a resolution in a Special General Body Meeting), formalizing the development agreement and starting the actual project activities (like demolition or construction) without a clear and marketable title creates significant legal and financial risks. Why Title Clearance is Crucial First Legal Requirement: For a builder to obtain necessary municipal approvals and a Commencement Certificate (CC) to begin construction, the society must generally have a clear and marketable title to the land. This is often achieved through a registered conveyance deed or “deemed conveyance”. Risk Mitigation: Unclear land titles are a common source of delays and litigation in redevelopment projects. Title disputes can halt the project indefinitely, leaving both the builder and the society members in a precarious situation (e.g., displaced and without their new homes). Financial Safeguard: A clear title ensures the project is legally sound and makes it easier for the builder to secure project financing and for future buyers in the free-sale component to get home loans. This financial stability is a key factor in a project’s success. Transparency and Trust: Conducting thorough legal due diligence, including title verification, at an early stage demonstrates transparency and helps build trust between the society members and the chosen developer. Recommended Order of Operations (General Steps) Initial Decisions & Structural Audit: The society discusses redevelopment and conducts a structural audit to determine feasibility. Appoint Professionals: An architect/Project Management Consultant (PMC) and a legal advisor are appointed to guide the process. Title Verification/Conveyance: The society’s legal team conducts comprehensive title verification and works to obtain a clear conveyance deed or deemed conveyance for the property. Builder Selection: Once the title is confirmed, a transparent tendering process is used to select a reputable builder with a proven track record, financial stability, and relevant experience. Formal Agreements: A detailed Development Agreement (DA) and individual Permanent Alternate Accommodation Agreements (PAAA) are meticulously drafted, vetted by legal experts, and registered. Project Commencement: The builder then seeks the required approvals (IOD, CC, etc.) and begins construction. Prioritizing title clearance helps safeguard the interests of all stakeholders and ensures a smoother, legally compliant redevelopment process. HOW FAR A CERTIFICATE OF TITLE BY A SOLICITOR/ ADVOCATE IS SIGNIFICANT? In Ramniklal Tulsidas Kotak And Others vs Varsha Builders And Others on 26 August, 1991 Equivalent citations: AIR1992BOM62, AIR 1992 BOMBAY 62, (1993) MAH LJ 323, (1992) 2 BANKCAS 441, (1992) 2 BOM CR 492 “(1) A Certificate of Title need not necessarily be unconditional or unqualified. It can be qualified to the limited extent of the implied statutory exception contained in Section 3(2)(b) of the Maharashtra Ownerships Flats Act, 1963, as interpreted above. The Format of the Certificate of Title prescribed by the rules is mandatory, subject only to a limited scope for adaptability as explained in the judgment. A qualified certificate of title must furnish all relevant information as set out in paragraph 19 of this judgment. (2) The Promoter must […]
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Ownerless Property and State Claims: Bona Vacantia, Escheat, and Evacuee Property in India and Beyond
In India, Bona Vacantia (meaning “ownerless goods”) is the legal doctrine where property without a rightful owner reverts to the State. This principle is primarily codified under Article 296 of the Constitution of India. CONSTITUTIONAL FRAMEWORK (ARTICLE 296) Article 296 dictates how unclaimed property is distributed between the Union and the States: Vesting in States: Property located within a State that lacks a rightful owner (due to escheat, lapse, or bona vacantia) vests in that particular State Government. Vesting in the Union: Property located outside any State (such as in Union Territories) or property that was under the control of the Central Government at the time it became ownerless vests in the Union Government. It reads as under: Article 296 in Constitution of India Property accruing by escheat or lapse or as bona vacantia Subject as hereinafter provided any property in the territory of India which, if this Constitution had not come into operation, would have accrued to His Majesty or, as the case may be, to the Ruler of an Indian State by escheat or lapse, or as bona vacantia for want of a rightful owner, shall, if it is property situate in a State, vest in such State, and shall, in any other case, vest in the Union: Provided that any property which at the date when it would have so accrued to His Majesty or to the Ruler of an Indian State was in the possession or under the control of the Government of India or the Government of a State shall, according as the purposes for which it was then used or held were purposes of the Union or a State, vest in the Union or in that State. Explanation. –In the article, the expressions “Ruler” and “Indian Slate” have the same meanings as in article 363. Article 363 in Constitution of India provides as under: Bar to interference by courts in disputes arising out of certain treaties, agreements, etc. (1) Notwithstanding anything in this Constitution but subject to the provisions of article 143, neither the Supreme Court nor any other court shall have jurisdiction in any dispute arising out of any provision of a treaty, agreement, covenant, engagement, sanad or other similar instrument which was entered into or executed before the commencement of this Constitution by any Ruler of an Indian State and to which the Government was a party and which has or has been continued in operation after such commencement, or in any dispute in respect of any right accruing under or any liability or obligation arising out of any of the provisions of this Constitution relating to any such treaty, agreement, covenant, engagement, sanad or other similar instrument. (2) In this article— (a)”Indian State” means any territory recognised before the commencement of this Constitution by his Majesty or the Government of the Dominion of India as being such a State; and (b)”Ruler” includes the Prince, Chief or other person recognised before such commencement by his Majesty or the Government of the Dominion of India as the Ruler of any Indian State. How and when it works: When property is identified as ownerless, […]
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Understanding Bill No 193: Reforming Inheritance Laws in India
Government of India has proposed to delete Sec 213 from Indian Succession Act 1925. It was learnet that Probate is optional for all others except Hindus,Jain,Sikh and Baudh. To have parity under Constitution it was proposed in 2008 by 209th Law Commission to delete the said provision. Present Government is now implementing the same. For details and consequences read the blog
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FRAUDULENT RECORDS CREATED BY MANAGING COMMITTEE – EFFECT ON REVERSIONARY INTEREST- CONSEQUENCES
WHAT IS THE PROCESS OF PURCHASING REVERSIONARY INTEREST? IS DEEMED CONVEYANCE A FINAL TITLE WITHOUT CONVEYANCE OF REVERSIONARY INTEREST? DOES REVERSIONARY INTEREST EXTINGUISH AFTER GETTING DEEMED CONVEYANCE? WHAT ARE CONSEQUENCES OF FRAUD PLAYED BY THE COMMITTEE BY FABRICATING TITLE RECORDS? First let us see What is Lease? Under Transfer of Property Act 1882 its defined in Section 105 Lease defined. A lease of immoveable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms. Lessor, lessee, premium and rent defined. — The transferor is called the lessor, the transferee is called the lessee, the price is called the premium, and the money, share, service or other thing to be so rendered is called the rent How is Lease determined? It is provided in the Transfer of Property Act 1882. Section 111 Determination of lease. — A lease of immoveable 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;(c)where the interest of the lessor in the property terminates on, or his power to dispose of the same extends only to, the happening of any event—by the happening of such event;(d)in case the interests of the lessee and the lessor in the whole of the property become vested at the same time in one person in the same right;(e)by express surrender; that is to say, in case the lessee yields up his interest under the lease to the lessor, by mutual agreement between them;(f)by implied surrender;(g)by forfeiture; that is to say, (1) in case the lessee breaks an express condition which provides that, on breach thereof, the lessor may re-enter; or (2)in case the lessee renounces his character as such by setting up a title in a third person or by claiming title in himself; or (3)the lessee is adjudicated an insolvent and the lease provides that the lessor may re-enter on the happening of such event; and in any of these cases the lessor or his transferee gives notice in writing to the lessee of his intention to determine the lease; (h)on the expiration of a notice to determine the lease, or to quit, or of intention to quit, the property leased, duly given by one party to the other. Illustration to clause (f)A lessee accepts from his lessor a new lease of the property leased, to take effect during the continuance of the existing lease. This is an implied surrender of the former lease, and such lease determines thereupon. DEEMED CONVEYANCE- REVERSIONARY INTEREST Buying private reversionary rights means, purchasing the right of an original owner (Reversioner) to get their property back after a temporary interest (like a lease or life estate) ends. This process involves a formal “Deed of Conveyance” to transfer these future ownership rights, allowing the buyer […]
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