Section 15 in The Transfer of Property Act, 1882

Title: Transfer to class some of whom come under sect ions 13 and 14.

Description: If, on a transfer of property, an interest therein is created for the benefit of a class of persons with regard to some of whom such interest fails by reason of any of the rules contained in sections 13 and 14; such interest fails 1[in regard to those persons only and not in regard to the whole class.] 1. Subs. by Act 20 of 1929, s. 9, for "as regards the whole class".

Title: Transfer to take effect on failure of prior interest.

Description: 1[16. Transfer to take effect on failure of prior interest.-- Where, by reason of any of the rules contained in sections 13 and 14, an interest created for the benefit of a person or of a class of persons fails in regard to such person or the whole of such class, any interest created in the same transaction and intended to take effect after or upon failure of such prior interest also fails.] 1. Subs. by s. 10, ibid., for sections 16, 17 and 18.

Title: Direction for accumulation.

Description: 1[17. Direction for accumulation.-- (1) Where the terms of a transfer of property direct that the income arising from the property shall be accumulated either wholly or in part during a period longer than— (a) the life of the transferor, or (b) a period of eighteen years from the date of the transfer, such direction shall, save as hereinafter provided, be void to the extent to which the period during which the accumulation is directed exceeds the longer of the aforesaid periods, and at the end of such last-mentioned period the property and the income thereof shall be disposed of as if the period during which the accumulation has been directed to be made had elapsed. (2) This section shall not affect any direction for accumulation for the purpose of— (i) the payment of the debts of the transferor or any other person taking any interest under the transfer, or (ii) the provision of portions for children or remoter issue of the transferor or of any other person taking any interest under the transfer, or (iii) the preservation or maintenance of the property transferred; and such direction may be made accordingly.] 1. Subs. by s. 10, ibid., for sections 16, 17 and 18.

Title: Transfer in perpetuity for benefit of public.

Description: 1[18. Transfer in perpetuity for benefit of public.-- The restrictions in sections 14, 16 and 17 shall not apply in the case of a transfer of property for the benefit of the public in the advancement of religion, knowledge, commerce, health, safety, or any other object beneficial to mankind.] 1. Subs. by s. 10, ibid., for sections 16, 17 and 18.

Title: Vested interest.

Description: Where, on a transfer of property, an interest therein is created in favour of a person without specifying the time when it is to take effect, or in terms specifying that it is to take effect forthwith or on the happening of an event which must happen, such interest is vested, unless a contrary intention appears from the terms of the transfer. A vested interest is not defeated by the death of the transferee before he obtains possession. Explanation.-- An intention that an interest shall not be vested is not to be inferred merely from a provision whereby the enjoyment thereof is postponed, or whereby a prior interest in the same property is given or reserved to some other person, or whereby income arising from the property is directed to be accumulated until the time of enjoyment arrives, or from a provision that if a particular event shall happen the interest shall pass to another person.

CHAPTER 2 OF TRANSFERS OF PROPERTY BY ACT OF PARTIES (A) Transfer of property, whether moveable or immoveable