1. See LR of X can transfer the said land by a convience deed. Or based on memorendum of dissolution a declaration suit has to be filed.
2. See at this stage they can claim share.
3. At present both the partners or there LR have equal share.
Partnership firm property
Query: a partnership firm was made in the year 1947 having X and Y as partners. on the death of X the firm got dissolved in the year 1964. a unregistered dissolution deed was written on a stamp paper of Rs10.00 by the LRs of X in 1967 in which all the assets including industrial land allotted to the firm was taken over by Y after paying Rs. 1.00 lacs to Lrs. of X. however the industrial land was not not transferred as per transfer of property act to Y by the lRs of X which is now in possession of Y. Q. Can Y get the land transferred now in 2019 in his name. Q can X claim his share in the land Q what is the status of land who shall be the owner of this land X or Y or the dissolved firm
Asked 6 years ago in Property Law
Religion: Hindu
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14 Answers
can y claim full share and file a declaration suit to claim all the share of x. that y is not restrained by limitation act ?
Asked 6 years ago
Since the partnership firm was dissolved by a deed and the there is an evidence that the LRs have transferred their rights in the property to Y, if the LRs of X are not cooperating now for a registered transfer, Y can file a declaratory suit to declare his title based on the said documents as well as the refusal made by the LRs of deceased X.
Since there is an evidence that the LRs of X have received an amount towards their share in the property, they may not be able to claim their share in the property at this stage.
Since the parties to the partnership company have decided to transfer the properties to Y and there have been no debts or liabilities of the company to the shareholders, the properties may devolve on Y.
It is not barred by limitation act since the property has not been transferred to Y by a registered document yet, hence he may file a declaratory suit even at this stage.
is deed of dissolution of partnership firm considered as an agreement to sell under the transfer of property act under which the article 58 or 65 of limitation act would bar y from taking legal recourse.
Asked 6 years ago
Deed of dissolution itself would not confer title to the properties to the other partner.
There should be a separate deed made by the LRs of the deceased partner X in this regard after receiving some consideration amount to that effect as compensation.
This would enable the surviving partner Y to claim the title to the property by filing a declaratory suit.
Yes it can be transfered with the permission of the said legal heirs. If the aforesaid agreement doesn't cover the land then you will not be the owner but only possession holder. Yes x may claim
Y can file declaratory suit that he is absolute owner of land
2) X cannot claim share in land
3) Y would be the owner of land
Y can file declaratory suit that he is absolute owner of land on dissolution of firm
rely upon deed of dissolution
claim would not be barred by limitation
Y can file declaratory suit that he is absolute owner of land on dissolution of firm
rely upon deed of dissolution
claim would not be barred by limitation
Y can file declaratory suit that he is absolute owner of land on dissolution of firm
rely upon deed of dissolution
claim would not be barred by limitation
The deed of disposition is not transfer deed though the agreement on dissolution can be given for evidence for declaration that you have paid consideration for same.
Article 58 shall apply for declaration suit.
By theory of adverse possession, Y is already acquired the good title on property.
Land is in peaceful possession of Y, now what is troubling him, why he wants court interference and to borne useless heave court fees on declaration suit.
Limitation act will effect X`s claim. Y is already in enjoyment of possession, no cause of action arise, hence limitation dose not start.
1. No
2. NO
3. The person having the possession of the land shall be deemed to be the owner of the land
Dear Client
- yes Y can apply for transfer of property on his name if he has any agreement of sale or transfer of X share to his name. or on basis of uninterrupted possession of property from last 52 years he can apply for transfer of property on his name.
- LRs of X can claim share on land but Y have adverse possession of land from last 52 Years which can over come their claim.
- legally the ownership of land lies with both the partner equally but in this case due to uninterrupted possession mentioned in 2 point Y will be the owner of land
- As per the information mentioned in the present query, makes it clear that Y has taken the benefit of limitation period in case of immovable property which is 20 years.
- No, dissolution deed cannot be considered as the transfer deed in the eyes of law.
- Yes, Y can claim full share in the property as possession of the same has not been disturbed by heirs of X till date and the period of limitation had already been over since long back (20 years in the present situation).
- Y can transfer now, but will have to go through the legal paper work as he also doesn’t not have any legal right over the property, meaning he doesn’t have any legal paper for rutile over the property except adverse possession.
