Yes this is also available in India under a central act passed by the parliament.
The Mental Health Act, 1987, makes provisions with respect to taking care of the estate of a person who is mentally challenged - someone who needs treatment for his or her mental disorder. It is important to clarify here that a mentally ill person does not in any way mean or include a mentally retarded person.
Where an alleged mentally challenged person owns property, any of his relatives may come forward with an application to the district court for holding an inquiry regarding his mental condition for the appointment of someone to manage his or her property. On the receipt of such an application, the concerned district court within the local limits of whose jurisdiction the mentally ill person resides, takes appropriate steps for initiating a judicial inquiry regarding the mental condition of the alleged mentally challenged person.
After conducting such an investigation, in case the district court or the collector of the district confirms that the person is mentally challenged and incapable of managing the properties, it can appoint a suitable person as a manager for the property in question.
The manager appointed has the same powers with regard to the management of the property of the mentally challenged owner would have enjoyed. The manager has the power to execute conveyance on behalf of the owner after obtaining prior permission of the court. In case the manager wishes to execute mortgage or lease of such property for more than five years, then he has to obtain an order from the court before signing the mortgage deed/lease deed in lieu of the mentally ill person.
In a situation, where a person enters into a contract to sell the property owned by him and is later unable to fulfil the contract owing to his mental illness; the court may direct the appointed manager to do fulfil such incomplete contract. The manager is bound to act according to the directions of the court that appointed him. However, a manager can only manage the individual property of the mentally challenged person and canot be appointed for joint family property.
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