RIGHTS AND LIABILITIES OF PAR PARTIES TIES TO AN EXCHANGE
HIDAYATULLAH NATIONAL LAW UNIVERSITY TRANSFER OF PROPERTY LAW PROJECT ON RIGHTS AND LIABILITIES LIABIL ITIES OF PARTIES PARTIES TO AN EXCHANGE
SUBMITTED TO DR. KIRAN KORI SHASHWAT DUBEY SEMESTER IV ROLL NO. 139 SUBMITTED ON 24 TH FEBRAUARY 214
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RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE
CONTENTS
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ACKNOWLEGEMENT INTRODUCTION RESEARCH METHODOLOGY OBJECTIVES OF STUDY EXCHANGES WOULD A PARTITION AMOUNT TO AN EXCHANGE? RIGHTS OF PARTY DEPRIVED OF THING RECIEVD IN EXCHANGE LIABILTY OF LOSS DUE TO DEFECT IN TITLE RIGHTS AND LIABLITIES OF PARTIES EXCHANGE OF MONEY WARRANTY OF GENIUNENESS OF MONEY CONCLUSION BIBLIOGRAPHY & WEB REFERENCES
ACKNOWLEDGEMENT
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RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE I woul l!"# $o %!'#(#l) $*+" $*# T(+%,#( o, P(o-#($) A'$ T#+'*#( D(. K!(+ Ko(! ,o( /!0!/ 1# $*!% -(o2#'$ o $*# 3R!/*$% + L!+4!l!$!#% O, P+($!#% $o + E5'*+/# 6 w*!'* *+% w!## 1) "owl#/# o $*# L+w (#l+$# $o $*# #5'*+/# u#( $*# T(+%,#( o, P(o-#($) A'$ 7889. H#( /u!+'# + %u--o($ *+% 4## !%$(u1#$+l ! $*# 'o1-l#$!o o, $*!% -(o2#'$ . T*+" )ou M+:1 ,o( )ou( 'o%!%$#$ %u--o($. I; +l%o l!"# $o $*+" +ll $*# +u$*o(%< w(!$#(% + 'olu1!%$% w*o%# !#+% + wo("% *+0# 4## 1+# u%# o, ! $*# 'o1-l#$!o o, $*!% -(o2#'$. M) %!'#(# /(+$!$u# +l%o /o#% ou$ $o $*# %$+,, + +1!!%$(+$!o =HNLU> ,o( $*# !,(+%$(u'$u(# ! $*# ,o(1 o, ou( l!4(+() + IT l+4 $*+$ w+% + %ou('# o, /(#+$ *#l- ! $*# 'o1-l#$!o o, $*!% -(o2#'$. I woul +l%o l!"# $o $*+" 1) ,(!#% w*o *+0# l## 1# 'o%$+$ %u--o($ $*(ou/* /u!+'# + !-u$% w*!'* *+% l# $o $*# 'o1-l#$!o o, $*!% -(o2#'$.
SHASHWAT DUBEY SEMESTER IV
INTRODUCTION
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RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE B#,o(# $*# +0#$ o, $*# B(!$!%*#(%< #+'* 'o11u!$) ! I!+ w+% /o0#(# 4) !$% (#%-#'$!0# 'u%$o1+() l+w ! 1+$$#(% (#l+$!/ $o $(+%,#( o, -(o-#($). W!$* $*# #%$+4l!%*1#$ o, $*# ,o(1+l l!$!/+$!0# %)%$#1 + ! +4%#'# o, +) l#/!%l+$!o ! $*!% +(#+< $o 4#/! w!$*< $*# E/l!%* 2u/#% +--l!# $*# 'o11o l+w o, E/l+ + $*# (ul#% o, #u!$)< 2u%$!'# + /oo 'o%'!#'# w!$* (#%-#'$ $o !%-u$#% (#l+$!/ $o $(+%,#( o, -(o-#($). T*# u%u!$+4!l!$) o, $*#%# -(o0!%!o% $o $*# I!+ 'o!$!o%@ $*# (#%ul$!/ 'o,l!'$ + $*# ## ,o( 'l+(!$) o, (ul#% (#l+$!/ $o $*!% !1-o($+$ 4(+'* o, l+w #'#%%!$+$# $*# #+'$1#$ o, + l#/!%l+$!o. D(+,$# ! 78< $*# T(+%,#( o, P(o-#($) A'$ %+w $*# l!/*$ o, $*# +) ! 7889 + -(o0!# $*# 4+%!' -(!'!-l#% ,o( $(+%,#( o, 4o$* 1o0+4l# + !11o0+4l# -(o-#($!#%. B+%# -(!1+(!l) o $*# E/l!%* l+w o, R#+l P(o-#($);< !$ +$$#1-$# $o 1oul $*#%# -(!'!-l#% $o %u!$ $*# I!+ 'o!$!o%@ 4u$ '#($+! -(o0!%!o% o, $*# A'$ (#1+!# !+--l!'+4l# $o H!u% + Mu%l!1%< $o %$+($ w!$*. I o(#( $o -u$ +$ (#%$ $*# 'o,u%!o '(#+$# 4) $*# 'o,l!'$!/ #'!%!o% + #5$# $*# +--l!'+$!o o, $*# A'$ ! $o$+l!$) $o H!u%< $*# T(+%,#( o, P(o-#($) A'$< 7889 w+% +1## ! 79. How#0#(< $!ll +$#< $*# -(o0!%!o% o, C*+-$#( II o, $*# A'$ $*+$ +(# !'o%!%$#$ w!$* $*# u(+!' l+w% +(# !+--l!'+4l# $o Mu%l!1%. Mo(#o0#(< + %#-+(+$# #+'$1#$ $!$l# $*# S+l# o, Goo% A'$< 7; w+% -+%%# $o #+l w!$* $(+%,#( o, 1o0+4l# -(o-#($) 4) %+l#.
T*# T(+%,#( o, P(o-#($) A'$< 7889 'o$+!% $*# /##(+l -(!'!-l#% o, $(+%,#( o, -(o-#($) + #$+!l# (ul#% w!$* (#%-#'$ $o %-#'!,!' $(+%,#( o, !11o0+4l# -(o-#($) 4) %+l#< #5'*+/#< 1o($/+/#< l#+%# + /!,$. T*# (ul#% (#l+$!/ $o #5'*+/#% +(# ,ou ! C*+-$#( VI o, $*# TOPA ! S#'$!o% 778 $o 797. T*# 'o'#-$ o, + #5'*+/#; !% #,!# u#( S#'$!o 778 o, $*# TOPA +% + %!$u+$!o w*#(# $wo -#(%o% $(+%,#( ow#(%*!- o, o# $*!/ ! #5'*+/# ,o( ow#(%*!- o, +o$*#( 1u$u+ll)< #!$*#( o, w*!'* !% 1o#) ol). T*!% -(o2#'$ w!ll 'o0#( + %$u) o, (!/*$% + l!+4!l!$!#% o, -+($!#% $o + #5'*+/# u#( $*# T(+%,#( o, P(o-#($) A'$ 7889.
OBJECTIVES OF STUDY! U#(%$+ $*# l+w% (#l+$!/ $o #5'*+/#; + #u1#(+$# $*# 'o!$!o% $*+$ 1u%$ 4# %+$!%,!# +% w#ll +% $*# (!/*$% + l!+4!l!$!#% o, $*# -+($!#% 'o'#(#. 4
RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE
RESEARCH METHODOLOGY! T*!% -(o2#'$ wo(" !% 4o$* #%'(!-$!0# & ++l)$!'+l ! +--(o+'* + !% 4+%# o $*# (#%#+('*#% '+((!# ou$ $o %$u) $*# l+w% (#l+$!/ $o #5'*+/# u#( $*# T(+%,#( O, P(o-#($) A'$ 7889. Boo"% & o$*#( (#,#(#'#% +% /u!# 4) ,+'ul$) o, T(+%,#( o, P(o-#($) A'$ *+0# !11#%#l) *#l-# ! $*# 'o1-l#$!o o, $*# -(o2#'$.
EXCHANGES
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RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE T*# (ul#% (#l+$!/ $o #5'*+/#% +(# ,ou ! C*+-$#( VI o, $*# TOPA ! S#'$!o% 778 $o 797. Fo($u+$#l)< $*#%# (ul#% +(# (#l+$!0#l) %!1-l# 'o1-+(# $o o$*#( ,o(1% o, $(+%,#(% o, -(o-#($).
"EXCHANGE" DEFINED
W*# $wo -#(%o% 1u$u+ll) $(+%,#( $*# ow#(%*!- o, o# $*!/ ,o( $*# ow#(%*!- o, +o$*#(< #!$*#( $*!/ o( 4o$* $*!/% 4#!/ 1o#) ol)< $*# $(+%+'$!o !% '+ll# + #5'*+/#. A $(+%,#( o, -(o-#($) ! 'o1-l#$!o o, + #5'*+/# '+ 4# 1+# ol) ! 1+#( -(o0!# ,o( $*# $(+%,#( o, %u'* -(o-#($) 4) %+l#.
T*# 'o'#-$ o, + #5'*+/#; !% #,!# u#( S#'$!o 778 o, $*# TOPA +% + %!$u+$!o w*#(# $wo -#(%o% $(+%,#( ow#(%*!- o, o# $*!/ ! #5'*+/# ,o( ow#(%*!- o, +o$*#( 1u$u+ll)< #!$*#( o, w*!'* !% 1o#) ol). Fo( + $(+%,#( $o 4# 'o%!#(# +% + #5'*+/#< $*# ,ollow!/ (#u!(#1#$% 1u%$ 4# ,ul,!ll# O# -#(%o 1u%$ $(+%,#( $*# ow#(%*!- o, + -(o-#($) ! ,+0ou( o, +o$*#(@ T*+$ o$*#( -#(%o 1u%$ $(+%,#( $*# ow#(%*!- o, +o$*#( -(o-#($) ! ,+0ou( o, $*# ,!(%$@ T*# $(+%,#( %*oul 4# 1u$u+l@ N#!$*#( o, $*# $*!/% %*oul 4# 1o#) +lo#.
T*#(#,o(#< w*# $*# %*+(#% o, o# 'o1-+) +(# $(+%,#((# u#( + o'u1#$ ! 'o%!#(+$!o o, $*# %*+(#% o, +o$*#(< $*# $(+%,#( !% + #5'*+/#. Al%o< ! + '+%# w*#(# + -(o-#($) !% $(+%,#((# ! 'o%!#(+$!o o, +o$*#( -(o-#($) + + %u1 o, 1o#)< !$ woul %$!ll 4# (#/+(# +% + #5'*+/# ,+ll!/ w!$*! $*# +14!$ o, S#'$!o 778 o, $*# TOPA. T*!% !% 4#'+u%# $*# %#'$!o ol) (#u!(#% $*+$ $*# #!$*#( o, $*# $*!/% $*+$ +(# #5'*+/# %*oul o$ 4# 1o#) ol). T*#(#,o(#< !, 1o#) !% + -+($ o, $*# 'o%!#(+$!o -+! +lo/ w!$* +o$*#(
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RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE $*!/< !$ w!ll o$ +1ou$ $o + %+l# + w!ll (#1+! + #5'*+/# u#( S#'$!o 778 o, $*# TOPA.
ILLUSTRATION :
Ro*!$ $(+%,#(% *!% *ou%# ! ,+0ou( o, R+1#%*. R+1#%* /!0#% +ll $*# 2#w#ll#() *# *+% + +!$!o+l Ru-##% T# l+"*% $o Ro*!$. T*!% !% + #5'*+/#. Al$*ou/* R+1#%* -+)% 1o#) ,o( $*# *ou%#< !$ !% o$ 1o#) ol). I$ !% -+! +lo/ w!$* $*# 2#w#ll#()< + *#'#< !$ !% + #5'*+/#.
WOULD A PARTITION AMOUNT TO AN EXCHANGE#
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RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE Fu($*#(< + !%%u# $*+$ +(!%#% ! $*!% 'o$#5$ !% woul + -+($!$!o +1ou$ $o + #5'*+/#? T*# +%w#( !% o. W# "ow $*+$ ,o( + $(+%,#( $o 4# + #5'*+/# $*# $wo ow#(%*!-% 1u%$ 4# 1u$u+ll) #5'lu%!0# + $*+$ !%
not
$*# '+%# ! + -+($!$!o. E+'* -+($) ow% +
%*+(# ! $*# u!0!# -(o-#($!#%< w*!'* !% %#-+(+$# 4) + -+($!$!o 4)
metes
+
bounds
$o '(#+$# #5'lu%!0# ow#(%*!- o0#( $*#-(o-#($). T*#(#,o(#< !$ !% o$ +
#5'*+/# +% $*# $wo ow#(%*!-% *#(# +(# o$ 1u$u+ll) #5'lu%!0#.
ILLUSTRATION!
Ro*!$< R+2< + R+1#%* +(# $*(## 4(o$*#(% w*o %##" -+($!$!o o, $*# 2o!$ ,+1!l) -(o-#($). Ro*!$ $+"#% $*# #$!(# *ou%#< R+2 $+"#% $*# ,+1!l) 2#w#ll#()< + R+1#%* $+"#% o0#( $*# ,+1!l) 4u%!#%% +% -#( $*# $#(1% o, $*# -+($!$!o ##. T*!% !% o$ + #5'*+/#. T*# ow#(%*!o, $*#%# -(o-#($!#% w+% o$ 1u$u+ll) #5'lu%!0#. E+'* 4(o$*#( ow# + -o($!o o, +ll o, $*# -(o-#($!#%.
P+($!$!o 1#(#l) 'o0#($# 2o!$ #2o)1#$ o, -(o-#($) $o #2o)1#$ ! %#0#(+l$). A,$#( u#(%$+!/ w*+$ + #5'*+/# !%< $*# #5$ 1+2o( +%-#'$ o,$*# $(+%+'$!o !% $*# +$u(# o, $*# (!/*$% o, $*# -+($!#% $o + #5'*+/#. T*!% !% 1+# 'l#+( 4) S#'$!o 79 o, $*# TOPA< w*!'* %$+$#% $*+$ #+'* -+($) *+% $*# %+1# (!/*$% + l!+4!l!$!#% +% + %#ll#( o#% ! (#%-#'$ o, $*# -(o-#($)< w*!'* $*#) /!0#. Fu($*#(< #+'* -+($) *+% $*# %+1# (!/*$% + l!+4!l!$!#% +% $*# 4u)#( o#% ! (#%-#'$ o, $*# -(o-#($) $*+$ *# $+"#%. T*#(#,o(#< $*# (!/*$% + l!+4!l!$!#% o, $*# -+($!#% $o + #5'*+/# +(# $*# %+1# +% $*o%# o, + 4u)#( + %#ll#( ! '+%# o, + %+l#. T*# ol) !,,#(#'# *#(# !% $*+$ #+'* -+($) *+% (!/*$% + l!+4!l!$!#% (#l+$!/ $o 4o$* 4u)#( + %#ll#( $*# ,o(1#( w!$* (#%-#'$ $o $*# -(o-#($) !$ $+"#%< + $*# l+$$#( ! (#%-#'$ o, $*# -(o-#($) $*+$ !$ /!0#%. T*#(#,o(#< ! o(#( $o u#(%$+ $*#!( (!/*$% + o4l!/+$!o%< o# 1+) loo" $o $*# 'o11#$+(!#% (#l+$!/ $o $*# (!/*$% o, + 4u)#( + %#ll#( u#( S#'$!o o, $*# TOPA .
Ao$*#( "#) !%%u# ! '+%# o, + #5'*+/# !% w*+$ *+--#% !, #!$*#( $(+%,#( o, ow#(%*!- !% 4+? W*+$ !, o# o, $*# -+($!#% $o $*# #5'*+/# o#% o$ *+0# + /oo $!$l# $o $*# -(o-#($) *# 8
RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE -u(-o($% $o $(+%,#( ! $*# #5'*+/#? I %u'* '+%#%< S#'$!o 77 o, $*# TOPA 4#'o1#% (#l#0+$< w*!'* -(o0!#% $*+$ !, %u'* + $*!/ *+--#% $o $*# o(!/!+l -+($) o( +) o$*#( -+($) 'l+!1!/ $*(ou/* o( u#( *!1< $*# o$*#( -+($) o( *!% l#/+l (#-(#%#$+$!0#% +(# o4l!/+$# $o 1+"# /oo $*# lo%% '+u%# $*#(#4)< unless + 'o$(+() !$#$!o +--#+(% ! $*# $#(1% o, $*# #5'*+/#. O$*#(w!%#< +$ $*# o-$!o o, $*# w(o/# -+($)< $*# o$*#( -+($) 1+) +l%o 4# o4l!/+$# $o (#$u( $*# $*!/ $(+%,#((# $o *!1< !, *# !% %$!ll ! -o%%#%%!o o, $*# -(o-#($). T*#(#,o(#< S#'$!o 77 o, $*# TOPA -(o$#'$% $*# -+($!#% $o + #5'*+/# ,(o1 + 4+ $(+%,#( o, ow#(%*!-. How#0#(< !$ !% %u42#'$ $o $*# $#(1% o, $*# #5'*+/# + !, $*#) -(o0!# o$*#(w!%#< $*# #,,#'$ o, S#'$!o 77 o, $*# TOPA 1+) 4# ull!,!#.
ILLUSTRATION!
Ro*!$ #5'*+/#% *!% *ou%# w!$* R+1#%* ! #5'*+/# ,o( R+1#%*;% 2#w#ll#() + '+%*. L+$#(< *# !%'o0#(% $*+$ $*# 2#w#ll#() w+% 2o!$ ,+1!l) -(o-#($) + R+1#%* *+ o -ow#( $o $(+%,#( $*#1. I, R+1#%* !% %$!ll ! -o%%#%%!o o, $*# *ou%#< Ro*!$ '+ #1+ $*+$ *# (#$u( $*# *ou%# 4+'" $o *!1. Al$#(+$#l)< *# 'oul +l%o +%" R+1#%* $o 1+"# /oo $*# 0+lu# o, $*# *ou%# o0#( + +4o0# $*# '+%* *# (#'#!0#. U#( S#'$!o 77 o, $*# TOPA< $*# (#1#) !% ow +0+!l+4l# $o +)4o) 'l+!1!/ $*(ou/* $*# o(!/!+l -+($) !'lu!/ + $(+%,#(##. So< $*# w(o/# -+($) '+ 'l+!1 (#$u( ol) ,(o1 $*# o(!/!+l -+($)< *!% l#/+l (#-(#%#$+$!0#% o( ,(o1 + $(+%,#(## w*o *+% (#'#!0# $*# -(o-#($) w!$*ou$ 'o%!#(+$!o. H# '+o$ 'l+!1 (#$u(< *ow#0#(< ,(o1 + 4o+ ,!# -u('*+%#( o( + $(#%-+%%#(.
ILLUSTRATION!
9
RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE I $*# +4o0# !llu%$(+$!o< !, R+1#%* *+ %ol $*# -(o-#($) $o + $*!( -+($) w*o ! o$ "ow o, $*# #5'*+/#< $*# Ro*!$ 'oul o$ *+0# 'l+!1# $*# *ou%# ,(o1 %u'* + $*!( -+($). H!% ol) o-$!o ! %u'* + '+%# woul 4# $o -(o'## +/+!%$ R+1#%* o( *!% l#/+l (#-(#%#$+$!0#% $o 1+"# /oo $*# lo%% *# *+% %u,,#(# o +''ou$ o, $*# #5'*+/#.
10
RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE
RIGHT OF PARTY DEPRIVED OF THING RECEIVED IN EXCHANGE
S$%&'() 119 o, $*# T(+%,#( o, P(o-#($) A'$ (#+% $*u%
I, +) -+($) $o + #5'*+/# o( +) -#(%o 'l+!1!/ $*(ou/* o( u#( %u'* -+($) !% 4) (#+%o o, +) #,#'$ ! $*# $!$l# o, $*# o$*#( -+($) #-(!0# o, $*# $*!/ o( +) -+($ o, $*# $*!/ (#'#!0# 4) *!1 ! #5'*+/#< $*#< ul#%% + 'o$(+() !$#$!o +--#+(% ,(o1 $*# $#(1% o, $*# #5'*+/#< %u'* o$*#( -+($) !% l!+4l# $o *!1 o( +) -#(%o 'l+!1!/ $*(ou/* o( u#( *!1 ,o( lo%% '+u%# $*#(#4)< o( +$ $*# o-$!o o, $*# -#(%o %o #-(!0#< ,o( $*# (#$u( o, $*# $*!/ $(+%,#((#< !, %$!ll ! $*# -o%%#%%!o o, %u'* o$*#( -+($) o( *!% l#/+l (#-(#%#$+$!0# o( + $(+%,#(## ,(o1 *!1 w!$*ou$ 'o%!#(+$!o.
S#'$!o 77 o, $*# TOPA -(o0!#% $*+$ !, o# o, $*# -+($!#% $o $*# #5'*+/# o#% o$ *+0# + /oo $!$l# $o $*# -(o-#($) *# w+$% $o $(+%,#(<+ !, %u'* + $*!/ *+--#% $o $*# o(!/!+l -+($) o( +) o$*#( -+($) 'l+!1!/ $*(ou/* o( u#( *!1< $*# o$*#( -+($) o( *!% l#/+l (#-(#%#$+$!0#% +(# o4l!/+$# $o 1+"# /oo $*# lo%% '+u%# $*#(#4)< unless + 'o$(+() !$#$!o +--#+(% ! $*# $#(1% o, $*# #5'*+/#. O$*#(w!%#< +$ $*# o-$!o o, $*# w(o/# -+($)< $*# o$*#( -+($) 1+) +l%o 4# o4l!/+$# $o (#$u( $*# $*!/ $(+%,#((# $o *!1< !, *# !% %$!ll ! -o%%#%%!o o, $*# -(o-#($). T*#(#,o(#< S#'$!o 77 o, $*# TOPA -(o$#'$% $*# -+($!#% $o + #5'*+/# ,(o1 + 4+ $(+%,#( o, ow#(%*!-. How#0#(< !$ !% %u42#'$ $o $*# $#(1% o, $*# #5'*+/# + !, $*#) -(o0!# o$*#(w!%#< $*# #,,#'$ o, S#'$!o 77 o, $*# TOPA 1+) 4# ull!,!#.
LIABILITY OF LOSS DUE TO DEFECT IN TITLE
11
RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE T*!% %#'$!o #+l% w!$* (!/*$% o, -+($) w*o !% #-(!0# o, l+w,ul $!$l# ! -(o-#($) (#'#!0# 4) *!1 ! #5'*+/#. E5'*+/# !% 1u$u+l (+%,#( o, ow#(%*!- 4#$w## $wo -#(%o%. A''o(!/l)< 4o$* 'o0#+$ !1-l!##l) $o #5'*+/# ow#(%*!- + -#(,#'$ $!$l# ! -(o-#($) $o #+'* o$*#(. S#'$!o 77 /!0#% '#($+! (!/*$% $o + -+($) w*o o#% o$ /#$ -#,#'$ $!$l# ! $*# -(o-#($) (#'#!0# 4) *!1. W*#(# + -+($) $o #5'*+/# =o(< +) -#(%o 'l+!1!/ u#(*!1> !% #-(!0# o, $*# -(o-#($) u# $o #,#'$ ! !$% $!$l#< *# *+% ,ollow!/ $wo (#1#!#% =+> H# 1+) 'l+!1 (#$u( o, $*# -(o-#($) $(+%,#((# 4) *!1 $o o$*#( -+($) -(o0!# $*# -(o-#($) !% %$!ll ! $*# -o%%#%%!o $*+$ -+($)< o( =4> H# 1+) 'l+!1 'o1-#%+$!o ,(o1 $*# o$*#( -+($) ,o( $*# lo%% !'u((# u# $o %u'* #,#'$!0# $!$l#.
T*!% %#'$!o +,,!(1% $*# (ul# $*+$ #+'* -+($) w+((+$% *!% $!$l# $o $*# $*!/% w*!'* *# *+ $(+%,#((# 4) w+) o, #5'*+/#. I$ 'o$+!% + !1-l!# 'o0#+$% o, $!$l# 2u%$ +% %#'$!o 7 o, S+l# o, Goo% A'$< 7 -(o0!#% ! (#%-#'$ o, %+l# o, /oo%. T*# R!/*$% +0+!l+4l# $o $*# +//(!#0# -+($) +(# #!$*#( (#$u( o, $*# -(o-#($) o( !, %u'* (#$u( !% o$ -o%%!4l#< $o 'l+!1 'o1-#%+$!o. T*u%< o, $*# -(o-#($) w*!'* *# !% #$!$l# $o (#'#!0# ! #5'*+/#< *# *+% (!/*$ $o 'l+!1 $*# (#$u( o, *!% ow -(o-#($) $(+%,#((# 4) *!1..
I J*&&+ R*, - H*/', S')0 1
T*#(# w+% + #,#'$ ! $*# $!$l# o, + l+ (#'#!0# 4) o# -+($) $o #5'*+/# u# $o l+ +% -#( %$!-ul+$!o. T*# Su-(#1# Cou($ *#l $*+$ #$(!#% 1+# 4) -+$w+(! ! $*# o,,!'!+l (#'o( o o$ '(#+$# $!$l# + $*# o--o%!$# -+($) w+% l!+4l# $o (#$u( $*# l+ $o $*+$ #5$#$.
RIGHTS AND LIABILITIES OF PARTIES
1 AIR 1994 SC 1653
12
RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE
S$%&'() 12 o, TOPA (#+% $*u%
R!/*$% + l!+4!l!$!#% o, -+($!#%. S+0# +% o$*#(w!%# -(o0!# ! $*!% C*+-$#(< #+'* -+($) *+% $*# (!/*$% + !% %u42#'$ $o $*# l!+4!l!$!#% o, + %#ll#( +% $o $*+$ w*!'* *# /!0#%< + *+% $*# (!/*$% + !% %u42#'$ $o $*# l!+4!l!$!#% o, + 4u)#( +% $o $*+$ w*!'* *# $+"#%.
S#'$!o 79 -(o0!#% ,o( $*# (!/*$% + l!+4!l!$!#% o, $*# -+($!#% $o #5'*+/#. Bu$ !$ o#% o$ %-#'!,!'+ll) 1#$!o $*#1. U#( $!% %#'$!o $*# (!/*$% + u$!#% o, $*# -+($!#% $o + #5'*+/# o, !11o0+4l# -(o-#($) +(# $*# %+1# +% $*+$ o, %#ll#( + 4u)#( /!0# ! %#'$!o . S!'##5'*+/# +l%o !'lu#% 4+($#(< !.#< #5'*+/# o, 1o0+4l#%< $*# (ul#% o, $*# S+l# o, Goo% A'$< 7 ! $*!% (#/+( 1+) +--l) w*#(# $*# -(o-#($!#% +(# 1o0+4l#. How#0#(< %!'# $*#(# !% o -(!'# o( 1o#) 'o%!#(+$!o< $*#(#,o(#< $*#(# !% o '*+(/# ,o( u-+! -(!'# #0# w*#(# %o1# 1o#) !% -+! $o #u+$# $*# 0+lu# o, -(o-#($).
EXCHANGE OF MONEY S$%&'() 121 #+l% w!$* E5*+/# o, Mo#).
I$ (#+% $*u% O + #5'*+/# o, 1o#)< #+'* -+($) $*#(#4) w+((+$% $*# /#u!##%% o, $*# 1o#) /!0# 4) *!1.
WARRANTY OF GENUINENESS OF MONEY
13
RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE E5'*+/# !% 1u$u+l $(+%,#( o, ow#(%*!- ! 1o0+4l# o( !11o0+4l# -(o-#($). W*#(# 1o#) !% $(+%,#((# ! 'o%!#(+$!o o, 1o#)< $*# $(+%,#( !% #5'*+/#. Fo( !%$+'# w*#(# + -#(%o /!0#% + *u(# (u-## 'u((#') o$# $o +o$*#( + $+"#% ,(o1 *!1 $# 'u((#') o$% o, $# (u-##%< $*# $(+%+'$!o 4#$w## $*#1 !% '+ll# #5'*+/#.S#'$!o 797 -(o0!# $*+$ w*#(# 1o#) !% #5'*+/# 1u$u+ll) 4#$w## $wo -#(%o% $*#(# !% !1-l!#'o0#+$ $*+$ #+'* -+($) w+((+$% $*# o$*#( /#u!##%% o, $*# 1o#). T*#(#,o(#< w*# 1o#) o, o# -+($) !% 'ou$#(,#!$ o( + ,+"# 'u((#') o$#< $*#(# !% o 0+l! 'o%!#(+$!o ! $*# $(+%+'$!o + $*# #5'*+/# !% 0o!. A''o(!/l)<$*# o$*#( -+($) w*o !% #-(!0# o, *!% (!/*$ $o /#$ /#u!# 1o#) ! (#$u( o, *!% ow /#u!# 1o#)< woul 4# #$!$l# $o (#'o0#( $*# 1o#) -+! 4) *!1. T*u%< !, A /!0#%+ ,+"# *u(# (u-## 'u((#') o$# $o B! 'o%!#(+$!o o, $# /#u!# 'u((#') o$#% o, $# (u-##%< B !% #$!$l# $o (#'o0#( $*# $# 'u((#') o$#% o, $# w*!'* *# *+% -+! $o A.
CONCLUSION T*u%< w# *+0# %## $*+$ $*# R!/*$% + L!+4!l!$!#% o, P+($!#% $o + #5'*+/# +(# #+l$ ! C*+-$#( VI o, $*# TOPA. T*#%# +(# 'o$+!# w!$*! %#'$!o 778 $o 797. To %u11+(!%# $*#1< $*#) +(# S#' 778. E5'*+/# #,!# S#' 77. R!/*$ o, -+($) #-(!0# o, $*!/ (#'#!0# ! #5'*+/# S#' 79. R!/*$% + l!+4!l!$!#% o, -+($!#% S#' 797. E5'*+/# o, 1o#)
All o, $*# +4o0# %#'$!o% $o/#$*#( #,!# $*# R!/*$% + L!+4!l!$!#% o, -+($!#% $o + #5'*+/# u#( $*# T(+%,#( o, -(o-#($) A'$< 7889 +% w#(# !%'u%%# ! $*# -(o2#'$.
BIBLIOGRAPHY
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RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE •
RK S!*+< T(+%,#( o, P(o-#($) A'$ 7889< 979< C#$(+l L+w A/#')< Fou($##$*
•
#!$!o S!( D!%*+w Mull+< T*# T(+%,#( o, P(o-#($) A'$ <97<77$* E!$!o
WEB REFERENCES • • •
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RIGHTS AND LIABILITIES OF PARTIES TO AN EXCHANGE
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