The Transfer of Property Act, 1882
Where a debt is transferred for the purpose of securing an existing or future debt, the debt so transferred, if received by the transferor or recovered by the transferee, is applicable, first, in payment of the costs of such recovery: secondly, in or towards satisfaction of the amount for the time being secured by the transfer; and the residue, if any, belongs to the transferor or other person entitled to receive the same.
Source & version
Official text: India Code (official) ↗
Official India Code text: The Transfer of Property Act, 1882 (4 of 1882), English PDF (bitstream 123456789/2338/1/A1882-04.pdf, 565,764 bytes, sha256 5223fdf06a0aa3ed...) fetched directly from indiacode.nic.in (Akamai edge, DNS via dns.google) on 2026-08-01. Extracted via pdftotext 26.07 -bbox and the @nexlex/ingest inline parser. Automated parse; footnotes and amendment history excluded. Spot-verified against the PDF; full clause-level proofread pending.
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