Delivery of movable property, debts and shares
Full Text
(1) Where the property sold is movable property of which actual seizure has been made, it shall be delivered to the purchaser.
(2) Where the property sold is movable property in the possession of some person other than the judgment-debtor, the delivery thereof to the purchaser shall be made by giving notice to the person in possession prohibiting him from delivering possession of the property to any person except the purchaser.
(3) Where the property sold is a debt not secured by a negotiable instrument, or is a share in a corporation, the delivery thereof shall be made by a written order of the Court prohibiting the creditor from receiving the debt or any interest thereon, and the debtor from making payment thereof to any person except the purchaser, or prohibiting the person in whose name the share may be standing from making any transfer of the share to any person except the purchaser, or receiving payment of any dividend or interest thereon, and the manager, secretary or other proper officer of the corporation from permitting any such transfer or making any such payment to any person except the purchaser.
Plain English Summary
Prescribes the modes of delivering movable property to the auction purchaser: physical handover of seized chattels, prohibitory notice for third-party-held goods, and written transfer directives for debts and corporate shares.
Key Legal Elements
- Physical Seizure Delivery (Sub-rule 1): Immediate physical handover of seized goods by bailiff.
- Third-Party Goods Notice (Sub-rule 2): Prohibitory directive commanding delivery exclusively to purchaser.
- Debts & Shares Delivery (Sub-rule 3): Injunction restraining old owner and directing corporate registrar/debtor to attorn to purchaser.
Practical Note
Enforcing Corporate Attornment: Serve a certified copy of the Rule 79(3) order directly upon the Registrar and Share Transfer Agent (RTA) of the company. The RTA is legally obligated to cancel the debtor's share certificates and credit the shares into the purchaser's demat account.
हिंदी पाठ
(1) जहां बेची गई संपत्ति ऐसी जंगम संपत्ति है जिसका वास्तविक अभिग्रहण किया गया था, वहां वह क्रेता को परिदत्त की जाएगी।
(2) जहां बेची गई संपत्ति किसी ऐसे व्यक्ति के कब्जे में है जो निर्णय-ऋणी से भिन्न है, वहां क्रेता को परिदान कब्जा रखने वाले व्यक्ति को यह सूचना देकर किया जाएगा कि वह क्रेता के सिवाय किसी अन्य को कब्जा न सौंपे।
(3) जहां बेची गई संपत्ति कोई ऋण या कंपनी का अंश है, वहां परिदान न्यायालय के लिखित आदेश द्वारा किया जाएगा जो मूल लेनदार को ऋण लेने से तथा देनदार को क्रेता के सिवाय किसी अन्य को संदाय करने से, अथवा अंशधारक को अंतरण करने से और कंपनी प्रबंधन को क्रेता के सिवाय किसी अन्य को लाभांश देने या अंतरण दर्ज करने से प्रतिषिद्ध करेगा।