Vesting order in case of other property
Full Text
In the case of any movable property not hereinbefore provided for, the Court may make an order vesting such property in the purchaser or as he may direct; and such property shall vest accordingly.
Plain English Summary
Residual vesting provision for intangible or unclassified movable property, empowering the executing court to pass formal vesting orders transferring absolute title directly to the purchaser.
Key Legal Elements
- Residual Clause: Covers IP rights, goodwill, digital assets, and novel movables.
- Direct Vesting Order: Court order operates as statutory conveyance vesting absolute ownership.
- Third-Party Binding Effect: Binds intellectual property registries and regulatory bodies.
Practical Note
Vesting Intellectual Property Rights: When auctioning patents, trademarks, or copyrights belonging to the judgment-debtor, apply under Rule 81 for a comprehensive Vesting Order to present before the Controller General of Patents, Designs and Trade Marks for recordal.
हिंदी पाठ
ऐसी किसी जंगम संपत्ति की दशा में जिसके लिए इसमें पूर्व उपबंध नहीं किया गया है, न्यायालय ऐसी संपत्ति को क्रेता में अथवा उसके निदेशानुसार निहित (Vest) करने का आदेश दे सकेगा; और वह संपत्ति तदनुसार निहित हो जाएगी।