Deed of Release in favour of wife where property purchased with wife’s money has been conveyed to her husband — Necessary provisions of the Benami Transactions (Prohibition) Act, 1988 incorporated
THIS INDENTURE is made on _______ day of _____ 20___
BETWEEN
_________________________________ (Husband) of (address, etc.) (hereinafter called “the Releasor”) of the ONE PART and where the context so requires and admits, the terms include each of their legal heirs, successors, executors, administrators and assigns.
And
________________________________ (Wife) his wife of (address, etc.) (hereinafter called “the Releasee”) of the OTHER PART and where the context so requires and admits, the terms include each of their legal heirs, successors, executors, administrators and assigns.
WHEREAS :
- By a conveyance dated ______ and made between (Parties) and registered in the Office of the Registrar of Assurances at ______ and entered in Book No. Volume No. _____ pages ____ to ____ Being No. ___ for the year 20 ____ the property more fully described in the Schedule hereunder written and hereinafter referred to as “the said property” was conveyed to the Releasor absolutely and for ever.
- The consideration for the said Purchase was wholly provided by the Releasee out of monies belonging to her as the Releasor hereby admits.
- The said property is being held by the Releasor, the husband, as a trustee who stands in a fiduciary Capacity in relation to the Releasee, the wife, for the benefit of the Releasee.
- The Releasee has requested the Releasor to release the said property in her favour by execution and registration of a proper deed of Releasee and the Releasor has agreed to the said proposal.
NOW THIS DEED WITNESSETH as follows:?
- In consideration of the premises the Releasor as trustee hereby releases unto the Releasee ALL THAT (piece and parcels) more fully described in the Schedule hereunder written and hereinafter referred to as “the said property” TO HOLD the same unto the Releasee absolutely and for ever free from any encumbrances.
- The Releasor and the Releasee hereby declare that the said property was being held by the Releasor as a trustee in a fiduciary Capacity for the benefit of the Releasee and that the prohibition contained in section 4(1) & (2) of the Benami Transactions (Prohibition) Act, 1988 will not be applicable in respect of execution of these presents by the Releasor in favour of the Releasee by virtue of the operation of clause (b) of sub-section (3) of sec. 4 of the said Act.
- The Releasee hereby covenants with the Releasor that she or her personal representative will at all times hereafter indemnify the husband and his estate and effects from and against all actions proceedings claims demands costs and expenses whatsoever in respect of or arising out of the said property.
THE SCHEDULE ABOVE REFERRED TO:
IN WITNESS WHEREOF etc.
[Signatures and seals of both parties]
