Rescindable contract transfers require the transferee to hold property for the transferor's benefit after notice, subject to repayment. Where property is transferred pursuant to a contract liable to rescission or induced by fraud or mistake, the transferee, on receiving notice to that effect, must hold the property for the benefit of the transferor, subject to repayment by the transferor of the consideration actually paid.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rescindable contract transfers require the transferee to hold property for the transferor's benefit after notice, subject to repayment.
Where property is transferred pursuant to a contract liable to rescission or induced by fraud or mistake, the transferee, on receiving notice to that effect, must hold the property for the benefit of the transferor, subject to repayment by the transferor of the consideration actually paid.
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