Welcome Guest ( Log In | Register )

Bump Topic Topic Closed RSS Feed
123 Pages « < 17 18 19 20 21 > » Bottom

Outline · [ Standard ] · Linear+

> Lawyer's Corner v2, One-stop centre for any legal queries

views
     
gallileo
post Feb 8 2012, 09:41 PM

New Member
*
Junior Member
27 posts

Joined: Jun 2011
From: Purple Tree
Hi Dario,

Need your advise please on usage of 'Bumiputra Status' when purchasing a new property.

I have 'bumi status' and I used it to purchase a condo for the 7% bumi discount. Now I want to do a WILL of my property and discovered that am not allow to WILL it to a non-bumi.

I only have 'bumi status' and am not a Muslim and this status ends with me. I have been advise to check my S&P to see if there is any mention that the property I purchased in a bumi lot but it didn't mention anything.

I called the developer but the person who answered my call is not aware of 'bumi status'.

Can you please advise me my standing, please.

Thank you so much


TSdariofoo
post Feb 9 2012, 08:23 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9


QUOTE(Urban @ Feb 8 2012, 03:09 AM)
Does he consider as trespassing after the notice i gave him to evict?
*
Please read post #347 above.


QUOTE(Urban @ Feb 8 2012, 03:09 AM)
Is there anyway to evict him without going to court?
*
You mean evict him illegally? sweat.gif
TSdariofoo
post Feb 9 2012, 09:06 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9


QUOTE(F3RAL HO @ Feb 7 2012, 01:59 PM)
Dear Bro & Sis Lawyers,

Sorry to barge in on any current discussion, but i got a case which i really need help. Really hope dear bro & sis lawyers could share your expertise and guide me.

I was referred by a lowyat member onto this thread after i've posted my question on Finance, Business and Investment House. Previous Thread

Anyhow, my relative is sued for bankruptcy on year 2009 (he is still not bankrupt at the moment, but blacklisted), he transferred his property (own house) to his sister in the same year 2009. I've heard that the official assignees or government have the power to take back the property of the bankrupt (even after transferred or sold to third party). Is it true?

Also, there is a duration of 2/5 years, why is there 2 different durations?
*
Welcome. This is an open thread for anyone to drop by and pose questions, so don't need to to say sorry to barge in for anything. Open discussions are always welcome. nod.gif

Now, a person commits an act of bankruptcy in the following scenarios as stated in Section 3 of the Bankruptcy Act 1967:

3. (1) A debtor commits an act of bankruptcy in each of the
following cases:
(a) if in Malaysia or elsewhere he makes a conveyance or
assignment of his property to a trustee or trustees for the
benefit of his creditors generally;

(b) if in Malaysia or elsewhere he makes a fraudulent
conveyance, gift, delivery or transfer of his property or
of any part thereof;

© if in Malaysia or elsewhere he makes any conveyance or
transfer of his property or of any part thereof, or creates
any charge thereon which would under this or any other
written law for the time being in force be void as a
fraudulent preference if he were adjudged bankrupt;

(d) if with intent to defeat or delay his creditors he does any
of the following things:

(i) departs out of Malaysia or being out of Malaysia
remains out of Malaysia;

(ii) departs from his dwelling-house or otherwise
absents himself, or begins to keep house or closes
his place of business; or

(iii) submits collusively or fraudulently to an adverse
judgment or order for the payment of money;
Bankruptcy 15

(e) if execution issued against him has been levied by seizure
of his property under process in an action or in any civil
proceeding in the High Court, Sessions Court or Magistrates
Court where the judgment, including costs, is for an
amount of one thousand ringgit or more;

(f) if he files in the court a declaration of his inability to pay
his debts or presents a bankruptcy petition against himself;

(g) if he gives notice to any of his creditors that he has
suspended or that he is about to suspend payment of his
debts;

(h) if he makes to any two or more of his creditors, not being
partners, an offer of composition with his creditors or a
proposal for a scheme of arrangement of his affairs, and
such offer or proposal is not followed by the registration
within fourteen days thereafter of a deed of arrangement
with his creditors, in accordance with the rules for the
time being in force for the registration of deeds of
arrangement under this Act;

(i) if a creditor has obtained a final judgment or final order
against him for any amount and execution thereon not
having been stayed has served on him in Malaysia, or by
leave of the court elsewhere, a bankruptcy notice under
this Act requiring him to pay the judgment debt or sum
ordered to be paid in accordance with the terms of the
judgment or order with interest quantified up to the date
of issue of the bankruptcy notice, or to secure or compound
for it to the satisfaction of the creditor or the court; and
he does not within seven days after service of the notice
in case the service is effected in Malaysia, and in case
the service is effected elsewhere then within the time
limited in that behalf by the order giving leave to effect
the service, either comply with the requirements of the
notice or satisfy the court that he has a counterclaim, set
off or cross demand which equals or exceeds the amount
of the judgment debt or sum ordered to be paid and
which he could not set up in the action in which the
judgment was obtained or in the proceedings in which
the order was obtained:
Provided that for the purposes of this paragraph and
of section 5 any person who is for the time being entitled
to enforce a final judgment or final order shall be deemed
to be a creditor who has obtained a final judgment or
final order;

(j) if the officer charged with the execution of a writ of
attachment or other process makes a return that the
debtor was possessed of no property liable to seizure;
and for the purposes of this paragraph the date when the
writ is lodged with the officer shall be deemed to be the
date of the act of bankruptcy.


In your relative's case, the act of bankruptcy referred to would be in clause © - fraudulent transfer. Why fraudulent? Because it was done clearly to defeat the interest of his creditors, who would be entitled to the proceeds of an auction of the property had it still been registered in his name.

As such, such transfer would void and can be set aside by the Director-General of Insolvency.

With regard to the doctrine of relation back, I am not aware of any duration of 2/5 years in relation to voidance of transfer in such scenarios.

The doctrine of relation back is provided for in Section 47 of the Act:


Relation back of Director General of Insolvency’s title
47. (1) The bankruptcy of a debtor, whether the same takes place
on the debtor’s own petition or upon that of a creditor, shall be
deemed to have relation back to and commence at the time of the
act of bankruptcy being committed on which a receiving order is
made against him, or if the bankrupt is proved to have committed
more acts of bankruptcy than one to have relation back to and to
commence at the time of the first of the acts of bankruptcy proved
to have been committed by the bankrupt within six months next
preceding the date of the presentation of the bankruptcy petition


The assets of a bankrupt are deemed to be under the control of the Director General of Insolvency [DGI]. As such, the DGI has title over it.

Section 47 provides that the bankruptcy of a debtor can be related back to the date of the act of bankruptcy committed by that debtor. In your relative's case, it would be on the date he transferred the title in favour of another relative to defeat the interest of his creditors.

It also provides, in simple terms, that if there are more than 1 act of bankruptcy, any act done to defeat the title of the DGI can be related back to 6 months before the presentation of the bankruptcy petition by a creditor.

Property is not limited to real property. It includes others as well. Definition of property in the Act is as follows:

“property” includes money, goods, things in action, land and
every description of property, whether real or personal and whether
situate in Malaysia or elsewhere, also obligations, easements and
every description of estate, interest and profit, present or future,
vested or contingent, arising out of or incident to property as
above defined


Hope the above helps. If there is anyone else who would like to contribute another opinion backed by legal provisions, you are most welcome to correct my opinion as above. notworthy.gif

icon_rolleyes.gif
TSdariofoo
post Feb 9 2012, 09:09 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9


QUOTE(lyt25_1234 @ Feb 8 2012, 09:45 AM)
I have the dumbest question and I hope you can be patience enough to answer them.
*
There are no dumb questions. As the saying goes, "Malu berkayuh perahu hanyut, Malu bertanya sesat jalan". smile.gif

QUOTE(lyt25_1234 @ Feb 8 2012, 09:45 AM)
Recently I bought a sub-sale house and right now I have to undergo applying new accounts for TNB, Water, and Majlis Perbandaran for the Cukai Pintu.

The question is for TNB account, I need to give a copy of the S&P together with RM10 stamp duty. But why for Water and Majlis Perbandaran I don't need the RM10 stamp duty???
*
From what I know, there are no requirements to paste a RM10 stamp upon the forms for Water and Majlis respectively.
TSdariofoo
post Feb 9 2012, 09:12 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9


QUOTE(Mlchoo @ Feb 8 2012, 10:25 AM)
I need advice from all the sifus here.

My tenant wishes to break lease. Its a 2 yrs lease and they have occupied for about 10 months. Can I know what I can claim from them besides forfeiting the 2 months deposit. Must I return the utilities deposit? Must they give 1 months notice before termination? Can I claim back the commission paid to the agent (pro rated)?

Any other advice is most appreciated.
Thanks.
*
Is there an agreement? If yes, then look at your agreement to see what is provided for in the event of termination. Some states that notice can be given for early termination, while others do not. So check and see what are the terms first.

Whether you can forfeit or not also depends on the agreement. Same goes for utilities.

With regard to the commission, I doubt if you can claim for that. The agent has done his job and the lessee's act has nothing to do with the agent, who is not privy to your agreement.

icon_rolleyes.gif
TSdariofoo
post Feb 9 2012, 09:16 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9


QUOTE(mjn322 @ Feb 8 2012, 12:14 PM)
Hi Dario,
Need some advise. My husband and I bought a service condominium back in 2003, but the project was put on hold until it was recently revived. Now it is nearing completion.  At this stage, my bank loan is still not fully disbursed. However, I've just received a call from a real estate agent stating that she has a ready buyer who is interested in my unit and is willing to accept my selling price. I am keen to sell my apartment, as we already have another house (have given up on waiting for this apartment), but I hope you can advise us as to the implications and costs of selling my apartment at this stage of completion (ie. 80% completed and without CF/title). Are we liable for anything? Is it legal to do so? What do we need to do to ensure that we do not get caught in a situation where we are liable until the new buyer gets the keys to the apartment? In my thinking, he must be ready to take on anything that will happen from the time we sell the apartment to him until he gets the keys from the developer. We don't want to get roped into any disputes he has with the developer months after we sell the unit to him. What is the legal standpoint in this? Hope you can advise us in this matter, as we have no experience in this sort of matter at all. Thanks a lot.
*
There is nothing to worry about. You can sell the property. No need to wait for CF/ strata title. Once the notice of assignment has been given to the developer, the records will be updated with the purchaser reflected as the owner of the premises. As such, the issue of "get roped into any disputes he has with the developer months after we sell the unit to him" no longer arises. You cease to be the legal and beneficial owner of the property upon the completion of the SPA.

icon_rolleyes.gif
TSdariofoo
post Feb 9 2012, 09:19 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9


QUOTE(jalsrix @ Feb 8 2012, 03:47 PM)
Dariofoo
Is it possible to transfer the car park from one apartment unit to another apartment unit ?

Both apartments have the same owner.
What is the cost of transfer if no S&P is involved ?
*
Normally a car park is an accessory parcel which comes allocated to a particular unit. It would be described in the SPA. You need to check with the developer as to their rules and regulations with regard to this. They would be able to advise you further.

icon_rolleyes.gif
TSdariofoo
post Feb 9 2012, 09:32 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9


QUOTE(gallileo @ Feb 8 2012, 09:41 PM)
I only have 'bumi status' and am not a Muslim and this status ends with me. I have been advise to check my S&P to see if there is any mention that the property I purchased in a bumi lot but it didn't mention anything.

I called the developer but the person who answered my call is not aware of 'bumi status'.
*
Bumi lot, bumi quota, bumi unit, bumi status.. all semantics but points to the same meaning - you can't transfer it to a non-bumi. Unless with the consent of the state authority, which is quite difficult to obtain.

You should check with the developer whether your unit is designated as bumi lot/bumi unit. They will have it in their records. Most probably it is, as you obtained the discount.

icon_rolleyes.gif

This post has been edited by dariofoo: Feb 9 2012, 09:33 AM
mjn322
post Feb 9 2012, 10:37 AM

New Member
*
Newbie
2 posts

Joined: Sep 2011


Thank you Dario, you have put our minds at ease. Great thread you have here.. will be sure to tell my friends about this..
Mlchoo
post Feb 9 2012, 10:56 AM

Getting Started
**
Junior Member
60 posts

Joined: Mar 2011
Thanks. Actually the TA only state that the 2 mths deposit will be forfeited but nothing on the utilities deposit and notice period. So do I need to return the utilities deposit?

Another question I have regarding housing loan. If loan is redeemed on the 15th, can the bank still charge interest for the full month? Shouldn't interest be up to only 15th? If bank insist this is their policy and this is not stated in the loan agreement, what can one do to claim back the 15 days of over charging? Thanks.

QUOTE(dariofoo @ Feb 9 2012, 09:12 AM)
Is there an agreement? If yes, then look at your agreement to see what is provided for in the event of termination. Some states that notice can be given for early termination, while others do not. So check and see what are the terms first.

Whether you can forfeit or not also depends on the agreement. Same goes for utilities.

With regard to the commission, I doubt if you can claim for that. The agent has done his job and the lessee's act has nothing to do with the agent, who is not privy to your agreement.

icon_rolleyes.gif
*
This post has been edited by Mlchoo: Feb 9 2012, 10:58 AM
lyt25_1234
post Feb 9 2012, 03:58 PM

Regular
******
Senior Member
1,152 posts

Joined: Jul 2011
QUOTE(dariofoo @ Feb 9 2012, 09:09 AM)
There are no dumb questions. As the saying goes, "Malu berkayuh perahu hanyut, Malu bertanya sesat jalan".  smile.gif
From what I know, there are no requirements to paste a RM10 stamp upon the forms for Water and Majlis respectively.
*
Hehe, thanks for the quick reply, Dario! biggrin.gif

Okay, so any idea why the need for the RM10 stamp duty? Any reasons behind it? Is it for legal purposes to protect themselves, in case I sue TNB? biggrin.gif
Urban
post Feb 9 2012, 06:12 PM

Casual
***
Junior Member
459 posts

Joined: Mar 2006
From: OUG



QUOTE(dariofoo @ Feb 9 2012, 08:23 AM)
Please read post #347 above.
You mean evict him illegally?  sweat.gif
*
QUOTE
http://www.malaysianbar.org.my/conveyancing_practice/law_realty_tenancy_agreement.html

Recovery of possession

Even though there is a term of the tenancy agreement which allows the landlord to evict the tenant and/or to recover possession of the demised premises upon the nonpayment of rent, the Malaysian legal system is pro-tenant. The landlord is prohibited from evicting the tenant and/or to recover possession of the demised premises without a court order. However, even if the landlord manages to eventually evict the non-paying tenant, the landlord finds it difficult to recover unpaid rents.

Sometimes, unscrupulous tenants would suddenly leave the demised premises without informing the landlord. When the landlord breaks the lock to take possession of the demised premises, the landlord is then slapped with a civil suit claiming for an astronomical amount for the landlord’s purported “self-help”.

The current practice now is for the landlord to lodge a police report and break the lock in the presence of a police officer in order to avoid further complications. A prudent landlord would even take photos of the interior of the demised premises to ensure that the tenant would not later claim loss of properties.


i am guessing there are ways to evict him legally without needing to go to court? And im aware that cutting electric and going in self help. So are they are legal way to evict him other then court?

TSdariofoo
post Feb 9 2012, 10:05 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9


QUOTE(Mlchoo @ Feb 9 2012, 10:56 AM)
Another question I have regarding housing loan. If loan is redeemed on the 15th, can the bank still charge interest for the full month? Shouldn't interest be up to only 15th? If bank insist this is their policy and this is not stated in the loan agreement, what can one do to claim back the 15 days of over charging? Thanks.
*
Not sure,mate. It has to be reflected in the loan agreement. Are you sure that nothing is stated there?

If you want to claim back, and if you think you have a good case, then you have to appoint a lawyer and sue the bank! Or you can act in person also and sue the bank. As a matter of principle, of course. icon_rolleyes.gif


QUOTE(Mlchoo @ Feb 9 2012, 10:56 AM)
Thanks. Actually the TA only state that the 2 mths deposit will be forfeited but nothing on the utilities deposit and notice period. So do I need to return the utilities deposit?
*
Yes you would but only after they provide you proof of full payment of utilities together when they hand over the keys to the unit back to you. nod.gif
TSdariofoo
post Feb 9 2012, 10:12 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9


QUOTE(lyt25_1234 @ Feb 9 2012, 03:58 PM)
Okay, so any idea why the need for the RM10 stamp duty? Any reasons behind it?
*
No idea,boss. Probably required to do so by the Government. Stamp duty is a form of taxation imposed by the Government. I doubt if TNB profits from it.

QUOTE(lyt25_1234 @ Feb 9 2012, 03:58 PM)
Is it for legal purposes to protect themselves, in case I sue TNB? biggrin.gif
*
The Stamp Act does provide that in order for a document whereupon it is mandatory for it to be stamped, it must be duly stamped before it can be marked as an exhibit (evidence) in Court.

The other party can object if a document (especially contracts) are not duly stamped.

However, it can still be marked subject to the Court allowing the party who is adducing to stamp it the next day (bear the penalty for it as well) and re-produce it as an exhibit.


icon_rolleyes.gif
kobe8byrant
post Feb 9 2012, 10:16 PM

I'm too old for this stuff
********
All Stars
12,275 posts

Joined: Dec 2005
From: KL


hey dario, thanks for your reply on my queries quite a while back. but i have a couple of questions in response to your answer:

1. are all transactions for properties without individual title applicable under NLC and if not, what act?
2. is a lien same as a lienholder's caveat? if no, what is the difference?
and what is difference between personalty and realty lien?

3. with regards to stamp duty and principal/subsidiary stamp duty, i understand them by definition but when it comes to application, i am confused.

mind providing example how stamp duty is charged with the documents involved in a simple buying/selling of property transaction?

4. with regards to charge and assignment, what are the differences between legal and equitible assignments? as far as i have come across, i would assume banks only deal with legal charges and assignments,

5. not sure if related to property but how would pledge and hypothecation work?

6. last of all, if a registrar caveat is the most powerful among the caveats, why won't banks/parties go for it over private caveat?

eg: if i pay 10%, i go RC i can prevent transactions going through if presented but not registered documents.

and does registrar caveat give power to sell or oonly lienholder' caveat?
TQ

This post has been edited by kobe8byrant: Feb 9 2012, 10:18 PM
TSdariofoo
post Feb 9 2012, 10:19 PM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9


QUOTE(Urban @ Feb 9 2012, 06:12 PM)
i am guessing there are ways to evict him legally without needing to go to court?
*
I suppose you're referring to this portion of the article in the Bar's website:

Sometimes, unscrupulous tenants would suddenly leave the demised premises without informing the landlord. When the landlord breaks the lock to take possession of the demised premises, the landlord is then slapped with a civil suit claiming for an astronomical amount for the landlord’s purported “self-help”.

The current practice now is for the landlord to lodge a police report and break the lock in the presence of a police officer in order to avoid further complications. A prudent landlord would even take photos of the interior of the demised premises to ensure that the tenant would not later claim loss of properties.


Referring to the parts in bold - that method can be done but it is not foolproof. What stops the tenant from later claiming that the goods were removed BEFORE the photographs were taken? Furthermore, once the locks have been broken, how is the premises secured? Another lock? Once again, the landlord has deprived the tenant of lawful use and enjoyment of the premises (assuming that the tenant returns a week or so later). Putting on another lock is also self-help. As such, that method is not legal. If you read it properly, it doesn't say that it is a legal method. It only states that "the current practice now is that..."

So do be wary of that point.

QUOTE(Urban @ Feb 9 2012, 06:12 PM)
So are they are legal way to evict him other then court?
*
Second time you're asking me this question,bro. I think I've answered you. So I'm going to respectfully ask you a question in reply to your question smile.gif :

If the law provides a legal remedy by way of going to the Court for an order, why would there be any other legal remedy which would interfere/usurp the powers of the Court? If so, would it not make the Court meaningless/redundant? hmm.gif

Food for thought smile.gif

Cheers. icon_rolleyes.gif


nujikabane
post Feb 9 2012, 10:36 PM

United We Stand
*******
Senior Member
3,212 posts

Joined: Jun 2007
From: atas bawah kiri kanan

Hello all forumers, especially @dariofoo smile.gif

A question; 2 shareholders (let's call them AA & ZZ) enter into an agreement to set up a Sdn Bhd Co.
They agreed to pump the same amount of money.

However, AA doesn't have the money, so AA requests that ZZ pump the money on his behalf first, and AA promises to repay ZZ back.

So in the papers prepared by Co Sec, the share of both director's are 50:50, but in actual fact 100% money was pumped by ZZ.

Question; what are the avenues for ZZ to get the money back?
Mlchoo
post Feb 9 2012, 11:10 PM

Getting Started
**
Junior Member
60 posts

Joined: Mar 2011
Hi Dario,

I had already "very forcefully" told the bank to show proof this is stipulated in the loan agreement. I am waiting for their answer now... whistling.gif think the lady also blur liao after my "talk" with her, she said got to go check wor... nod.gif
I told her if they state this clearly upfront, I would have taken the principal and go put fixed deposit for half a month and earn interest, rather than pay the bank early and still need to pay to them full month interest!! I even said if this is their bank practice, on the flipside, I will open a savings account and close it on the 10th, see if they will give me full month interest boh... if yes, I shall share to the world such easy money. rclxms.gif

I also checked with a friend of mine who is a Loans manager in another bank. His bank does not charge interest after the redemption date. It's just logical I feel. That is what I am telling my bank. So I cannot accept just like that. Now I want the bank to show me where is this stated in the loan agreement!!! If not, return me my hard earn money. cry.gif

Maybe I should charge them interest (full month like them) for the delay in returning my money... Can I charge them interest? biggrin.gif

QUOTE(dariofoo @ Feb 9 2012, 10:05 PM)
Not sure,mate. It has to be reflected in the loan agreement. Are you sure that nothing is stated there?

If you want to claim back, and if you think you have a good case, then you have to appoint a lawyer and sue the bank! Or you can act in person also and sue the bank. As a matter of principle, of course.  icon_rolleyes.gif

*
TSdariofoo
post Feb 10 2012, 01:17 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9


QUOTE(kobe8byrant @ Feb 9 2012, 10:16 PM)
hey dario, thanks for your reply on my queries quite a while back. but i have a couple of questions in response to your answer:

1. are all transactions for properties without individual title applicable under NLC and if not, what act?
2. is a lien same as a lienholder's caveat? if no, what is the difference?
and what is difference between personalty and realty lien?

3. with regards to stamp duty and principal/subsidiary stamp duty, i understand them by definition but when it comes to application, i am confused.

mind providing example how stamp duty is charged with the documents involved in a simple buying/selling of property transaction?

4. with regards to charge and assignment, what are the differences between legal and equitible assignments? as far as i have come across, i would assume banks only deal with legal charges and assignments,

5. not sure if related to property but how would pledge and hypothecation work?

6. last of all, if a registrar caveat is the most powerful among the caveats, why won't banks/parties go for it over private caveat?

eg: if i pay 10%, i go RC i can prevent transactions going through if presented but not registered documents.

and does registrar caveat give power to sell or oonly lienholder' caveat?
TQ
*
1. Transactions? Yes the NLC does cover issues regarding master title, but don't forget the Housing Development Control and Licensing Act 1966 as well.
2 Lienholder's caveat is lodged pursuant to a lien. The lien is like the right you hold. With that right, you lodge a LH caveat to protect your interest. No idea as to the difference between personalty and realty lien. Perhaps personalty lien refers to moveable property as opposed to realty lien which applies to immovable property? Sorry mate not much of help there.

3. Stamp duty - let's say principal stamp duty is RM1,000 [based on 1% of SPA price of RM100,000.00]. Now the ORIGINAL copy of the Deed of Assignment will be stamped with RM1000.00, while another 3 DUPLICATE copies would be stamped with nominal stamp duty of RM10 each.

4. Legal - registered in accordance with the law. Equitable would mean that it was not registered in accordance with the law but the conduct and intent of the parties give rise to an assignment which can be enforceable in equity (fairness). A legal assignment/transfer always would defeat an equitable right. In Malaysia under the Torrens System, registration is everything. It defeats every other claim. Unless of course, the registered right was procured by way of fraud or forgery. In such scenarios, it can be set aside. That is why Banks would only deal with registrable charges and assignments which can be perfected.

5. No idea,mate.

6. Because a RC depends on the discretion of the Registrar, while a PC can be immediately registered once there is a caveatable interest. The Bank would not want to wait for ages for an RC to be lodged. Plus, it would be another hassle to remove it later. The Registrar has to remove it upon application. A PC can be removed by filing in a form and by paying the requisite fees on the spot. As such, for practicality purposes, a PC is always better.

Am not 100% sure but I think RC does not give right to sell.

icon_rolleyes.gif
TSdariofoo
post Feb 10 2012, 01:20 AM

In the kingdom of the blind, the one-eyed man is king
Group Icon
Elite
2,795 posts

Joined: Aug 2010
From: District 9


QUOTE(nujikabane @ Feb 9 2012, 10:36 PM)
Hello all forumers, especially @dariofoo smile.gif

A question; 2 shareholders (let's call them AA & ZZ) enter into an agreement to set up a Sdn Bhd Co.
They agreed to pump the same amount of money.

However, AA doesn't have the money, so AA requests that ZZ pump the money on his behalf first, and AA promises to repay ZZ back.

So in the papers prepared by Co Sec, the share of both director's are 50:50, but in actual fact 100% money was pumped by ZZ.

Question; what are the avenues for ZZ to get the money back?
*
This is quite a common scenario. ZZ has a few options:

1) Deed of Trust - where AA agrees that he is holding 50% share as trustee on behalf of ZZ. This is followed up by blank transfer of shares forms duly executed by AA and kept by the Comp Sec.

2) A friendly loan agreement. No interest charged.

3) Blank transfer forms like in para (1), without Deed of Trust.



123 Pages « < 17 18 19 20 21 > » Top
Topic ClosedOptions
 

Change to:
| Lo-Fi Version
0.0263sec    0.57    6 queries    GZIP Disabled
Time is now: 29th March 2024 - 06:32 PM