Form LRA 60 - Transfer Pursuant to Purchase by Chargee with Leave of Court

Document Type

DOCX

Pages

Price: KES 200

Get Document Now

Professionally Drafted

Fully Customizable

12,000+ Happy Customers

Instant Delivery

Document Overview

Form LRA 60 - Transfer Pursuant to Purchase by Chargee with Leave of Court is used where a chargee (e.g., bank, financial institution), having exercised its statutory power of sale, obtains leave of court to transfer the charged property to itself after a public auction or sale fails.

Purpose
1. Facilitates self-purchase: Allows a chargee to legally transfer the charged land into its own name when no third-party purchaser is available, but only with court approval.
2. Protects the chargor: Court supervision ensures the chargor’s rights are not unfairly overridden.
3. Provides statutory compliance: The transfer is registered against the land title, extinguishing the charge while vesting ownership in the chargee.
4. Maintains registry accuracy: Ensures the Encumbrances Section reflects the charge’s enforcement and the new ownership.

Document Preview Below
Purchase now to receive the complete document instantly.

Preview

End of Preview
Purchase now to access the complete document.

Form LRA 60 - Transfer Pursuant to Purchase by Chargee with Leave of Court

Document Overview

Preview

Related Legal Documents