Section 416: Ownership devolving on transferee of property

1) If any person transfers his or her property to another person pursuant to Section 414, his or her ownership in that property shall cease to exist from the date of such transfer, and the transferee shall have ownership in such property.

2) Notwithstanding anything contained in sub-section (1), if a person transfers the right in his or her property to be effective with testament, the transferee shall have ownership in such property only after the death of the transferor.

3) If two or more persons acquire the same property, they shall have that much entitlement to such property in proportion to their respective portions.

4) If a deed does not indicate the portion to which a person is entitled on the acquisition of a property, all the persons acquiring the property shall be deemed to have acquired it equally.