transfer

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Transfer

To remove or convey from one place or person to another. The removal of a case from one court to another court within the same system where it might have been instituted. An act of the parties, or of the law, by which the title to property is conveyed from one person to another.

Transfer encompasses the sale and every other method, direct or indirect, of (1) disposing of property or an interest therein or possession thereof; or (2) fixing a lien (a charge against property to secure a debt) absolutely or conditionally, voluntarily or involuntarily, with or without judicial proceedings, in the form of a conveyance, sale, payment, pledge, lien, mortgage, gift, or otherwise. The term transfer has a general meaning and can include the act of giving property by will.

Transfer is the comprehensive term used by the Uniform Commercial Code (UCC)—a body of law adopted by the states that governs mercantile transactions—to describe the act that passes an interest in an instrument (a written legal document) from one person to another.

transfer

n. 1) the movement of property from one person or entity to another. 2) passage of title to property from the owner to another person. 3) a piece of paper given to allow a person or shipment to continue travel.

transfer

to make over to another rights in or interests over property; sometimes the term is used as a noun to denote the instrument by which this is effected.

TRANSFER, cont. The act by which the owner of a thing delivers it to another person, with the intent of passing the rights which he has in it to the latter.
     2. It is a rule founded on the plainest dictates of common sense, adopted in all systems of law, that no one can transfer a right to another which he has not himself: nemo plus juris ad alienum transfers potest quam ipse habet. Dig. 50, 17, 54 10 Pet. 161, 175; Co. Litt. 305.
     3. To transfer means to change; for example, one may transfer a legacy, either, 1st. By the change of the person of the legatee, as, I bequeath to Primus a horse which I before bequeathed to Secundus. 2d. By the change of the thing bequeathed, as, I bequeath to Tertius my History of the United States instead of my copy of the Life of Washington. 3d. By the change of the person who was bound to pay the legacy, as, I direct that the sun) of one hundred dollars, which I directed should be charged upon my house which I gave to Quartus, shall be paid by my executors.

References in periodicals archive ?
In general, it is a transfer to a person two or more generations younger than the transferor (called a "skip person"; see Q 953 regarding generation assignments), and can take any one of three forms: (1) a taxable distribution, (2) a taxable termination, and (3) a direct skip.
Courts will readily find an implied agreement for the transferor to retain the income from the property transferred to an FLP unless the facts establish to the contrary.
IRC section 2702 applies in the case of a transfer to a family member where the transferor retains an interest in the property.
A transfer of financial assets in which the transferor surrenders control over those assets is accounted for as a sale to the extent that consideration, other than beneficial interests in the transferred assets, is received in exchange.
The transferee cannot return the receivables to the transferor except pursuant to the recourse provisions.
Specifically, the Senate version of the IRS Restructuring and Reform Act included a provision that would have modified section 357(c) by requiring the transferor, in the case of a transfer of any property subject to a non-recourse liability, to apportion the liability on the basis of the relative fair market values of all assets subject to the liability.
If more than 80 percent of the assets of a partnership are Listed Assets (as now broadly defined), the transfer of any other assets to the partnership would be taxable, section 721 notwithstanding This problem will not arise in the corporate context unless the transferors satisfy the control requirement of section 368(c).
Each transferor also is entitled to exempt up to $1 million in transferred property from GST.
person transfers stock or securities of a domestic corporation and, immediately after the transaction, that transferor owns more than 50 percent of either the total voting power or total value of the foreign corporation.
person that transfers stock or securities in a domestic or foreign corporation to a foreign corporation generally does not recognize gain under section 367(a) if, immediately after the transfer, such transferor owns (3) less than five percent (by vote or value) of the stock of the transferee foreign corporation.
After reviewing prior decisions, it concluded that the exception is met "where the record establishes the existence of a legitimate and significant nontax reason for creating the family limited partnership, and the transferors received partnership interests proportionate to the value of the property transferred.