Analysing Sri Lanka's Property market, investment options and latest property news in Sri Lanka
Monday, 16 November 2015
Sri Lanka to restrict revocation of deeds of gift
Sri Lanka plans to draft legislations to make provision for revocation of irrevocable deeds of gift to provide greater security for lending institutions who lends money using property as collateral, cabinet spokesman Rajitha Senaratne told reporters on Thursday.
Health Minister Rajitha Senaratne said issues have been raised on the rights of donees as the Court of Appeal upheld a judgment of a District Judge wherein the court had held that a donor can revoke an irrevocable deed of gift by executing a deed of revocation without filing action and obtaining a decision of court.