Law:

Section:

Transfer of Property Act (IV of 1882)-------Ss. 118 & 54---Constitution of Pakistan (1973), Art.185(3)---Exchange'---`Sale'---Distinction---Petitioners in the present case, were not a party in the suit disputing the exchange transaction, as at the time of filing thereof, they were not transferees of property in question and had only the agreement to sell in their favour which conferred no right or title on them---Petitioners had stepped into the shoes of the original owner of the property, and the in the suit which had attained finality so far as exchange of the property in question was concerned, was binding upon them---"Exchange" transaction having been adjudicated upon by a Court of competent jurisdiction and validly been declared as such, could not be disputed in the proceedings initiated by the petitioners--Courts below, i.e. the Trial Court, the first Appellate Court and the High Court had passed concurrent findings of fact determining the question in issue against the petitioners which could not be interfered with by Supreme Court even if it could take a different view---Petition for leave to appeal was dismissed. The `exchange' is a legally recognized method of transfer of property between two persons. The distinguishable character of a transaction of `exchange' is mutual transfer of ownership of one thing by one person, for the ownership of some other thing of another person and neither the thing or both the things being money, and where there is a transfer by one of the parties only, and not by the other, the transaction is not an `exchange' as there is no mutual transfer of ownership by the two. The distinction between an alienation by way of `sale' and a transfer by way of `exchange' is, that where there is a consideration in money for the property transferred, it is a sale, and if transfer of ownership of property with the transfer of ownership of another, it is an `exchange', though it is manifested from the definition that, an exchange, as defined in section 118 of the Act, is similar to a sale in so far as it is mutual transfer of ownership of one thing for the ownership of another but it differs from a sale in that neither of the things…

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