There are various kinds of legal documents and deeds. One such is the Indenture. Understanding your legal terms before heading out to handle them gives you the advantage of having a clear view.
The word Indenture primarily means a legal or an official document that is created as per the requirements of individuals in day-to-day official work. Indenture functions as a particular kind of deed in real estate where two parties are recognised to have agreed to continue their respective commitments in the deed.
The concept of Indenture, in fact, finds its roots in medieval England. Indenture can be drafted depending on the period for which one wants it. An Indenture once entered into by two or more parties demands the various obligations to be met that arise out of such an important legally binding document.
Here are some key features of Indenture:
Free Consent: This is the first and the foremost feature that must be kept in mind. When an Indenture is formed, it must be done with the free will and consent of both parties. One must not be under undue influence or coercion by the other party who would compel him to get into such an indenture.
Legally binding: One of the very fundamentals of an Indenture is that it must be legally binding. When the concerned parties are legally forming an agreement, official document, or contract, it completely binds them. In case, any party does any illegal act or does not comply with the legal provisions or clauses then, in that case, legal actions can be against the such party before the necessary adjudicating forum.
Two or more persons: It is a well-known fact that to give effect to an indenture there must be two or more parties present. The necessary concerned parties must be aware of the fact and all the clauses of the Indenture.
Must be a written document: It is to be remembered that oral Indenture must never be given indulgence to. An Indenture being a legal document ought to be always in writing that is what makes it a completely valuable legal document.
An Indenture can be created or revoked at any point in time but with the necessary consent of the concerned parties. This being a legal document must bear all the inclusive points without which such document holds no value. Parties to a valid Indenture need to be of sound mind and major at age since a minor and people who are lunatics cannot be a party to such documents.
