Illegal consideration

Dr C Suresh (Querist) 06 July 2014 This query is : Resolved
I sold a piece of land to an individual based on a agreement and received money for same. Later it turns out the money was siphoned illegally from a educational society and paid to me. Can i be held responsible for taking stolen money? Can I declare the agreement as null & void because of illegal consideration? I found out only recently that it was siphoned money.

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Nitish Banka (Expert) 06 July 2014
Liability does not extends to you.It is the individual who siphoned money is liable.

V.T.Venkataram (Expert) 07 July 2014
Well said by Expert Mr. Nitish. I endorse his suggestion 100%

Guest (Expert) 07 July 2014
Your agreement is a proof that you received the consideration amount on account of a genuine sale of property. From which source the other party received money for the trnsaction is not your concern or headache.

Rajendra K Goyal (Expert) 07 July 2014
Your agreement is valid and enforceable. not related how the money was received.

ajay sethi (Expert) 07 July 2014
agree with experts

H.M.Patnaik (Expert) 07 July 2014
Agree with Experts

T. Kalaiselvan, Advocate (Expert) 07 July 2014
You are not to be concerned or bothered about his source of income for purchasing your property, it is his problem.

Dr C Suresh (Querist) 07 July 2014
Thank you sir. But if I want to cancel the agreement because now I donot want to sell to a person who has got the money that was paid to me by criminal acts ?

Raj Kumar Makkad (Expert) 14 July 2014
If the fee will was not the base of the contract, such contract can definitely be got rescind on your part by serving a notice to the buyer. A police complaint should also be lodged against the use of force to execute an agreement.

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