Ownership

The term “ownership” literally means to have or hold a thing. The Black law Dictionary defines ownership as “the bundle of rights allowing one to use, enjoy and manage the property, including the right to convey it to others”.

In legal sense, the term “ownership” mean right over a thing to the exclusion of all other persons.

Ownership is the legal righ to use, possess and give away a thing, ownership can be tangible such as a personal property and land or it can be intangible things such as a intellectual property of right.

Example:

Possession of a specific House and property.

Definition of ownership according to different jurists

Austin

According to Austin, Ownership is a right which avails to him against everyone who is subject to the law coffering the right to put things to user of indefinite nature.

In other words the relationship of person with object called ownership

Salmond

According to Salmond, Ownership in its most comprenhensive significance donates the relation between the person and right that is vested in him that which man Owens in all cases of rights also he states that every right his owned and nothing can be owned except right.

In other words relationship between person and rights which is vasted in it is called as an ownership.

Holland

He follows Austin views of ownership and according to him, an owner has three kind of power possession, disposition and enjoyment

Savghy

According to Savigny, ownership is a concept closely tied to possession, where possession involves both the physical control over an object and the intent to exclude others from using it.

Two main points Control things and Exclude Other.

Dias

His point of view is different from savghy; he said that there is flexibility due to social factor. We cannot exclude other somethime.

Ingredents, Components, Benifts of Ownership

1) Right to possess –

Possession means “physical control over a thing or an object. To constitute ownership the owner must be entitled to the possession of the property.

2) Right to possess the thing, which he owns:

This right in strict sense. He may not have necessarily the possession for he may have been wrongfully deprived of it or may have voluntarily divested himself of it.

 3) Right to use and enjoy:

The owner of the property has a right to use and enjoy the property he owns subject to certain restrictions / regulations by law/state. These are liberties. The right to manage it for example: the right to decide how it shall be used and the right to income from it.

These are in fact liberties; the owner has liberties to use the thing. I.e. he is under no duty not to use it in contract with other who is under duty not to use it or interfere with it.

 4) Right to Consume, destroy (liberties) or alienate:

It means right to dispose off or gift or Mortgage or lease etc. The right of owner over property is absolute, which includes the right of alienation. The right to consume and to destroy is straightforward liberties.

5) Perpetual right / Indeterminate Duration:

The owner of the property has perpetual right or the right for unlimited period over the property.Those who are not owners may be entitled to possess or use the thing but the period for which they are so entitled is a limited duration. But in case of Ownership, it is of an indeterminate duration. Thus the interest of Bailee or lessee comes to an end when the period of bailment or lease is over.

6) Actual right:

The right of owner over the property is heritable. It passes to the legal hairs after his death.

Acquisition of Ownership

By operation of law

The acquisition of ownership occurs either by operation of law (automatically, without direct party intent) or by the act of the party (through voluntary transactions). By operation of law, ownership transfers via inheritance (succession), adverse possession (long-term occupation), accession (merging property), expropriation (state seizure), or judicial decree (court order).

By act of party

Acquisition by act of the party depends on voluntary agreements or unilateral actions, often governed by principles like nemo dat quod non habet (no one can transfer rights they lack) and protections for good-faith purchasers.

Kinds of ownership

Sole and Co- Ownership

Under ordinary circumstances, a right can be owned by only one person at a time. Such ownership is known as sole ownership. However, in certain cases, same right maybe vested in two individuals at the same time. This ownership is known as co-ownership. For instance, partners of a firm are co-owners of the partnership property.

Trust and beneficial Ownership

The subject-matter of such ownership consists of property owned by two persons wherein one person is obligated to use it to the benefit of the other. The person under such an obligation is called Trustee and his ownership is known as trust ownership

The person to whose benefit the property is to be used is called the beneficiary and his ownerships known as beneficial ownership.

Four Chief classification of person required trust.

• Person who are not born yet
• Person under some incapacity
• Where beneficiary are large in number
• Conflict of interest.

Legal and equitable Ownership

Legal ownership refers to the ownership as recognized by the rules of a legal system whereas equitable ownership refers to the ownership as recognized by the rules of equity and provide by equitable courts and English chancellery court.

Vested and Contingent Ownership

All kinds of ownership may either be vested or contingent. Ownership is vested ownership when the title of the person is perfect. On the other hand, ownership can be said to be contingent if it is imperfect and can be perfected subject to the fulfilment of certain conditions.

Corporeal and incorporeal Ownership

Corporeal ownership refers to the ownership of material object where incorporeal ownership refers to the ownership of a right. Incorporeal ownership can also be said to be the ownership of intangible things.

Conclusion

Ownership in its nature is residual and can be said to have a bundle of rights attached to it, but the same time it is also denotes to the relation between a person and the thing to be owned. That through the years the concept of ownership and possession has evolved and has been embedded in the minds of human that may or may not be in a legal sense. It has impacted society and even society has impacted its definition, meaning, scope and understanding.

 

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