Professional Documents
Culture Documents
I) Definition of Ownership :
According to Austin " Ownership means a Right which avails against everyone who is subject to the law conferring
the right to put thing to user of infinite nature."
Holland : Ownership is a plenary control over an object" According to him the owner has three rights on the object -
1) Possession 2) Enjoyment and 3) Ownership
a) Corporeal Ownership
Corporeal Ownership is the complete ownership on material objects like Car, House, Land etc.
b) Incorporeal Ownership :
Incorporeal ownership is the ownership of a right. Ownership of a copyright , trade mark, patent is
incorporeal.
Illustration :
If property is given to A on trust for B , A would be trustee and B would be the beneficiary. A would be the
legal owner of the property and B would be beneficial owner. Here A is under obligation to use the property nly for the benefit
of B.
Legal ownership is the outcome of common law of England given by common law Court.On the other hand
equitable ownership is the outcome of law of equity.
e) Sole Ownership
In sole ownership there is only one owner. One person constituted as an owner to the exclusion of the others.
When two or more persons jointly own a property they are called co-owners.The concept is not exclusive of any
individual but it is exclusive ownership of group of person.
g) Vested Ownership
Vested ownership is complete itself. It is conditional on the happening of an event, which is certain.
Example : X transfers property to Y against a sale deed or gift deed. Y's ownership in the property is vested if X transfers the
property to Y for life time and then to Z after Y'ALL death. in this example Z's interest in the property is vested.
h) Contingent Ownership
The word contingency means happening or non happening of an uncertain future event. A contingent ownership is one,
which is incomplete, but becomes complete upon the contingency.