Date : 19TH July, 2021.

NOTES :-
OWNERSHIP – Types and modes of Acquiring Ownership:-

1. Two types of ownership -

a. CORPOREAL – Ownership of ‘corpus’ ( tangible - material things that can be felt by 5 -
senses) e. g. a book or a commodity and
b. INCORPOREAL – Ownership of Immaterial things (intangible things e.g. copyright, trade
mark, goodwill, Reputation etc.)
2. Sole and Duplicate Ownership -
A. SOLE Ownership is vested in single person, also known as Ownership by SEVERALTY – single
name.
B. DUPLICATE Ownership is vested in two or more persons.
➢ Co-ownership – Joint Co-ownership (tenancy) – or joint tenancy i.e most common form.
is Ownership / Tenancy in Common. Unity in possession but with separate titles. In the
event of tenant in common’s death, title does not pass to the other tenant in common
but passes to the heir/s of that person).
➢ Trust and Beneficial Ownership
➢ Vested and Contingent (on happening or non-happening something)

Vested in possession and vested in interest.

➢ Conditional Ownership –
▪ Condition precedent – subject to fulfilling of certain conditions before becoming
owner and
▪ Condition subsequent – subsequent to fulfilling of conditions after becoming the
owner,
3. ACQUIRING PROPERTY – in any of the following four ways -
1. Possession – Man catching fish from a pond. He becomes the owner of fish caught
by him. Acquires ownership through possession.
2. Prescription – Ownership created due to lapse of time. They are two types
a. Positive – Owns the property by being in possession for more than( >) 20 years.
‘A’ – Owner of the property. ‘B’ is in possession for more than 20 years,
‘B’ acquires ownership right.
b. Negative – Someone occupies in your absence for more tha (>) 12 years, then he
acquires the ownership.
3. By Agreement - Acquires ownership through VALID Agreement by fulfilling all
conditions of the agreement.

Compiled by Prof. Bharat Panchal NOTES- SEM 7 PP-2 RIZVI COLLEGE OF ARCH., MUMBAI. Page 1
 NUL and VOID or VOIDABLE agreement due to non-compliance of any condition/s
will not apply.
4. Inheritance –
a. by Intestate (owner dies without making will) or
b. Testamentary – (If a will is made, Probate has to be obtained.)

On the contrary, In JOINT TENANCY, tenants own the property equally. If a joint tenant dies, the other
joint tenant inherits the entire property. This is also known as Right of Survivorship.

A Joint Tenancy can not be willed.

A probate is not necessary in a joint tenancy.

In the event of a joint tenant’s death, owing debt, the surviving joint tenant/s are free of the unsecured
debt.

A joint tenant has a right to sell, mortgage or transfer the interest without the consent of the other
joint tenant/s.

Joint tenancy has to create the following:

a. Time,
b. Title,
c. Interest and
d. Possession.

Joint tenancy is destroyed in case of any of the above is destroyed.

If Owner ‘A’ sells his share to ‘B’ , then ‘B’ becomes the tenant in common with other joint tenants.

Compiled by Prof. Bharat Panchal NOTES- SEM 7 PP-2 RIZVI COLLEGE OF ARCH., MUMBAI. Page 2