Kinds of property 1. Corporeal and incorporeal property. 2. Movable and Immovable property. 3. Real and personal property. Corporeal and Incorporeal property Corporeal property means material things whereas incorporcal property is any other proprictary rights in rem. Corporcal property can also be called as tangible property as it has tangible existence in a material world. It relates to material things for example movables, land and all things permanently attached to i Incorporeal property is divided into two classes (1) Firstly, includes those rights which have been recognised by law in immaterial things. The recognition and protection of this kind of incorporeal property has been of recent origin. The importance of landed property is now supplemented by the growth of new types of wealth. This is also termed as intcllcctual property. The justification in accepting these types of property lics in the fact that what a man produces belongs to him and the immaterial product or a person’s intcllect may be as valuable as any other material property. Examples of this form of property are patents literary, artistic, musical and dramatic copyrights and commercial goodwill which includes trade mark and trade name etc. : (2) The second class of rights which are also considered property are the right in re aliena. Some important rights of this class are-(a) Lease, (b) Servitude, (c) Securities, and (d) Trust. Lease. It is that form of encumbrance which consists in the y to the possession and usc of property owned by some other person, "eh the outcome of the separation, of ownership and possession. Inf Section 105, of the Transfer of Property Act deals with lease, It a follows-’a lease of immovable property is a transfer of a right to cad such property, made for a certain time, express or implied or in per say in consideration of a price paid or promised or of money, a share of cr, i service or any other thing of value to be rendered, periodically on specified occasions to the transferor by the transferee who accepts ty transfer on such terms.’ Lease is different from licence. The main difference lics in’th, fact that lease creates an interest in property (in favour of the lessey where a licensce does not create any interest in favour of the licensee jy the property to which it relates. English courts have recently blurred ig distinction and have recognised the possibility of possessory licence. Servitudes, A ‘servitude is that form of encumbrance which consists in a right to the limited use of a piece of land without the possession of it, for example, a right of way on the land of another. “The most distinguishing feature of the right of servitude is that the possession of land over which it exists. This poin the lease has the possession of the docs not give distinguishes it from the lease where t subject-matter given as lease. Servitudes arc of two kinds- (a) Public; (b) Private A private servitude is one in which the right to use vests in 4 determinate individual or individuals for example a right of way vested in the owner of one piece of land over an adjoining piece of land. While + public servitude is that in which the right is vested in the public at larg or in some class of indeterminate individuals, for example, the right of the public to a high way over the land in private ownership. Indian Easemex KXet also recognises the right of servitude, Securities. This form of encumbrance ensures or facilitates th fulfilment of enjoyment of some other right (usually though not necessatih a debt) vested in the same person. Securities arc of two kinds (a) Mortgages, and (b) Lien. A mortgage can be created by way of encumbrance as well as b} way of transfer. Scction 58(a) of the Indian Transfer of Property Ad defines mortgage as "the transfer of interest in specific immovable property for the purpose of securing the payment ‘of money......." ‘A lien is a right which is in its own nature a security for a debl and nothing more, e.g. a right to retain possession of the goods sold unl the payment of the price is made. Liens are of numerous inds. Charge is one of them. Section 100 of ‘Transfer of Property Act defines charges as-"where immovable ropertygot ‘one person is by act of partics a operation of law made security fer the payment ‘of money to another