26. Property & Types Of Properties

SUPREME COURT OF INDIA :

Property means the highest right a man can have to anything , being that right which one has, to land or tenements, goods or chattels which does not depend on another’s courtesy; it includes ownership, estates and interest in corporate things and also rights such as Trade Marks, Copyrights, Patents and even rights in personam, capable of transfer or transmission, such as debts and signifies a beneficial right to or a thing considered as having a money value, especially with reference to transfer and succession and to their capacity of being injured.


In simple words The Property has two meanings :

1. A Right to and or Interest in a thing & 2. The Thing itself.

PROPERTIES ARE OF TWO TYPES :

1. TANGIBLE i.e. CORPORAL which can be MOVABLE & IMMOVABLE – Which gererate Real Rights :

Land, Units.

Platinum, Gold, Silver, Diamond,

Vehicles,

Share Certificate, Bonds,

Plant, Machinery, Furniture, etc.

2. INTANGIBLE i.e INCORPORAL which can be INTELLECTUAL PROPERTY - Which generae personal Rights :

Intellectual Property – such as Trade mark, Copyright, Patent, Licences, Franchises. The right in or over a material thing which is lesser than full ownership such as by way of encumbrances or lease or easement or trust.

TERMS MEANING –

1. TANGIBLE - The property that can be felt or touched, and can be physically

relocated.

2. CORPORAL - Corporal means the ownership of material things.

3. INTANGIBLE - Intangible property does not have any physical existence.

4. INCORPORAL - In Corporal means the ownership of a property that cannot be touched or felt.

As per Registration Act 1908 :

“MOVABLE PROPERTY”

Includes standing timber, growing crops and grass, fruit upon and juice in trees, and property of every other description, except immovable property.

“IMMOVABLE PROPERTY”

Includes land, buildings, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of land, and things attached to the earth, or permanently fastened to anything which is attached to the earth, but not standing timber, growing crops nor grass.

PROPERTY CAN BE BIFURCATED IN TWO WAYS :

1. PRIVATE PROPERTY :

Private property refers to the ownership of property by private parties - essentially anyone or anything other than the government. Private property may consist of real estate, buildings, objects, intellectual property (copyright, patent, trademark, and trade secrets).

2. PUBLIC PROPERTY :

Public properties are land and buildings owned and directly managed by the public authorities which are used for the public purpose.