28. Ownership
Ownership consist relation of person with an object. It consist bundle of right & absolute right to a thing.
The person who is claiming to be an absolute Owner of the Property must have all the attributes of Ownership:
1.
Right to have
& to get Possession ,
2.
Right to Prevent
interference by others,
3.
Power of
Alienation,
4.
Liberty of using
the object according to owner’s will,
5.
Liberty of
Enjoying the fruits and to avail of the object owned,
6.
Liberty of
changing its form and even destroyed it.
TYPES OF OWNERSHIP :
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TYPES |
EXPALANTION |
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1 |
Corporal Ownership |
Ownership of material object, Tangible Assets eg.
House. |
Incorporal Ownership |
Ownership of non-material object eg. Copyright etc |
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2 |
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Dual Ownership where power of management & rights
of enjoyment are separated. Between trustee & beneficiary. Trustee is the owner but has no right of enjoyment
trust property. Trustee is not an agent. |
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Beneficiary has right over the property for enjoyment
of that property. |
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A Contract creates
right in personam which one party has available against the promisor(s). |
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2.2 Bailment |
In Bailment – Bailee
is not the owner of the Property. |
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2.3 Agency |
In Agency the agent
is not owner of agency but representative on behalf of principal |
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3 |
Sole Ownership |
Ownership
exclusively vested in one person. |
Co- Ownership |
Ownership
exclusively vested in more than one person. |
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4 |
Legal Ownership |
Ownership has its
origin in rule of law. |
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Ownership is that
proceeds from rule of equity. One person may be legal owner & another
person may be equitable owner of same thing. |
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5 |
Vested Ownership |
Where title of
ownership is perfect & absolute. |
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Contingent Ownership |
Title of Ownership
is conditional & imperfect but capable of becoming perfect. |
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7 |
Condition Precedent |
Is one must happen
before the estate can vest. |
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Is one the
fulfillment of which extinguishes title already completed. |
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