Ownership refers to the legal right of an individual, group, corporation or government to the possession of a thing. The subject of ownership is of two types material and immaterial things. Material ownership is that which is tangible like property, land, car, book, etc. Immaterial ownership is that which is intangible like patent, copyright, trademark, etc. Now we will discuss the kinds of ownership.
Browse more Topics under Jurisprudence
- Meaning of term Jurisprudence
- Norms and Normative system
- Schools of Jurisprudence – Analytical Positivism
- Schools of Jurisprudence – Natural Law
- Schools of Jurisprudence – Historical School
- Schools of Jurisprudence – Sociological school
- Schools of Jurisprudence – PIL
- Schools of Jurisprudence – Concept of Dharma
- Purpose of Law – Justice
- Purpose of Law – Meaning and Kinds
- Purpose of Law – Justice and Law approaches of different school
- Purpose of Law – Power of Supreme Court in case of Article 147
- Purpose of Law – Critical studies
- Purpose of Law – Feminist Jurisprudence
- Sources of Law – Legislation
- Sources of Law – Concept of Stare Decisis
- Sources of Law – Customs
- Sources of Law – Juristic Writings
- Sources of Law – Agreements
- Legal Rights – Rights kinds
- Legal Rights – Right duty Correlation
- Persons – Nature of Personality
- Status of Unborn, Minor, Lunatic drunk and dead person
- Corporate Personailty
- Persons – Dimensions of modern legal personality
- Legal personality of Non Human beings
- Kind of Possesions
- Difference between Possesions and Ownership
Kinds of Ownership
Ownership could be classified as follows:
- Corporeal ownership.
- Incorporeal ownership.
- Sole ownership.
- Legal ownership.
- Equitable ownership.
- Trust and beneficial ownership.
- Vested ownership.
- Contingent ownership.
- Absolute ownership.
- Limited ownership.
Corporeal ownership is of that object which is tangible in nature. Example: Land, goods, etc.
2. Incorporeal ownership:
Incorporeal ownership is that which is intangible in nature. Example: Copyright, reputation and etc.
3. Sole ownership:
When a property is owned by only one legal owner it is called sole ownership. Example: A person owns a car.
When a property is owned by two or more legal owners it is called co-ownership or joint ownership. Example: Partnership of business between three partners.
5. Legal ownership:
It is the legal claim or title to an asset or property. Therefore, a person who has legal ownership on a property can transfer it to the ownership to another party. Example: a lender who has lent money for a property is the legal owner of that property.
6. Equitable ownership:
We do not consider equitable ownership as true ownership because it is only the benefit of the property that the buyer will use and enjoy. Example: If MR. X is the legal owner of a property and MR.Y is the equitable owner. Then MR.X is not entitled to the use and enjoyment of the property whereas, MR.Y doesn’t own the property but has the right to use and enjoy it, something which MR.X cannot do.
7. Trust and beneficial ownership:
Legal and beneficial ownership belongs to an entity who has the specific property right “use and Title” in equity. But the property belongs to some other person. Example: If MR. John’s property is transferred to trustees to hold it for the benefit of the beneficiaries. It is not MR. John’s trust that owns the land or shares but the trustees of MR. John’s who owns it. So their names would be used as the trust and beneficiaries.
8. Vested ownership:
According to law vested ownership has the complete and full ownership on the property. Example: Two people sharing ownership of a property. If one dies the other gets the gain of vested ownership of the property.
9. Contingent ownership:
In Contingent ownership, the owner does not have the full claim to the property, but he can claim it on the fulfillment of some conditions. These conditions are of two types namely condition precedent and condition subsequent. Condition Precedent is where on the fulfillment of it the title is completed. Condition subsequent is whenever on the fulfillment of it the title already completed is extinguished.
10. Absolute Ownership:
Absolute ownership is a free transferable and inheritable property a person can have as his actual right. Example: The mortgage of some property by its owner.
11. Limited Ownership:
Limited ownership is the ownership that is not absolute or perfect. Where the owner enjoys the right to use and enjoy the property for a limited period of time as long as some other person is alive.
Solved Example on Kinds of Ownership
State the main difference between possession and ownership?
Possession means physical control over a property. Thus, it is less technical and easier to transfer possession.
On the other hand, ownership is the absolute right of an owner over a property. It requires a technical process of conveyancing in maximum cases while transferring ownership.