I) Definition of Ownership : 

            According to Austin " Ownership means a Right which avails against everyone who is subject to the law conferring the right to put thing to user of infinite nature."

            Holland : Ownership is a plenary control over an object" According to him the owner has three rights on the object - 1) Possession 2) Enjoyment and 3) Ownership


 

II) Different Kinds of ownership


a) Corporeal Ownership

                       Corporeal Ownership is the complete ownership on material objects like Car, House, Land etc.
 
b) Incorporeal Ownership : 

                        Incorporeal ownership is the ownership of a right. Ownership of a copyright , trade mark, patent is incorporeal.

c) Trust and Beneficial Ownership
    
                         Trust ownership is an example of duplicate ownership.  Trustee is nominal or legal owner. In the eye of Lw the trustee represents his beneficiary.

Illustration :  

                        If property is given to A on trust for B , A would be trustee and B would be the beneficiary. A would be the legal owner of the property and B would be beneficial owner. Here A is under obligation to use the property nly for the benefit of B. 


d) Legal and Equitable Ownership

      Legal ownership is the outcome of common law of England given by common law Court.On the other hand equitable ownership is the outcome of law of equity.                     

e) Sole Ownership 

       In sole ownership there is only one owner. One person constituted as an owner to the exclusion of the others.

Example - A owns a house or land exclusively.
  
f) Co ownership - 

          When two or more persons jointly own a property they are called co-owners.The concept is not exclusive of any individual but it is exclusive ownership of group of person.

Example - Partnership Property, Coparcenary   

g) Vested Ownership 

              Vested ownership is complete itself.  It is conditional on the happening of an event, which is certain.

Example : X transfers property to Y against a sale deed or gift deed. Y's ownership in the property is vested if X transfers the property to Y for life time and then to Z after Y'ALL  death. in this example Z's interest in the property is vested.


h) Contingent Ownership

      The word contingency means happening or non happening of an uncertain future event. A contingent ownership is one, which is incomplete, but becomes complete upon the contingency.






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