(1) Introduction:-
Ownership creates several rights for a person in relation of a moveable or immoveable property. Right to own, right to possess, right to have control over property, right to use property, right to enjoy benefits derived from property, right to dispose of property or alienate it, right to transfer some rights through tenancy or mortgage etc to some other person .....a person can acquire all these rights. But here condition is that these kinds of rights can be vested only in person and not in something else.
(2) Definition Of Ownership:-
Ownership can be defined as relation between a person and any right that is vested in him. Broadly speaking, ownership means those rights, which allow a person to use, manage, and enjoy some moveable or immoveable property. In these rights right to convey it to others is included. In addition to all these rights, ownership also implies right to possess a thing, regardless of any actual or constructive control.
(3) Kinds Of Ownership:-
Ownership can be classified into following kinds:
(i)Absolute ownership
(ii)Bare ownership
(iii)Beneficial ownership
(iv)Bonitary ownership
(v)Complete ownership
(vi)Contingent ownership
(vii)Co-ownership
(viii)Corporeal ownership
(ix)Equitable ownership
(x)Imperfect ownership
(xi)Incorporeal ownership
(xii)Joint ownership
(xiii)Legal ownership
(xiv)Ownership in common
(xv)Qualified ownership
(xvi)Sole ownership
(xvii)Vested ownership
(i) Absolute Ownership:-
It all rights of ownership regarding a property are vested in an owner and all other persons are excluded from these rights and even can not make any claim in respect of the property, then such ownership is called absolute ownership.
(ii) Bare Ownership:-
Bare ownership means a trustees interest in trust property. It is also termed as trust ownership.
(iii) Beneficial Ownership:-
Beneficial ownership is an interest in trust property. Here best example of beneficial ownership is existence of relation between two owners in a trust; through this relation, one owner obligatory uses ownership for benefit of other owner, and the owner for whose benefit ownership is obligatory used is called beneficiary and his/her ownership is called beneficial ownership.
(iv) Bonitary Ownership:-
In Roman law, bonitary ownership is recognized as a kind of ownership. And it can be defined as a type of equitable ownership, which is recognized the praetor when the property is conveyed through an informal transfer or a formal transfer by one, who is not the true owner.
(v) Complete Ownership:-
Complete ownership is also termed as full ownership or perfect ownership. And it means complete bundle of rights to use, enjoy and dispose of property without limitation. Such kind is recognized kind of ownership in Louisiana law.
(vi) Contingent Ownership:-
Contingent ownership is also termed a conditional ownership. And it can be defined as an ownership in which title is imperfect, but is capable of becoming perfect on fulfillment of some condition.
(vii) Co-Ownership:-
Co-ownership means vesting of ownership-rights in two or more persons. Although these rights are undivided one in case of co-ownership, yet co-ownership can be ended through partition.
(viii) Corporeal Ownership:-
Corporeal ownership means ownership of some material objects. Ownership of a house or farm land is corporeal ownership.
(ix) Equitable Ownership:-
When rules of equity originate an ownership, then such ownership is called equitable ownership. It has been observed that, sometimes, law does not recognize an ownership, but equity recognizes such ownership.
(x) Imperfect Ownership:-
Imperfect ownership is also termed as naked ownership. And it means ownership of a property, which is subject to a usufruct interest held by another.
(xi) Incorporeal Ownership:-
Incorporeal ownership is ownership of incorporeal things. It is, in fact, ownership of a right. The best example of incorporeal ownership is rights of a person in respect of his/her house or land farm or chattels.
(xii) Joint Ownership:-
Joint ownership can be defined as undivided ownership, which is shared by two or more persons. As far as this kind of ownership is concerned, interest of an owner, at his/her death, passes to surviving owner or owners by virtue of survivorship.
(xiii) Legal Ownership:-
When ownership of a person is recognized by common law, then such ownership is called legal ownership.
(xiv) Ownership In Common:-
Ownership in common means an ownership, which is shared by two or more persons, whose interests are divisible. As far as this kind of ownership is concerned, interests of owners, at their death, pass to their heirs or successors.
(xv) Qualified Ownership:-
Qualified ownership can be defined as an ownership, which is shared, but is limited to extent of enjoyment or particular use. As far as this kind of ownership is concerned, rights of ownership are limited in respect of use, duration and disposal of ownership rights. Therefore, it is also termed as limited ownership.
(xvi) Sole Ownership:-
When ownership-right is vested in only one person at a time, then such ownership is defined as sole ownership.
(xvii) Vested Ownership:-
Vested ownership means an ownership in which title is perfect or absolute.
(4) Conclusion:-
It can be finally stated that ownership is that right, which comprises of powers, claims privileges etc. It is in respect of that thing, which can be corporeal or incorporeal. The right, which relates to ownership, can be limited by law. Concept of ownership is one of those fundamental juristic concepts, which are common to all systems of law. It is of both legal and social interest nature.