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Thread: What is ownership? Explain the following term.

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    Yelp 32 What is ownership? Explain the following term.

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    (i) Vested and contingent ownership.
    (ii) Sole and co-ownership. (2003)
    Q. what is ownership? Explain the following terms:
    (i) vested and contingent ownership
    (ii) Trust and beneficiary ownership
    (iii) Sole and co-ownership (2002)
    Q. Define ownership. Give explanation of its various kinds. (2001), (1993)
    Q. Define ownership? Distinguish between vested and contingent ownership. (1998)
    Q. Define ownership and write a comprehensive note on vested and contingent ownership. (1996), (1994)
    1. Introduction:
    The concept of ownership is one of the fundamental justice concepts common to all system of law. This concept began to grow when people started plating trees, cultivating lands and building their homes. They began to think in term of “Mine” and “Thire”. The idea ownership following the idea of possession.
    2. Idea Of Ownership:
    According to Keeton:
    The right of ownership is a conception clearly easy to understand but difficult to define with exactitude there are two main theories with regard to the idea of ownership. The great exponents of two views are “Austin” and “Salmond”.
    I. Austin’s View Of Ownership:
    According to Austin ownership means a right which avails everyone who is subject to the law conferring the right to put thing to user of indefinite nature.”
    3. Kinds Of Ownership:
    Following are the different kinds of ownership:
    I. Corporeal And Incorporeal:
    (i) Corporeal:
    Corporeal ownership is the ownership of a material object. It is connected with the corporeal things. Corporeal things are those which can be perceived and felt by the senses e. g., ownership of a house, car etc. is corporeal ownership.
    (ii) Incorporeal:
    Incorporeal ownership is the ownership of a right. It is connected with the incorporeal things are those which cannot be perceived by the senses and which are intangible. Incorporeal ownership includes ownership over intellectual objects and encumbrances e. g., ownership of a copy right or trademark etc. is incorporeal ownership.
    II. Trust And Beneficial Ownership:
    (i) Trust ownership:
    Trust ownership is an instance of duplicate ownership. Trust property is that which is owned by two person at the some time. The ownership is only a matter of from and not real. His ownership is only a matter of from and not of substance. He is under an obligation to use his ownership for the benefit of other.
    (ii) Beneficial ownership:
    In a trust, the relationship between the two owner is such that one of them is under an obligation to use ownership for the benefit of other. That other person for whose benefit the ownership of the formed is used is called the beneficial ownership.
    Example:
    If property is given to ‘X’ on trust ‘Y’ ‘X’ would be the trustee and his ownership would be trust ownership and ‘Y’ would be the beneficiary and his ownership would be beneficiary ownership.
    III. Legal And Equitable Ownership:
    (i) Legal ownership:
    It is that which has its origin in the rules of common law and legal owner is one who is recognized as owner by common law.
    (ii) Equitable ownership:
    It is that which proceeds from the rules of equity. In many cases equity recognize ownership where law does not recognize owing to some legal defect. Equitable ownership always implied legal ownership.
    Illustration:
    If ‘A’ has entered into an agreement for sale of some land with ‘B’ and ‘B’ refuses to execute the agreement, the remedy open to ‘A’ in a Court of common law is to sue for damages but under equity ‘A’ can obtain the specific performance of a contract and equity would grant ‘A’ the equitable ownership of that land.
    IV. Vested And Contingent Ownership:
    (i) Vested ownership:
    When the title of the owner is perfect. It is called vested ownership. The word vested is used in two senses:
    (a) The right may be vested in possession e. g., property is given to ‘A’ for life. His interest is vested in possession.
    (b) The right may be vested in interest.
    Example:
    Property is given to ‘A’ for life and remainder to ‘B’. The interest of ‘B’ is vested because there is nothing but the prior interest of ‘A’ to stand between him and the actual enjoyment of the land. It becomes vested in possession only on the death of ‘A’.
    (ii) Contingent ownership:
    When the title of the ownership is yet imperfect but is capable of becoming perfect on the fulfillment of some condition, it is called contingent ownership. There are three main features of a contingent interest.
    (a) It is solely dependent upon the fulfillment of a condition so that in case of non-fulfillment of condition, the interest may fall through.
    (b) If the transferee dies before obtaining possession, the contingent interest fails and the property reverts to the transferor.
    (c) A contingent interest is neither transferable nor heritable.
    Example:
    An estate is bequeathed to ‘X’ until he marries to ‘Z’ his interest is contingent on his getting married with ‘Z’.
    Difference Between Vested And Contingent Ownership:
    (i) As to Title:
    In vested ownership the title of the owner is perfect.
    In contingent ownership the title of the owner is imperfect.
    (ii) Nature:
    In vested ownership , the ownership is absolute.
    In contingent ownership the ownership is conditional.
    (iii) Necessary element:
    In vested ownership, the investitive fact form which he derives his right is complete in all its parts.
    In contingent ownership the investitive fact is incomplete on account of the absence of some necessary element which is capable of being supplied in the future.
    (iv) Transferable right:
    The vested ownership or interest is transferable.
    The contingent interest is not transferable.
    (v) Heritable:
    Vested interest is heritable as it passes with the legal heirs of the deceased.
    Contingent interest is not heritable and if the owner of contingent interest dies before obtaining possession the contingent interests fails and the property reverts to the transferor.
    (vi) As to Event:
    Vested interest is that which take effect at once or no the happening of a certain event.
    Contingent interest is that which take effect on the happening or non-happening of an uncertain event.
    (vii) As to Right:
    Vested ownership creates an immediate right though the enjoyment may be postponed to a future date.
    Contingent ownership does not create an immediate right and it is dependent upon the fulfillment of some condition.
    (viii) Death of transferee:
    A vested interest is not defeated by the death of a transferee before he obtains possession.
    A contingent interest cannot take effect in the event of the death of the transferee before the fulfillment of the condition.
    “Sashi Kartha vs. Pramodchandra”
    (AIR 1932)
    “An estate or interest is vested when there is immediate right of present enjoyment or present right of future enjoyment. An estate or interest is made to depend upon some event or condition which may or may not happen.”
    V. Sole Ownership And Co-ownership:
    (i) Sole ownership:
    If a right owned by one person only at a time, it is called sole ownership.
    (ii) Co-ownership:
    When to or more person have the same right vested in them it is called co-ownership. The right is an undivided unity. By means of a partition, the co-ownership can be ended, e. g., the members of a partnership are co-owners of the partnership property.
    A. Forms Of Co-ownership:
    According to salmond co-ownership may assume different forms. Its two chief kinds in England law are distinguished as ownership in common and joint ownership.
    (a) Ownership in common:
    In common ownership, the rights of a dead man descends to his successors like other inheritable rights.
    (b) Joint ownership:
    In case of joint ownership on the death of one of the two joint owners, the ownership dies with the deceased and it survives to other co-owner by virtue of survivorship.
    Illustration:
    If a property belongs to ‘X’ and ‘Y’ in equal shares and ‘X’ dies, than, if it is ownership in common, half the property passes to the heirs of the ‘X’ and if it is joint ownership, ‘Y’ would be entitled to the whole property and the heirs of the ‘X’ would get nothing.
    VI. Absolute And Limited Ownership:
    (i) Absolute ownership:
    An absolute owner is one in whom are vested all the rights over a thing to the exclusion of all. This means that excepting the absolute owner, there is no other person who has any claim whatsoever to the thing in question.
    (ii) Limited ownership:
    When there are limitations, on the user, duration or disposal of rights of ownership, the ownership is limited ownership.
    4. Conclusion:
    To conclusion, I can say, that the concept of ownership is very important. As stated by Holdsworth, the English law reached the concept of ownership, as an absolute right through development in the law of possession. It is vested only in person and can be divided into various kinds.
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