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Ownership

 Ownership

It Is the relation of person and thing

Corporeal

Jus in rem , jus in re propria 

I have a coin in my pocket which is the corporeal thing 

Owing  a land , chattel is  a corporeal thing 

Incorporeal 

Jus in re aliena 

The way of right which I own on my neighbourhood land is mere incoporeal thing 

The right of recover debt vested in the creditor is a incoporeal 

Sole and co ownership 

When there are two or more owners it is a co ownership 

Both the owner are equally liable for a debt rather than divided 

If a debt of 1000 is pending each owner has  a debt of payment 1000 each rather 500 individually 

When the two owner ship merges in one the sole ownership 

When there is a partition ownership the debt payment of libel only individually 

Common and joint 

When the one of partner dies the heirs of the deceased partner  may take the place of the deceased it is called common partnership

When the one of the owner dies the other Partner takes the position by means of survivorship which is called joint partnership 

Trust and beneficial ownership

The person who holds the property for some one else he s called the trustee and the trust ownership and for whom he holds is the beneficial ownership 

The trust is created either for

persons u unborn , incapacity and if there are too many owner s of different interest.

Legal and equitable ownership 

When I say I legally transfer my property to B with out a sale deed the legal owner is me and the equitable owner is B even though there is no formal registration happened to complete the transfer , the equity operates on natural justice rathe that pure law.

Vested and contingent 

Vested - if Iam the owner of the property I have rights vested in me.

If there is a transfer of property the rights vested in me gets divested by means of transfer to the transferee which is condition subsequent .

Contingent ownership is either based on condition precedent or subsequent 

If I say my property to my wife and then to my children on condition that if wife remarries to children 

Remarried is the condition subsequent which the rights vested in wife gets divested to children 



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