Property and Ownership interelated. One implies the other. State and Law exist to protect property. Right to property - right to acquire, hold and dispose property. Rights with respect to Property is Property. Theory of Property i. Natural Theory: Possession is ownership. Possession of property existed before laws (recognition) ii. Labour Theory: You own what you create. iii. State Created Property: State’s recognition of property creates it. iv. Metaphysical Theory: Realisation of man thru control of (his) property. v. Historical Theory: Stages of development of ownership: i. collective ownership ii. individual ownership iii. rights of individual owner vi. Psychological Theory: Psychological need of ownership is recognized by law to prevent social conflict. vii. Functional Theory: Different concept of right to property for different function of property. Growth, equitable distribution, incentive are protected. Kinds of Property I. Corporeal:- Physical Property - Immovable and movable Property or Real and Personal Property: II. Incorporeal: Intangible Property i. Immaterial or Intellectual Property - patents, copyrights, trademarks ii. Rights in re aliana ( Right in Property of another): a. lease: right to possession and use for certain period. ownership and possession seperated. b. servitude: right of use without possession. right of way etc. private servitude: servitude to specific private individuals. public servitude: servitude to public at large. c. Securities: mortgage or lien d. Trust: Ownership (trustee) and benefit (beneficiary) are seperated. Modes of Acquisition of Property 1. Acquisition: i. Possession: Olden Times. ii. Prescription: Ownership resulting from Lapse of time. a. Positive or acquisitive prescription: When right is created. b. Negative and extinctive prescription: When right is destroyed. iii. Agreement: a. assignment b. grant 2. Succession on Death: i. Intestate Succession: ii. Testamentary Succession: a. Limitation of Time: b. Limitation on quantum of property: c. Limitation on Purpose:

• published: 27 Jul 2014
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