Brief note on the Concept of Ownership in Business Law

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The term ownership may be described as a bundle of rights in rem (against the whole world), having certain characteristics namely the right of unspecified duration, and use, and generally being inheritable and transferable. Some important characteristics of ownership are;

Ownership is an intimate relationship between a person and object:

However, law recognizes some variations from this. There are two example of such variation. The property is held jointly by partners in the case of partnership. When one of the partners dies, his legal representative can claim the deceased’s share. Similar is the case of property held in co-ownerships of a Hindu coparcenary. Further, in the case of ownership in common, or”either or survivor” case, the right of one owner devolves upon the others or survivors.

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Law does not permit any vacuum in ownership:

Thus at the moment of death of a person, all his property is inherited by the legal representative by operation of law.

There are certain rights which are generally included in ownership:

The term ‘ownership’ includes, in general, the rights such as, to possess property; to dispose of property (to give it away, sell it or bequeath it); to enjoy property or put it to use; to alter the nature of property, and to destroy the property.

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Ownership cannot exist without law:

Without the law neither property nor ownership, strictly speaking, exists. Property is actually a relationship among rights as are enumerated above. Ownership, too, is a series of rights protected by law.

The ownership of property is exclusive:

Ownership is exclusive to a person owning property, and therefore other persons are excluded from exercising his ownership rights as enumerated above. Thus, someone else cannot move in to your house or build one on your land without your permission.

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