Ownership and Possession

'Ownership' and 'possession' are two terms, which we commonly use in our daily life without thinking about their legal incidents. Ownership as a legal concept denotes 'a legal relation between a person who is called the owner of the right, and a thing over which he can exercise certain rights'.
  The right of ownership is the most complete or supreme right that can be exercised over anytime. It consist of four rights, namely:-
1. Using the thing;
2. Excluding others from using it;
3. Disposing of the thing, and
4. Destroying it.

Definition:- Another way of understanding the concept of ownership is with the help of definitions given by eminent jurists. A widely accepted definition is that of Austin, who defined ownership as a right indefinite in point of user, unrestricted in point of disposition, and unlimited in point of duration over a determinate thing. Let's analyse each of these components.

Indefinite in point of user:- It is practically impossible to enumerate the wide variety of ways in which the thing owned may be used by the owner. However, when Austin describes ownership as indefinite in point of user, it may not be taken to mean that the owner has an absolute right to use his property in whatever way he likes. All legal systems impose conditions on the user of property. It is well accepted that every owner must use the object of ownership so as not to injure the rights of other person. For instance, a landowner can't remove earth from his land so as to deprive the neighbor's land of lateral support. Similarly, the owner can't use his property in such a way as to cause nuisance to his neighbors.
   Ownership is also subject encumbrances in favour of others, I which case the power of user enjoyed by the owner is curtailed by the rights of encumbrances.

Unrestricted in Point of Disposition:- This denotes the absolute rights of alienation enjoyed by an owner as a necessary incidence of ownership. However, here again limitations exist. The law governing transfer of property may seriously interfere with the owner's power of disposition. For instance, a transfer of property made with an intent to defeat or delay creditors is not permissible under the law. The rights of encumbrances also constitute a limitation on the power of disposition.
   Hindu Jurisprudence considers fitness for free disposal as a significant feature of the concept of ownership.

Unlimited in point of Duration:-
When we describe ownership as unlimited in point of duration, it means that a right is capable of existing so long as the thing owned exists. The right is not extinguished even on the death of the owner, because ownership devolves upon his heirs who are the persons appointed by law to succeed the property remaining indisposed at the time of his death. There are situations, which limit the duration of ownership. Fr instance, a testator may settle his property on his widow with a condition that on her marriage, the property shall devolve upon his children. Here the widow remains the vested owner of the property until her marriage, but her ownership is limited in point of duration. The rule against perpetuity is another limitation upon the unlimited in point of duration.

KINDS OF OWNERSHIP:-
Corporeal and Non-corporeal Ownership:-
Generally, the subject matter of ownership is a physical and material object. However, ownership is limited to material objects. Anything which is the subject matter of a right, whether material or immaterial, can be the subject matter of ownership.
    When a subject matter of ownership is material object, it is called corporeal ownership; for example, land, building, motor vehicle, etc., is corporeal ownership. When the subject matter of ownership is immaterial, it is called incorporeal ownership. It may be right of way, or right to sunlight. Intellectual property rights like patent or copyright are also incorporeal in nature.

Sole ownership and Duplicate ownership:- When the ownership is vested in single person, it's called sole ownership. When it is vested in two or more persons at the same time, it is called duplicate ownership. There are four type of duplicate ownership. They are:-
a. co-owner;
b. trust and beneficial ownership;
c. legal and equitable ownership; and
d. Vested and contingent ownership.
  The above points are being detailed below:-

a. co-owner:- a partnership farm is the most familiar example of co-ownership. I co-ownership, the property owned by co-owners is not divided between them, each owing a separate part. It is an undivided unit, which is vested at the same time in more than one person.
b. trust and beneficial ownership:- the trust property is owned by two persons at the same time. One of them is under an obligation to use his ownership for the benefit of the other. He is called the trustee, and his ownership is trust ownership. The person for whose benefit the property is used is called the beneficiary, and his ownership is beneficial ownership. The trustee ha no right to the beneficial enjoyment of the trust property. Therefore, it is said that his ownership is a matter of form than of substance, and nominal rather than real.
c. legal and equitable ownership:- This distinction is based on the origin of ownership. Legal ownership has its origin in the rules of common law, while equitable ownership proceeds from the rules of equity. One person may be the legal owner, and another the equitable owner of the same thing or right at the same time. For instance, when a debt is orally assigned by A to B, A remains the legal owner of it but B becomes the equitable owner. There's only one debt as before, though it has two owners now.

d. vested and contingent ownership:- A vested intrest is an immediate right, which may be either a right of present enjoyment or a right of future enjoyment. I other words, there's an immediate right of present enjoyment or a present right of future enjoyment. A contingent intrest is the right of enjoyment, which depends upon some event or condition, which may or may not happen.
   Ownership is said to be vested when the owner's title is already perfect. It is contingent, when his title is imperfect, but it is capable of being perfect on the fulfilment of some conditions.