Ownership — KSLU Jurisprudence Notes

Ownership

Ownership (Salmond) is “the relation between a person and any right that is vested in him” — in substance, the ultimate, residual right in a thing: the bundle of the rights to possess, use, manage, take income, alienate, and transmit, indeterminate in duration. Possession is the de facto exercise of these; ownership the de jure title. Kinds: sole and co-ownership; legal and equitable; trust and beneficial; vested and contingent; absolute and limited (the pre-1956 Hindu widow’s estate). Modes of acquisition: original (occupation, specification) and derivative (purchase, gift, inheritance).