Definition of Law of Property
The term property is commonly used for the objects over which the right of ownership extends. In other words, property may be described as any object, which is owned.
As the term property is not a term of art thus it is used sometimes as synonymous with the right of ownership and sometimes it denotes the thing over which ownership may be exercised. As a result the term property has been used in a variety of senses such as:
- All Legal Rights: In its widest sense property: includes all the legal rights of a person of whatever description. Thus, the, property of a man is all that is his own in law. But such usage of the term is out of fashion now a day.
- Proprietary Rights: Here it does not include personal rights, but his proprietary rights alone. In this sense, the land, chattels shares and the debts to a person are his property but not his life or liberty or reputation as they are personal rights.
- Proprietary Rights in rem: This term includes only those rights, which are both proprietary as well as real. Thus, a patent or copyright is property while the debt or the benefit of a contract is not.
Classification of Property
1. Corporeal Property
- Movable property
- Personal Property
- Real Property
2. Incorporeal Property
- Jura in re-propria
Jura in re-aliena
Modes of Acquisition of Property