Simply, Property is the subject-matter of the right upon which the right is vested. The term ‘Property’ has been used in a variety of sense.
In the narrowest sense, Property includes nothing more than corporal property or the right of ownership in material things.
In its narrower sense, Property includes the proprietary rights of a person and not his personal rights. Proprietary rights constitute his estate and personal rights constitute his status.
According to N. H. Jhabvala, ‘Property includes not all of a person’s rights but only his proprietary, as distinguished from his personal rights.’
According to Prof. John Austin, ‘The term property is sometimes used to denote the greatest rights of enjoyment known to the law excluding servitudes.’
In the widest sense, Property includes all the legal right of a person of whatever description, proprietary or personal.
Modes of acquisition of Property:
Property may be acquired by the acquiring Ownership or Possession.
By acquiring ownership, the property may be acquire by following ways –
- By sale
- By gift
- By exchange
- By inheritance
- By will
- By trust
- By operation of law
- By prescription
- By aliuvion
- By jus tertii
- By Occupation (res nulliusI)
By acquiring Possession, the property may be acquire by following ways –
- By Take: Possession may be acquired by taking the thing with the requisite intention and such taking may be lawful or wrongful.
- By Delivery: Delivery is the voluntary relinquishment of possession by one person in favour of another.
Kinds of Property:
1. Corporeal Property and Incorporeal Property:
Corporal Property is a material object and Incorporeal Property is immaterial object. House, book or cow is the example of corporal Property. And copyright, patent or trade mark is the example of incorporeal Property.
2. Real Property and Personal Property:
Real Property is a thing which the owner of the property not bears it in his body, such as a book. And Personal Property is a thing which the owner of the property always bears it in his body, such as his goodwill or any religious status.
3. Inheritable Property and Uninheritable Property:
An Inheritable Property is that which after death of the owner of the property, it goes to his heirs according to his law of succession. Generally proprietary properties are inheritable. On the other hand an Uninheritable Property is that which after death of the owner of the property, it not goes to his heirs according to his law of succession.
4. Public Property and Private Property:
Public Property is the property belongs to the Government. And Private Property is the property belongs to individuals.
5. Movable Property and Immovable Private Property:
Movable Property is the property which may move from one place to another and which is not permanently attached with the earth. On the other hand Immovable Property is the property which may not move from one place to another and which is permanently attached with the earth.