Various modes of acquisition of property.
1. Introduction
All things come under the category of property which belongs to someone’s ownership or possession is called property. Each and every person has the right to make property for a joyful life. The concept of property is very ancient and its definition is different in various ages. Multi jurists have tried to give a universal meaning to the word property but they all failed. Today the word property is being used in different senses and it has been classified into
different kinds
2. Meaning of property
Property includes all those things which are source of income or wealth
3. Definition of property
Complete legal rights over things against others which is enforceable by law. Every man has a property of his own. Every man has a right to preserve his property such as his life, liberty
and estate”
4. Kinds of property
Property has of two kinds
a) Corporeal property
b) Incorporeal property
1.Corporeal property
Corporeal property is the right of ownership of material things. It is property that can be touched and seen.
For example: real estate or personal property having a touchable form and structure, like a building, equipment or vehicle.
A. Kinds of corporeal property
Corporeal property has the following kinds
I. Immoveable property
Immovable property is an immovable thing or property which cannot be moved from one place to another place without destroying or shifting it such as property which is
fixed to the earth, such as land or a house.
Elements of immovable property
Following are the elements of immovable property
1) Immoveable property must covers portion of the surface of the earth
2) It includes the ground beneath the surface
3) It includes object which are on or under the surface which are natural e.g. mineral and natural plants
4) It includes objects on or under the surface which are man made e.g. buildings or fences etc.
II. Moveable property
Moveable property is a moveable thing or property which can be moved from once place to another place. A property that a person can take with him such as Car, plane, money etc.
Real property
Real property relates to immovable things. Real Property consists on buildings, roads or land itself which has been legally recognized by law is called real property
Personal property
Personal property relates to moveable things. Personal property consists on vehicle ,animals, jewellery ,furniture etc which are legally recognized by law is called personal property
2.Incorporeal property
Incorporeal property is untouchable property which can be transferred from one person to another person but actually such kind of property does not have a physical object for example share in limited company
Following are the two subtypes of incorporeal property.
1.Rights in Re propria
Right in re propria is a full ownership on immaterial things such as copyrights, trademarks and patents etc.
2.Rights in Re Aliena
A right in the property of another person or right on land of another person such as right of way from land of other person
5. Modes of acquisition of property
Following are the four modes of acquisition of property
1. By Possession
Possession is one of the most important elements of acquisition of property.m It is an absolute fact that the possessor may be the owner of the thing because possession is the evidence of ownership. If a person is in possession of a thing, ownership cannot be snatched , except by the true owner in accordance with the law. If a person claims that he is the owner of a piece of land ,there are two ways to show himself as owner, first by way of possession in fact and 2nd by way of law
2. By Transfer
Property can also be transferred /acquired from one person to another person by an agreement between the parties . The basic element of agreement is legal willingness of the parties. An agreement is the expression of the persons that they wanted to bound themselves in legal relation
3. By succession
On the death of a person, there are certain rights which pass to his heirs or successors. Physical things are inheritable such as buildings, money, and land etc.
4. By prescription
Prescription is a method of acquiring property from a legal owner by operation of law for a specified time and , such property is usable during the specified time without any interruption. Rights of using the thing will automatically be abolished after ending of specified time period Following are the sub types of prescription.
A. Positive prescription
A person can acquire property by positive prescription by real owner of the property for a specified time and after ending of specified time the real owner can take back his property from that person who was enjoying the property during the prescriptive time
Example
If A is enjoying a right of way from his neighbour’s land for 20 years Then at the end of this period, he not possesses it but also own it by way of easement
B. Negative prescription
Negative prescription has two kind
Perfect negative prescription
Perfect negative prescription is the destruction of right e.g. if owner remained untouched with his land over the period of 12 years such dispossession allows current possessor to acquire property
Imperfect negative prescription
Imperfect negative prescription is the destruction of right e.g. even if owner is touched with is his land continuously even after his possession ,he has lost his right upon his own land
Example
Debt is an example of imperfect negative prescription. The right is not destroyed for a partial payment. Creditor still has right to collect rest amount
6. Conclusion
Preservation of property or acquiring property by different means is a right of a legal person. Property is a source of income that’s why it has been secured and recognized by the rule of state. Every person has right to have property for the betterment of his social life