Property And Kinds Of Property

Table of Contents

PROPERTY :

The property is derived from the Latin term ‘properietat’ and the French equivalent ‘proprius’Which means a thing owned.
The concept of property and ownership are very closely related to each other. There can be no property without ownership and no ownership without property.
Theories of property :

1. Natural law theory [The theory of occupancy]:

According to this theory, the property was first acquired by the occupation of an ownerless object as a result of individual labor.
This theory is based on the principle of acquiring property i.e. res nullius means a thing which has no owner.
The finder of goods becomes the owner.
CRITICISM :

According to Bentham property has not originated by the first occupation of an ownerless thing, but it is a creation of law.

2. Labour Theory :[positive theory]:

According to this theory, a thing is the property of the person who produces it or brings it into existence.

Criticism:

According to LASKI labor does not produce property, it is only a means to earn property.

3. State creation theory:

According to this theory, the property is a creation of the state and achieved only after a long struggle with the clan.
JENKS observed that property and law were born together and would die together.

4. Historical Theory:

According to HENRY MAINE, in the beginning, the land was collectively owned by the community. Private or individual ownership is a later development.

5. Psychological Theory :

According to this theory, the property came into existence on account of the acquisitive tendency of human beings.

6. Functional theory:

The functional theory considers property as a social interest for promoting general security and protection of individual interest in personality, domestic relations and in subsistence.

Kinds of property :

1. Corporeal Property:

Corporeal property is some material or thing.
Ex: land, house, money, etc.
Also known as tangible property.

2. Incorporeal Property :

It means intangible property.
The existence of incorporated property is neither visible nor tangible.
Ex: copyright, patent, trademark, etc.

Jura in re Aliena :
Also known as encumbrances.
Jura in re Aliena means right over other property.
These are the right in rem over the thing owned by another.
It includes a lease, securities, etc.

Jura in Re propria :
Jura in re propria means right over the property.
These are rights of ownership in one’s own property as are not exercised over material objects.
It includes trademark, patent, copyright.
Modes of Acquisition of Property:

1. Possession :

When the property which belongs to no one i.e. res nullius, belongs to the first possessor of it and he acquires a valid title to it as against the world.

EX: fish of the sea.