“Priya, who owns a piece of land, constructs a residential building on the same. But she wants to transfer this property in the name of Arjun who is her friend. Therefore, she goes to Mr. Lexi to ask whether she can transfer such property of not.
Mr. Lexi explained that there are different types of property and various legal rights are attached to it.”
What is the meaning of property?
It could be anything that a person has ownership over or legal rights attached to it.
What are the legal rights attached to a property?
●Control over use of property.
●Right to take any benefit from the property.
●Right to transfer or sell the property.
●Right to exclude others from the property.
Classification of Properties
What does corporeal and incorporeal property means?
Corporeal Property- It is the right of ownership of material things.
●It is always visible and tangible. (Something that can be touched)
Example- House, land, car, bike, etc.
Incorporeal Property- It is also known as intellectual property.
●It is intangible and not perceived by the senses.
Example- Patents, Copyrights, Trademarks, etc.
In how many classes is corporeal property divided into?
It is divided into 2 classes-
●Movable and Immovable Property
●Real and Personal Property.
What does movable and immovable property means?
Movable Property- Property which can be transferred from one place to another with human effort.
Example- Jewelry, vehicles, etc.
Immovable Property- It includes land, benefits arising out of the land, or things permanently attached to the surface of the earth.
Example- Land, house walls, doors etc.
What does real and personal property means?
Real Property- Includes all rights over the land including any additions or exceptions by the law.
Personal Property- Includes all the other proprietary rights whether they are in rem or in personam.
●In rem means the rights available against the whole world.
●In personam means the rights available against a particular individual.
What does public and private property means?
Public property- It is the property that is owned by the government.
Example- Parks, lakes, community centers, etc.
Private Property- It is the property that is owned by the individual or any other private person.
Example- Land, house, hotel, etc.
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