Types Of Property Under Law-The term “property” has a broad definition that encompasses many ideas. This includes not only material wealth like money and other movable objects, but also intangible assets like stock options and other ownership interests. These assets can be anything that produces value or revenue, whether they are physical or intangible. The most common sorts of legal property rights that a person may have over a piece of owned property are possession, control, exclusion, income, and disposition.
As a result, anything to which a person or organisation has legal title is often considered to be property. Having a valid title to the property in dispute is the only means to assert ownership rights. This article discusses the definition, application, and classification of properties.
Types Of Properly Under Law:
Movable Property:
Easily transportable items can be transported from one location to another without suffering any damage. These laws serve as a definition for mobile property. According to Section 2(9) of the Registration Act of 1908, “movable property” refers to all types of property other than immovable property, including standing wood, growing crops and grass, fruit on and juice in trees, and property of every other variety.
In accordance with Section 22 of India’s Penal Code from 1860, “movable property” refers to all corporeal property, except land and items that are either permanently anchored to the soil or objects that are attached to it. According to Section 3(36) of the General Clause Act of 1897, “Movable property” refers to all types of property, excluding immovable property- Types Of Property Under Law
Immovable Property:
Property that cannot be transferred from one location to another is referred to as immovable property. The property that is anchored to the earth or the ground is this. Immovable property is defined as “land, buildings, hereditary allowances, rights of ways, lights, ferries, fisheries, or any other benefit to arise out of the land, and things attached to the earth or permanently fastened to anything which is attached to the earth, but not standing timber, growing crops, or grass” in Section 2(6) of the Registration Act of 1908.
A registration fee and stamp duty must be paid in order to register this property, which has a value more than Rs. 100. You could classify this property as an ancestral joint property.
Tangible Property
A tangible object is something that can physically exist and be touched. It is possible to relocate this kind of property from one location to another without any damage. We can infer from this that this property is mobile in nature. Examples include automobiles or other types of transportation, books, wood, electronics, furniture, etc.
Intangible Property:
Intangible Assets: Intangible assets are those that do not exist physically. These are assets that have value now or in the future but lack intrinsic value and cannot be seen, touched, or felt. Intellectual property like copyright, patents or GI, as well as stock and bond certificates, are some examples. Securities, software, franchises, and many other things.
Public Property:
As is clear from the definition, “public property” refers to assets owned by the government on behalf of Indian citizens. There is no personal claim; it is the property of the general public. These sites are often managed for the benefit of the public by the government or any designated community. Public restrooms, parks, and government hospitals are a few instances that come to mind.
Corporeal Property:
Don’t get lost in this. Any material object that can be touched or felt is considered corporeal property. Why did a distinct category of corporeal property develop if this is comparable to tangible property? Although it is a tangible asset, this property mostly consists of the right to own tangible items. Corporeal property includes all types of tangible assets. As it relates to ownership rights, it can be separated into two categories: mobile and immovable property as well as personal and real property.
Private Property:
Private property, as the name implies, enables non-governmental organizations to possess the property. It is property that a legal person owns for their own use or advantage, and it might be physical or intangible, mobile or immovable, of any kind. Apartments, securities, trademarks, private wells, and other items are typical examples.
Personal Property:
Personal Property: The term “personal property” serves as a catch-all for all different kinds of property. This form of property, whether material or intangible, is owned by people.
