The concept of ownership denotes the relation between a person and an object forming the subject-matter of ownership. It consists of bundle of rights which are rights in rem (available against the whole world) and not against specific person only.
Definition of Ownership :-
Austin's defines ownership as " a right over a determinate thing, indefinite in the point of user, unrestricted in point of disposition and unlimited in point of duration".
Dias has defined ownership as "an interest recognised by law, consisting of an enumerable number of claims, privileges, powers and immunities with regard to thing owned".
Characteristics of Ownership :-
1) The owner will have the right to possess the thing which he owns. He may not necessarily have possession of the thing in certain circumstances.
2) The owner normally has a right to use and enjoy the thing which he owns. He has the right to manage, that is, right to decide how it shall be used and the right to income from it.
3) The owner has the right to consume, destroy or alienate the thing. A non-owner, although he has the possession of the object cannot normally transfer the rights of ownership to another person.
4) Generally owner has absolute right over the thing owned. But certain restrictions on the right of ownership may be imposed by law or by some agreement. Certain restriction may be imposed on the owners of property in times of national emergency. Some property, say a building or a house may be requisitioned by the Government and any compensation may be paid. It is not uncommon that during war and other emergency, palatial buildings are required for the use of army or for other emergent purposes.
5) The interest of the owner in the thing owned exist for ever. The interest of the owner is perpetual because the property owned can pass on to the successors of the owner.
6) The owner has to pay taxes to the State and the exercise of his right or ownership is subject to paying taxes and other dues chargeable on the property.
7) Infants and lunatics are under a disability in the eye of law because they can neither understand the true nature of their acts nor the consequences thereof. They are, thereof debarred from the exercise of the right of ownership over property and their guardian or next friend act for them.
8) The main subject-matter of ownership consists of material objects such as land and chattels. But the wealth of a man may not only consist of his land and goods but also such things as interest in the land of others, debts due to him, shares in companies, patents, copyrights etc. Thus the subject matter of ownership is not only material objects but also the rights in them.
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