Dictionary Search: "Ownership" - Pakistan Law Portal

Bare ownership

see trust ownership under ownership.

Beneficial ownership

see ownership.

Ownership

The collection of rights allowing one to use and enjoy property, including the right to convey it to others. ( Ownership implies the right to possess a thing, regardless of any actual or constructive control. Ownership rights are general, permanent, and inheritable. Cf. POSSESSION; TITLE (1)."Possession is the de facto exercise of a claim; ownership is the de jure recognition of one. A thing is owned by me when my claim to it is maintained by the will of the state as expressed in the law; it is possessed by me, when my claim to it is maintained by my own self-assertive will. Ownership is the guarantee of the law; possession is the guarantee of the facts. It is well to have both forms if possible; and indeed they normally co-exist." John Salmond, Jurisprudence 311 (Glanville L. Williams ed., 10th ed. 1947).

beneficial ownership

A beneficiary's interest in trust property.

bonitarian ownership

Roman law. A type of a uitable ownership recognized by a praetor was conveyed by an informal transfer, or by a formal transfer by one not the true owner.

claim of ownership

1. The possession of a piece of property with the intention of claiming it in hostility to the true owner. 2. A party's manifest intention to take over land, regardless of title or right. - Also termed claim of right; claim of title.

contingent ownership

Ownership in which title is imperfect but is capable of becoming perfect on the fulfillment of some condition; conditional ownership.

corporeal ownership

The actual ownership of land or chattels.

employee-stock-ownership plan

A profitsharing plan designed primarily to give an employee retirement benefits and a stake in the company, but also used to allow employees to purchase their employer company if it is closing. IRC (26 USCA) § 4975(e)(7)(A). -Abbr. ESOP.

exclusive ownership

See FEE SIMPLE.

incident of ownership

(usu. pl.) Any right of control that may be exercised over a transferred life-insurance policy so that the policy's proceeds will be included in a decedent's gross estate for estate-tax purposes <because Douglas still retained the incidents of ownership after giving his life-insurance policy to his daughter, the policy proceeds were taxed against his estate>. ( The incidents of ownership include the rights to change the policy's beneficiaries and to borrow against, assign, and cancel the policy. incident power See POWER.

incorporeal ownership

The ownership of rights in land or chattels.

incorporeal ownership.

See OWNERSHIP

joint ownership

Ownership shared by two or more persons whose interests, at death, pass to the survivor or survivors by virtue of the right of survivorship.

ownership in common

Ownership shared by two or more persons whose interests, at death, pass to the dead owner's heirs or successors.

qualified ownership

Ownership that is shared, restricted to a particular use, or limited in the extent of its enjoyment.

qualified ownership.