Ownership Rights - Explained
What is Ownership of Property?
Written by J. Mance Gordon
Updated at April 20th, 2024
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What is ownership of Property?
Ownership is a concept closely related to property. It is the legally recognized and enforceable rights that a person has to property.
This concept is important because it is possible to possess property and not own it. For example, you find a valuable item on the side of the road and you cannot determine the owner. You possess the property, but you do not own it. Likewise, it is possible to own property and not possess it. Think of a situation in which you lend one of your physical possessions to a neighbor. Your neighbor has possession of the property, but you retain ownership.
Ownership of property (or the bundle of rights that is property) is a form or legally provided assurance. The legal system affords the owner a claim of right that cannot be infringed upon by others without violating the law. Violating or infringing upon ones property rights allows the property owner to use legal channels to enforce her rights (e.g., the police or court system).
- Note: Within the legal system, property is often classified based upon who owns it. For example, property may be public property (resources owned by the government) or private property (resources owned by an individual or entity). This classification will be important later when discussing the extent of property rights.
Related Concepts
- Understanding Law
- What is "Law"?
- Economic Strength of a Nation?
- Capitalism vs Communism
- What is the "Rule of Law"?
- What is "property law" or "property rights?
- What is "ownership"?
- Why recognize property rights?
- How the law protects property rights?
- What are the "common law" and "civil law" systems?
- What is "public law" and "private law"?
- What is "civil law" and "criminal law"?
- What is "substantive law" and "procedural law"?
- Sources of state and federal law?
- United States Code of Laws
- Role of Judiciary in the legal system?
- Business activity and legal entities?