Ownership is the absolute, de jure relationship of right over a thing. John Austin defined ownership as "a right indefinite in point of user, unrestricted in point of disposition, and unlimited in point of duration."
1. Kinds of Ownership
- Sole and Co-ownership: Sole ownership is held by a single person. Co-ownership is shared between two or more persons.
- Trust and Beneficial Ownership: Trust ownership is held by a trustee for administrative purposes; Beneficial ownership is the real enjoyment held by the beneficiary.
- Legal and Equitable Ownership: Legal ownership is recognized under common law; Equitable ownership is recognized in courts of equity.
- Vested and Contingent Ownership: Vested ownership is immediate, secure, and unconditional. Contingent ownership depends on a future uncertain event.
2. Possession vs. Ownership: Comparison Table
| Possession | Ownership |
|---|---|
| De facto physical control over a thing. | De jure legal right over a thing. |
| Possession is the guarantee of fact. | Ownership is the guarantee of law. |
| Possession is a temporary relationship. | Ownership is a permanent, indefinite right. |
| Transferring possession is a simple physical act. | Transferring ownership requires formal legal instruments. |