Home Speak to a lawyer Meet a lawyer Flat fee services About Blog Judgements Careers Contact Us Snippet Terms & Conditions Privacy Policy Legal Topics
Types of Property
Recent Post

Get Legato App on your mobile.

Types of Property
Types of Property

Property means anything over which an individual or business has a legal title. Everything that revolves around an individual can be considered as property. One can find different definitions of property under different act based on their uses and needs. The Transfer of Property Act 1882 speaks about the rights that are related to the property, but it does not mention about the definition of the term property. According to the Benami Transactions (Prohibition) Act 1988, section 2(C) defines the term property. Property means property of any kind, whether movable or immovable, tangible or intangible, and it also includes any right or interest in such property. According to section 2 (11) of the Sales of Goods Act 1930, Property means general property in goods and not merely a special property. Following are the types of property that are mentioned below.

Different types of property are listed below:

Corporeal Property

Corporeal property is tangible in nature, which means that the property is physical and can be seen and touched by an individual. It involves the right of ownership in material things. For Instance: Land, car, machinery, ornaments, etc. are considered to be corporeal properties. Further, the Corporeal Properties are categorized into Movable property and Immovable property.

Movable Property

There are different definitions of Movable property under different acts. They are as follows:

  • According to Section 3 (36) of the General Clauses Act 1897, “Movable property shall mean the property of every description, except immovable property.”
  • According to the Section 2 (9) of the Registration Act 1908, “Moveable property includes standing timber, growing crops and grass, fruit upon and juice in trees, and property of every other description, except immovable property.”
  • According to the Section 22 of Indian Penal Code 1860, the moveable property is intended to include corporeal property of every description, except land and things attached to the earth or permanently fastened to anything, which is attached to the earth.

Note- The things which are attached to the land can become moveable property only if it’s severed/detached from the earth.

Immovable Property

There are different definitions of Movable property under different acts. They are as follows:

  • According to Section 3 of the Transfer of Property Act 1882, the term Immovable Property does not include standing timber, growing crops or grass.
  • According to the Section 3(26) of the General Clauses Act 1897, the term immovable property shall include land, benefits to arise out of the land and things attached to the earth, or permanently fastened to anything attached to the earth.
  • According to the Section 2(6) of the Registration Act 1908, "Immovable Property includes land, building, hereditary allowances, rights to 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 nor grass".

Incorporeal Property

Incorporeal property is intangible in nature, which means that there is no physical existence of such property. The owner of an incorporeal property has the right of ownership in “rem” which means that his interests are protected by law. Incorporeal property is also called as Intellectual or Conventional property. For Instance: Patents, Copyrights, etc. are considered to be incorporeal properties. Further, the Incorporeal Properties are categorized into Jura in re propria and Jura in re aliena.

  1. Jura in re propria

     It is further categorized into Patents, Trademark and Copyright.

  • Patent - A Patent is considered as an exclusive right which is granted by a government for an invention that is new and which involves an inventive step. It must be capable of industrial application. The right of the patent is granted in order to protect the right of the inventor against unauthorized use. The right is granted for a period of 20 years in India.
  • Trademark - A trademark is popularly known as a brand name. It is a visual symbol that can be a  word, signature, name, device, label, numerals or combination of colours used by an individual or undertaking for their goods or services in order to distinguish it from other similar goods or services that are originating from a different individual or undertaking.
  • Copyright - The copyright is defined as a person’s exclusive right to reproduce, publish, or sell his original work of authorship. The protection is available for original works of an author that are in a tangible form irrespective of whether it is published or not.  
  1. Jura in re Aliena

It is further categorized into Lease, Servitude, Securities and Trust. Securities are further categorized into Mortgage and Lien.

  • Lease - A lease is a written agreement between 2 parties (lessor and lessee). The owner of the leased property is known as a lessor, and he party to whom the property is rented is known as a lessee.  
  • Servitude - Servitude is used with the term easement. Servitude relates to the servient estate or the burdened land. It is a right by which something such as a piece of land which is owned by one person is subject to a specified use or enjoyment by another person.
  • Securities - Securities consist of 2 types (Mortgage and lien). A Mortgage is a debt instrument which is secured by the collateral of specified property under which the borrower is obliged to repay within a specified period of time. A lien is considered as a claim or a legal right against the assets that are used as collateral to satisfy a debt. A creditor could establish a lien. It serves as a guarantee for an underlying obligation.
  • Trust - In Trust, the property/asset is placed into a fiduciary relationship between a trustor and trustee for a third person who is a beneficiary. The property under the trust is known as trust property.

Conclusion

Hence, we can conclude that there are many types of property. The rights of the above-mentioned property are safeguarded under the Transfer of Property Act 1882. These types are made based on the subject matter of the property listed. Someone owns all the types of property, and charges can be varied depending upon whether it is a residential property or a commercial property.

All Comments