2. Concept of Property:
The word property means a tangible or intangible thing over which one has
ownership rights.
An owner of a property has the right to transfer the property, that is he can
sell, mortgage, lease or transfer his property in any other way as he desires.
The property has been derived from the Latin word ‘properietate’ which
means a thing that is owned.
3. Tangible material things like house.
Rights which are exercised over material things like the right
to sell or make a gift of things.
Rights which are not exercised over any material such as the
right to repayment of a debt.
4. Property can be classified into two types corporeal and incorporeal
property. Further corporeal property can be classified as –Movable and
immovable property.
Corporeal and Incorporeal Property
Corporeal Property has a tangible existence in the world and is related to
material things such as land, house, ornaments, silver, etc.
Incorporeal Property is intangible because it’s existence is neither visible
nor tangible. Right of easement and copyrights are incorporeal Property.
5. Movable property:
In general sense, movable property is a property which can be shifted or
moved from one place to another without harm to its surroundings.
The General Clauses Act defines movable property as property of every
description except immovable property.
The Registration Act defines movable property as property of every kind
except immovable property but including standing timber, growing crops
and grass.
6. Immovable property:
Immovable property means a property which does not include standing
timber, growing crops or grass.
Under the General Clauses Act immovable property is defined as one
which includes land, benefits arising out of the land, things attached to the
land or things that are permanently fastened to anything that is attached to
the earth.
7. Public property is something that is owned by the state and thus indirectly
belongs to the public. Thus this property is not owned by any individual or
any organisation or establishments like hospitals or churches, it belongs
entirely to the public.
Private property is something which is not owned by the government and is
rather owned by an individual or a group of individuals for their personal
enjoyment of the property. Any tangible or intangible property can be
owned by the individual or group of individual such as land, buildings,
copyrights and patents etc.
8. Intellectual Property is, in simpler terms, creation of intellect or wisdom or
of the human mind. It is related to intellectual innovation and innovation in
the literary, scientific and artistic fields.
Kinds of Intellectual Property: patent, trademark, copyright, geographical
indicators (GI), industrial design, trade secret, commercial goodwill etc.
