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Ownership is the state or fact of legal possession and control over property, ... Personal property may be classified in a variety of ways, such as goods, money, ...
Legal ownership of these goods remains with the sender. The agent sells the goods on behalf of the sender according to instructions. The sender of goods is known as the consignor, and the agent entrusted with the custody and care of the goods is known as the consignee.
At common law, equitable title is the right to obtain full ownership of property, where another maintains legal title to the property. In the United States, legal titles are those that were recognized by the law courts in England. Equitable titles were those recognized by the English chancery courts.
Only a legal (possessor has legal ground), bona fide (possessor does not know lack of right to possess) and regular possession (not acquired through force or by deceit) can become ownership over passage of time. A possessor enjoys certain judicial protection against third parties even if he is not the owner.
The original owner can obtain protection against the former owner through the doctrine of estoppel (see also, s 21(1) of the Sale of Goods Act 1979 "unless the owner of the goods is by his conduct precluded from denying the seller's authority to sell"). Methods of the estoppel can be by words, by conduct, or by negligence.
Some states have rejected the American common law and hold that treasure trove belongs to the owner of the property in which the treasure trove was found. These courts reason that the American common law rule encourages trespass. Under the traditional English common law, treasure trove belongs to the Crown, though the finder may be paid a reward.
Property law is the area of law that governs the various forms of ownership in real property (land) and personal property. Property refers to legally protected claims to resources, such as land and personal property, including intellectual property . [ 1 ]
Most legal systems distinguish between different types of property, especially between land (immovable property, estate in land, real estate, real property) and all other forms of property—goods and chattels, movable property or personal property, including the value of legal tender if not the legal tender itself, as the manufacturer rather ...