Meaning of Property
Property is bundle of rights. Property may be classified in two senses-
Special Property denotes that there has been given limited right for example Bailment, Lease, mortgage etc.
The term General Property denotes the absolute right.It has all the rights in material things. Here “all the rights”in material things means ‘ right to use ,enjoy,manage,partition etc. This is the reason that somewhere the term ownership is not used but at this place property term is used.
Classification of property on the basis of physical existence.
On the basis of physical existence property may be divided into two category.
A. Tangible Property
B. Intangible Property
A. Tangible Property is that property which is concrete. The property which an be seen through eyes, touched by hand. Tangible property can also be divided into two categories -namely
Movable Properly is that property which can move, which has the to change the place. for example ten, table, chair etc.
Immovable property is that property which can not move, which has no capacity to change the place._ for example Tree standing with land but if severed from land it becomes movable property, and agreed to be severed is also movable property.
Examples of Immovable Property
- Land Building Minerals under earth etc.
- Beneficial interest arising out of land: e.g right of way (Bezoy Chandra Nag V. Banku Banke P. C.) right of easiment (Makdev V. Kashi bai- Bombay).
- Rights under lease or tenancy (Municipal corporation Bombay, V. Lala Panchan S.C.
- Right to catch fish from pond or or river Bihar fishermen co-operative Society V. Sipahi Singh S.C., Anand Bahera V. state of Orissa S.C.
- Right to Ferry i.e. right of transport through rivers (Krishna V. Allahabad)
- Right to extract gold,silver, coal from mines ( Kumar Pashupati Nath V. Sri Sankari Prasad Calcutta)
- Right to collect dues from fair or hot sikander V. Bahadur.. Allah bad
- Right to collect rent from any immovable property
- Office of heredity priest of temple (Raghu V. Kasshy Calcutta
- Right to hold exhibition or fair on land (Ganapati V. Azamer, S.C.)
- Right to take forest product ie. soil for making bricks (Mahader V. State of Bombay)
- Right to collect lac from its tree (Kamal Singh V. kali Mention, Patna H. C.
- Mortgage debt (Perumal V. Peruml- Madras)
- Right to redemption (umesha Chandra v. Zahur fatimao. C.
- Right of Mahabrahmin to recede dues at funeral (sukh lal v. vishambhar, allahabad)
- Reversion in Property leased.
- Inamdar’s right to an annual payment from village (Maharaja Futtehsangi v. Desai, P.C.)