Define: Ownership

UK Accounting Glossary

Definition: Ownership



Advertisement



Full Definition of Ownership


Ownership is the relation between a person and a right that is vested in him. That which a man owns is, in all cases, a right. When one speaks of the ownership of a material object, this is merely a convenient and conventional figure of speech. To own a piece of land means, in law to own a particular kind of right in that land.

According to Salmond, Ownership denotes the relationship between a person and an object forming the subject-matter of his ownership. It consists of a complex of rights, all of which are rights in rem. being good against the entire world, and not merely against some persons.

Ownership is the relation between a person and a right that is vested in him. That which a man owns is, in all cases, a right. When one speaks of the ownership of a material object, this is merely a convenient and conventional figure of speech. To own a piece of land means, in law to own a particular kind of right in that land.

According to Salmond Ownership denotes the relationship between a person and an object forming the subject-matter of his ownership. It consists in a complex of rights, all of which are rights in rem. being good against the entire world, and not merely against some persons.

According to Austin, ownership is a right over a determinate thing, indefinite in point of user, unrestricted in point of disposition and unlimited in a point of duration.

Ownership is thus a sum-total of the rights of possession, disposition and destruction. According to Holland, it is a plenary control over an object.

Under the French Code, ownership means and involves the right of the owner to enjoy and do away with his things in the most absolute manner, that is just as he pleases, subject however to all laws and regulations.


Advertisement




Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/ownership/
Modern Language Association (MLA):
Ownership. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. April 04, 2020 https://payrollheaven.com/define/ownership/.
Chicago Manual of Style (CMS):
Ownership. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/ownership/ (accessed: April 04, 2020).
American Psychological Association (APA):
Ownership. PayrollHeaven.com. Retrieved April 04, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/ownership/

Definition Sources


Definitions for Ownership are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 18th March 2020.