UK Accounting Glossary
Every right involves a title source from which it is derived. The title is the de facto antecedent of which the right is the de jure consequent. Titles are of two kinds – Original or Derivative. Original titles are those that create a right de novo, where derivative titles are those that transfer an existing right to anew owner. Thus, a fisherman catching fish is an instance of an original title of the right of ownership, as, before him, the right did not exist in anyone else. However, when the fisherman sells such fish, the buyer acquires a derivative title. In legal theory, no new right is created. The right which is acquired by the purchaser is identical to the lost by the fisherman, the vendor.
Facts establishing titles are three kinds
Vestitive fact is one which determines positively or negatively, the vesting of a right in its owner. It is one which either creates or destroys or transfers rights. If A gifts a house to B, A rights to ownership in the house is devested, which right vests in B. These two are thus what Salmon calls vestitive facts, although Bentham prefers the term dispositive facts.
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This glossary post was last updated: 18th March 2020.