The ownership right plays major role in business world. You have purchased a car and this car is yours. That means you have got the ownership right from the seller who has sold the vehicle for money. The same way, in trade and commerce, the ownership right works much better way to give the opportunity to the owner to possess the property. Now the act of ownership is very vital in the case of tackling the taxation of liability and alienating the assets.
To be frank, to establish the ownership right there is the requirement of making the contractual agreement, legal documents and other important papers. A contract will be signed up between the buyer and the seller who will be unanimously agreed to make the transaction following the terms and conditions. Both parties will be agreed to follow the legal guidelines to get locked into the agreement so far as the transfer of the ownership of the property is concerned.
In this case, you will observe that there are many countries which have accepted the legal concept of Roman Civil law. The ownership laws are set up imitating the principles and guidelines of Roman jurisdiction. For instance you can come into contact with jus in rem which is Roman legal jargon. Jus in rem is meant for real right. A real right is a type of legal permission in a tangible or intangible property. It can be contrasted with personal right.
There is the wide difference between the real right and the personal right. Suppose you have faced the financial crunch and you are bankrupt for the non payment of overdue within the specific time limit, creditors can confiscate your property by blocking all your personal rights over your assets. You will have no power or legal right to possess the assets. On the other hand, real right is quite different. It recognizes the ownership right overlooking the expiry of the owner, liquidation, insolvency and other factors. Read the rest of this entry »
