The Concept of Ownership, the Rights of Owners, and Possession

2.1 Ownership
Ownership is a status or situation that confers on a person the greatest range of rights
over a property.
- Having title to property
- Having property in an object

Ownership can be obtained:

- by purchase
- through a gift
- through a devise (gift) in a will
- by the establishment of a trust
- by operation of law

Ownership of property gives the holder certain rights:

- to transfer ownership in any of the above ways
- to use it as a security for a loan (a mortgage)
- to keep possession and use the item
- to give possession of it to another
- to grant special contractual rights over it
- to commit waste, that is, demolishing a house or allowing it to fall into
disrepair
- abuse or destruction of personal property

2.2 Possession
Possession is the right of control over property, and usually also includes (unless the
law or the parties state otherwise) the right of use. Common situations of legal
possession are bailment, lease or hire agreements, and hire purchase agreements.

A. Bailment(财物的)委托；保释

B. Lease or Hire agreement

C. Under a hire purchase agreement (consumer credit contract)

2.3 The nemo dat rule

The transfer of title to goods (ownership) by gift or sale is subject to the rule known
as “nemo dat quod non habet” which in effect translates as “no one can pass on a
better right to ownership than she or he has”.