Ways in which a person can lose ownership in relation to law of property

Loss of ownership

  • By a voluntary act e.g. transfer
  • Retransfer
  • Operation of law, e.g. death or bankruptcy
  • Displacement by new owner (adverse possession).
  • Destruction of tangible assets.
  • Lapse of time or discharge for tangible assets.
  • Abandonment.
  • Extinction or forfeiture

Chose in action

  • These are intangible rights which can only be enforced by court action.
  • They are not capable of physical possession e.g. debts, patents etc.

Chose in possession

  • These are tangible things or subject matter, capable of physical possession e.g.
  • land, motor vehicles etc.
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