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FINDLAW LEGAL DICTIONARY

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Ownership

ownership n

: the state, relation, or fact of being an owner
;also
: the rights or interests of an owner [reduced their by one third]

absolute ownership
: ownership esp. by a single person that is free of any encumbrances or limitations other than statutory law compare fee simple absolute at fee simple

os·ten·si·ble ownership
[Ä -sten-sə-bəl]
: ownership that is apparent rather than actual and that sometimes is recognized in cases of purchase of the property by an innocent third party [a dispute arising from the dealer's ostensible ownership and sale of the collateral] NOTE: A purchaser from a person with ostensible ownership of property may be able to defeat the claim to the property of the actual owner who created the ostensible ownership.

ownership in in·di·vi·sion
in the civil law of Louisiana
: ownership by two or more persons each having undivided shares in the property as a whole compare community property at property NOTE: Ownership in indivision is ended by a partition of the property.

qualified ownership
: ownership that is limited by time, the interest of another party, or restrictions on the use of the property [had only qualified ownership of the fish and game on his property due to state restrictions]



Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.