Modes of acquisition of property

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Property is defined as a thing that is recognized as having some value by the society and that which is being held by a person.

Salmond defined four modes of acquiring property. They are

  • Possession
    • Possession of a material object on which the title to the ownership of it exists in a person.
    • In general, the first possessor of it will acquire a valid and good title over the object against the world.
  • Prescription
    • It is the vesting of rights by reason of lapse of time.
    • Lapse of time could create a right or destroy a right. Hence this mode can be positive or negative.
    • It is a combination of possession and ownership.
  • Agreement
    • It is a legal ownership on the property to the transferee.
    • The agreement could be in oral or written form
  • Inheritance
    • This can be of the form of testamentary succession or interstate