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Modes of acquisition of property
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 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.
- 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.
- It is a legal ownership on the property to the transferee.
- The agreement could be in oral or written form
- This can be of the form of testamentary succession or interstate