Property, in law, means the rights people have in things. Such rights are often called ownership. Property may refer to a car, a farm, a watch, or anything else that is owned. Property also may refer to interests in things that are owned by more than one person. Such interests include stock in a corporation. The corporation owns the machinery, the raw materials, and the finished products. But the stockholder is entitled to share in its profits as an owner of the corporation. Property may be classified in two ways. Real property includes interests in land and the things permanently attached to it, such as buildings and trees. All other things are personal property.
Various types of interests in property exist in American and English law. For example, an owner of land has an absolute property interest if the owner is the only person with an interest in the land. The owner may allow another person to occupy it as a farm for 10 years. During that time, the owner is entitled to be paid for the use of the land but cannot use it. In this case, the owner has a qualified nonpossessory property interest—that is, a right to regain full ownership and possession of the land in the future. The farmer is entitled to possess the land and can prevent anyone from interfering with the use of the property. The farmer has a qualified possessory interest. During the 10 years, the farmer can provide for an easement (limited right of use) by permitting a neighbor to cross the land to reach a road or other piece of land. The easement gives the neighbor a qualified nonpossessory interest.
Property interests may be acquired in several ways. People may buy property, find it, or receive it as a gift. They also may get property by a court order, as in the distribution of the estate of a person who has died without leaving a will.
