Ownership Law and Legal Definition

Ownership is the legal right to the possession of a thing. The object of ownership can be tangible such as personal property and land or it can be intangible such as intellectual property rights over musical, literary or scientific creations of the mind. Ownership also includes rights allowing a person to use and enjoy certain property (physical or intellectual). It includes the right to convey it to others. It can also be the state or fact of being an owner.

Example of a state statute on ownership.

[Annotated Statutes Of New Mexico; Chapter 47; Property Law Article 7. Building Unit Ownership]

N.M. Stat. Ann. § 47-7-2 defines a unit owner as follows:

"unit owner" means the person or persons owning a unit in fee simple absolute and undivided interest in the fee simple or leasehold estate of the common areas and facilities in the percentage established by the declaration;