Sole and Unconditional Ownership Law and Legal Definition

Sole and unconditional ownership is a provision of a fire insurance policy. The clause as to sole and unconditional ownership contemplates a beneficial and practical ownership. Such ownership is in those on whom the loss would certainly fall not as a matter of mere contract obligation, but as the result of real bona fide rights in the property. Insured's ownership is "sole" when no one other than insured has any interest in the property as owner, and is "unconditional" when the quality of the estate is not limited or affected by any condition. [Libby Lumber Co. v. Pacific States Fire Ins. Co., 79 Mont. 166 (Mont. 1927)].