In this article we will discuss about the meaning and types of property.
Meaning of Property:
The property refers to wealth or valuable things earned by a person. It is estimated in terms of land, house, garden, industries, animals, gold, silver, diamond, money etc. accumulated by a person.
Each person wants to earn property for four main purposes as given below:
(i) To get a better or higher status in the society, because of a person is measured in terms of property accumulated by him or her. On the basis of property, the person is called as rich, middle class or poor.
(ii) To lead a better quality of life in the society.
(iii) To get a name and fame in the society. In the society, rich people get more respect than others.
(iv) For better financial security of life for himself and for his children.
Types of Property:
The various valuable belongings of a person are broadly classified into three groups, viz:
(1) Immovable property,
(2) Movable property, and
(3) Intellectual Property.
These are defined below:
1. Immovable Property:
It refers to fixed types of properties which cannot move from one place to other. Such properties include land, buildings [house, flat, bungalow, farm house] and gardens. Such properties are protected by laws of land in each country.
2. Movable Property:
It refers to the property which can be easily shifted from one place to other. Such property includes animals, farm machines, furniture, fixtures, gold, silver, diamond, and money. Such properties are also protected by public laws.
3. Intellectual Property:
There is third type of property what we call intellectual property. The product process idea which is outcome of the brain of a person and can be used on commercial scale for benefit of human kind is called intellectual property. In other words, Intellectual property refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used on commercial scale.
The main features of intellectual property are given below:
1. It is measured in terms of new ideas, processes, products, inventions and innovations developed by a person.
2. It requires lot of intellectual inputs in terms of thinking, planning and fine tuning of new ideas/products/processes etc.
3. It requires considerable amount of funds and other resources to develop new products/ processes.
4. The main problem with intellectual property is that it can be copied, reproduced and used by others resulting in loss of inventor. Hence protection of intellectual property is essential so that the inventor can derive maximum benefits from his invention.
The rights to intangible property that is the product of the human intellect are referred to as intellectual property rights. Intellectual property may be protected by copyright, trademark or patent. The holder of intellectual property rights is usually the person or persons who developed the product or the organization that funded it.
Forms of intellectual property rights:
The intellectual property rights are broadly divided into two groups, viz., primary rights and sui-generis rights.
1. Primary Rights:
Primary rights include, copyrights, patents, trademarks, trade secret, trade names, domain names, industrial designs, geographical indications etc..
2. Sui-generis Rights:
Sui-generis refers to things of their own kinds or things with unique characteristics. Such rights include database rights, mask work, plant breeders right, traditional knowledge, moral rights and supplementary protection certificate.