15:40
nahhhhh we been together since 10th grade
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Simple English definitions for legal terms
bare ownership
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A quick definition of bare ownership:
Bare ownership refers to the ownership of property without the right to use or enjoy it. It is often associated with trust ownership, where the trustee holds legal title to the property while the beneficiary holds the bare ownership. Ownership, in general, refers to the bundle of rights that allow one to use, manage, and enjoy property, including the right to convey it to others. Ownership rights are permanent, heritable, and imply the right to possess a thing, regardless of any actual or constructive control.
A more thorough explanation:
Definition: Bare ownership refers to the ownership of property without the right to use, manage, or enjoy it. It is also known as trust ownership. The owner of bare ownership has limited rights and cannot convey the property to others.
Example: A father may give his property to his son but retain the bare ownership of the property. In this case, the son has the right to use, manage, and enjoy the property, but the father retains the right to sell or transfer the property to someone else. The son only has the right to use the property until the father's death, after which the son will become the full owner of the property.
This example illustrates how bare ownership works. The father retains the right to sell or transfer the property to someone else, which means he has limited rights. The son only has the right to use the property until the father's death, which means he has limited rights as well.