GARCIA COLLEGE OF TECHNOLOGY
Copy and Business Taxation AY: 2011 -- 2012 Spiel 1 – Introduction 2nd semester
Methods of Purchasing Ownership
Within the Civil Code, ownership might be exercised over things or perhaps rights. The proprietor has the directly to enjoy and dispose of some thing, without various other limitations than patients established by law. Ownership can be acquired by simply occupation and by intellectual creation. Ownership and other real privileges over house are acquired and sent by law, simply by donation, by simply testate and intestate sequence, and in outcome of certain contracts, by simply tradition. They could also be obtained by means of pharmaceutical drug.
The effectiveness of the different modes of acquiring title and other genuine rights more than property is definitely premised around the existence of title or judicial approval. The following are settings of ownership acquisition:
1 ) Occupation. When ownership is definitely acquired by occupation, the property seized can be without a well-known owner. For example , a person's occupation is doing some fishing or hunting.
2 . Mental Creation. By intellectual creation, the composer owns his musical arrangement while the creator owns his literary, legal, historical, medical or other work.
a few. Donation. Donation is an act of liberality whereby a person disposes gratuitously of a factor or proper in favor of another, who allows it.
4. Sequence. Succession can be described as mode of acquisition by virtue of which the house rights and donations to the extent with the value from the inheritance, of any person happen to be transmitted through his fatality to another.
5. Pharmaceutical drug. By pharmaceutical, one acquires ownership and also other real privileges through the intervalle of time in the way and under the conditions set down legally. In the same way, rights and activities are lost by pharmaceutical drug. The first is called " acquisitive” prescription as well as the second because " extinctive” prescription.