Definition of Property

Property must have two characteristics:

1) be capable of physical possession, and

2) have potential beneficial uses.

 

Property is subdivided into:

1) immovable (land, buildings, houses, etc.), and

2) movable: that which is movable or easily transportable.

 

It is also subdivided into:

1) fungible: measured by number, weight, volume, or dimensions, and

2) non-fungible: items which are unique and differ in value significantly from other items of the same kind.

 

Publicly owned movable or immovable property is distinct from that susceptible of private ownership. Those examples of property intended for public use, such as infrastructure (roads, bridges, railways) or rivers, oceans, waterways as well as property established as mortmain or of the national treasury may not be the subject of private transactions.

The Mejelle s 125 defines property more broadly as ‘anything owned by a human being, be it a specified property, or usufruct of a property.’ However more recently jurists have considered legal entities including corporations and SPVs as possible owners of property (as well as usufruct and legal rights).