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Legal Ownership
Legal ownership is the formal, recognized right to possess, use, control, and dispose of property. It means having the legal title to an asset, whether tangible (like land or personal property) or intangible (such as intellectual property or securities). The legal owner is the person or entity whose name is officially recorded as holding the property and who has the authority to manage it, including selling or transferring it.
Key aspects of legal ownership include:
- The right to possess and use the property.
- The right to enjoy the benefits of the property.
- The right to dispose of the property by selling, gifting, or otherwise transferring it.
- It is often evidenced by official documentation such as a title deed or registration in a public or private registry.
Legal ownership can sometimes differ from beneficial ownership, where the legal owner holds the title on behalf of another person who enjoys the economic benefits of the property (e.g., a trustee holding property for a beneficiary).
In summary, legal ownership is the recognized and recorded right to control and manage property, distinct from but sometimes overlapping with the right to benefit economically from it.