Property

economic-dictionary

Property is the power that a person (natural or legal) has to dispose of an object. This, always within what the laws allow.

That is, property is the attribution of an individual or company to own a certain asset, such as a property or a car.

The property can apply to all objects that meet the following characteristics:

  • Limited: It must be a good that is not unlimited, such as air, because in this case it would not make sense to delimit the property to an individual.
  • Useful: This means that the property must provide some type of benefit to its owner, whether monetary or not. In the latter case, we could speak of simple satisfaction.

It should be clarified, however, that property can also be exercised over a personal quality or attribute. For example, a person may possess great artistic creativity.

Likewise, there is property over intangible or intangible assets. In fact, this is where the intellectual property rights that protect creators come from, both in the academic and artistic fields.

Property rights

Legal doctrine, particularly that with Latin influence (Roman law) recognizes that property is made up of three rights:

  • Ius utendi: Right of use. It refers to the fact that the person can use the good to achieve certain objectives. For example, a machinery that serves as a tool in a production process. This right has its limitations, so let's imagine the case of a factory. Its operation could not be allowed in a residential area due to the level of noise and / or environmental pollution it can generate.
  • Ius fruendi: Right of enjoyment. Thus, the owner has the right to enjoy the products generated by the good. Here we can distinguish two circumstances:
    • When the fruits of good are natural, such as coffee that comes from coffee trees.
    • When the fruits of good are civil. For example, the income received from the lease of a property.
  • Ius abutendi: Refers to the right to consume the object. For example, you can sell it, donate it, or rent it. It could even destroy it unless it is heritage protected by the State.

To ensure that the rights described above are protected, the corresponding official records must be notified. In this way, the data of the owner and their respective property will be consigned.

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