Principle of Tourism
GARCIA COLLEGE OF TECHNOLOGY
Kalibo, Aklan
Transfer and Business Taxation AY: 2011 - 2012
Lecture 1 – Introduction 2nd semester
Modes of Acquiring Ownership
Under the Civil Code, ownership may be exercised over things or rights. The owner has the right to enjoy and dispose of a thing, without other limitations than those established by law. Ownership is acquired by occupation and by intellectual creation. Ownership and other real rights over property are acquired and transmitted by law, by donation, by testate and intestate succession, and in consequence of certain contracts, by tradition. They may also be acquired by means of prescription.
The effectiveness of the various modes of acquiring ownership and other real rights over property is premised on the existence of title or judicial justification. The following are modes of ownership acquisition:
1. Occupation. When ownership is acquired by occupation, the property seized is without a known owner. For example, a person’s occupation is fishing or hunting.
2. Intellectual Creation. By intellectual creation, the composer owns his musical compositions while the author owns his literary, legal, historical, scientific or other work.
3. Donation. Donation is an act of liberality whereby a person disposes gratuitously of a thing or right in favor of another, who accepts it.
4. Succession. Succession is a mode of acquisition by virtue of which the property rights and donations to the extent of the value of the inheritance, of a person are transmitted through his death to another.
5. Prescription. By prescription, one acquires ownership and other real rights through the lapse of time in the manner and under the conditions laid down by law. In the same way, rights and actions are lost by prescription. The first is referred to as “acquisitive” prescription and the second as “extinctive” prescription.
Concept
Kalibo, Aklan
Transfer and Business Taxation AY: 2011 - 2012
Lecture 1 – Introduction 2nd semester
Modes of Acquiring Ownership
Under the Civil Code, ownership may be exercised over things or rights. The owner has the right to enjoy and dispose of a thing, without other limitations than those established by law. Ownership is acquired by occupation and by intellectual creation. Ownership and other real rights over property are acquired and transmitted by law, by donation, by testate and intestate succession, and in consequence of certain contracts, by tradition. They may also be acquired by means of prescription.
The effectiveness of the various modes of acquiring ownership and other real rights over property is premised on the existence of title or judicial justification. The following are modes of ownership acquisition:
1. Occupation. When ownership is acquired by occupation, the property seized is without a known owner. For example, a person’s occupation is fishing or hunting.
2. Intellectual Creation. By intellectual creation, the composer owns his musical compositions while the author owns his literary, legal, historical, scientific or other work.
3. Donation. Donation is an act of liberality whereby a person disposes gratuitously of a thing or right in favor of another, who accepts it.
4. Succession. Succession is a mode of acquisition by virtue of which the property rights and donations to the extent of the value of the inheritance, of a person are transmitted through his death to another.
5. Prescription. By prescription, one acquires ownership and other real rights through the lapse of time in the manner and under the conditions laid down by law. In the same way, rights and actions are lost by prescription. The first is referred to as “acquisitive” prescription and the second as “extinctive” prescription.
Concept