Also known as: absolute owner · absolutely owned
Written by attorneys · grounded in primary & secondary sources — see below
The present interest in personal property that is unlimited in duration. It carries the full rights of possession, use, and alienation without any condition or future limitation that could cut short the holder's control.
After the birth of her daughter, Grant conveyed rural land by warranty deed to Blue Logic in exchange for equity. Blue Logic treated the parcel as its own for developing a data center and began site preparation. Clifford later asserted a reversionary claim, but the conveyance transferred complete title equivalent to absolute ownership once the condition was satisfied.
A chimney sweep's boy found a jewel and took it to a goldsmith for valuation. The goldsmith's apprentice removed the stones and returned only the empty socket. The boy sued in trover and recovered the value of the jewel because his possession gave him rights against everyone except the true owner.
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The city condemned a strip of railroad land to open a public street. The railroad retained the right to maintain its tracks across the new street. The Supreme Court held that the railroad was entitled to compensation measured by the loss of absolute ownership in the taken portion.
South Carolina enacted a coastal-protection statute that barred Lucas from building any permanent structures on his two beachfront lots. The Supreme Court held that the regulation effected a taking because it deprived Lucas of all economically beneficial use that absolute ownership would otherwise permit.
A dam constructed by Green Bay Company caused permanent flooding of Pumpelly's land. The Supreme Court ruled that the flooding constituted a taking of the entire property because it destroyed Pumpelly's right to use and enjoy the land as an absolute owner.
Hannah found a brooch in a house requisitioned by the military and turned it over to the police. Peel, the owner of the house, claimed the brooch. The court awarded it to Hannah because her finder's possession gave her superior rights against anyone who could not prove absolute ownership.
Absolute ownership is the unlimited present interest in personal property. Fee simple absolute is the parallel unlimited present interest in land. Both allow full possession, use, and alienation without future limitations.
A future interest ripens into absolute ownership when it becomes certain to take effect in possession or enjoyment and is classified as the unlimited present interest in personal property. The classification depends on the present interest into which the future interest will ripen.
A trustee may exercise the rights of an absolute owner with respect to stocks or other securities, including voting and other incidents of ownership, when acting under the powers granted by the Uniform Trust Code.
Absolute ownership of personal property cannot be suspended by limitation or condition beyond the period of two lives in being under the rule stated in the Restatement (First) of Property.
…"Nor can it make any difference that the right is purchased previous to the passage of the by-law," for "[e]very right, from an absolute ownership in property, down to a mere easement, is purchased and holden subject to the restriction, that it shall be so exercised as not to injure others. Though, at the time, it be remote and…