incident of ownership


Instance of a legal interest or right in any type of property. It imparts the power to benefit from or to change, modify, or use an asset, and is used in taxation as an evidence of ownership. For example, if a building owner gives it away as a gift but keeps the right to receive rent from it then, from the tax point of view, no gift was made. In insurance, incident of ownership translates into the power to change the policy's beneficiary, to pledge the policy for loan, to assign the policy, and to surrender or cancel the policy.

Use this term in a sentence

You should always make sure that you show thorough incident of ownership any time that it is asked of you.

​ Was this Helpful? YES  NO 10 people found this helpful.

The incident of ownership had been present during the time period of the alleged events occurring so we investigated the company

​ Was this Helpful? YES  NO 9 people found this helpful.

My lawyer knew everything about incident of ownership and I knew he would be able to help me and guide me through the whole process.

​ Was this Helpful? YES  NO 8 people found this helpful.

Show more usage examples...

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
inchoate interest incidental benefit