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Indiana University Studies 
the relation of the physical person to an object; in possession, 
to secure a certain interest of the possessor in the object. 
Ownership is an extension of the idea of possession to use and 
disposal. In ownership, “the law secures the owner’s interest 
of substance — his economic existence.” 
At common law, property is of two kinds: real property 
and personal property. The general object of real property 
is land. The general object of personal property is chattels. 
One may own the chattels themselves, but he cannot own land ; 
he may have only an estate or interest therein. 
The following is a classification of common law estates and 
interests in another’s land, not estates : 
Estates : 
I. As to quantity of interest 
A. Freeholds 
1. Of inheritance 
a. Fee simple 
b. Fee tail 
2. Not of inheritance 
a. Conventional 
(1) Life 
b. By operation of law 
(1) Curtesy 
(2) Dower 
B. Less than freeholds 
1. Estates for years 
2. Estates from year to year 
3. Estates at will 
4. Estates by sufferance 
II. As to time of enjoyment 
A . In possession 
B. In remainder 
C. In reversion 
III. As to number of owners 
A. Severalty 
B. Joint- tenancy 
C. Coparceny 
D. In common 
Interests in another’s land, not estates: 
I. Profits 
II. Easements 
III. Licenses 
IV. Covenants running with the land 
V. Equitable servitudes 
