The most extensive connotation of the word “property” is that which encompasses the entirety of the legal rights, whatever their nature may be, to which a person is considered entitled. Property is a very unique right to a particular object which may be enforced against the whole world. In other words a property right is binding in rem. William Blackstone famously defined the term property to mean the “sole and despotic dominion which one man claims and exercises over the external things of the world, in total exclusion of the right of any other individual in the universe.
This application of the term property may be simplified by stating that property is a right which enables the person possessing such right to exclude the world at large from the exploitation of such right.
1.1 Theories of Property
There is considerable literature on the theories of property. Some of the theories that have been developed are reproduced hereunder.
The Occupation theory is one of the oldest theories and it is based on the assumption that whoever discovers something will be entitled to its ownership. In other words the right to property is based on the original discovery and occupation.
The Labour theory of property as propounded by John Locke provides that if man adds labour to anything that has been provided by God it entitles him to that particular thing.
The Philosophical theory of property according to this theory the institution of property lies in the well being of the community as a whole and it includes the development of character and intelligence as well as pleasure.
The Social Trust theory provides that property should not only be held for the welfare of one’s self but is should also be held as trustee for the benefit of his successors and all others who are connected to him one way or the other.
According to the Utilitarian theory of property as propounded by