Who can be the subject of property rights?
The property can be owned by citizens, legal entities, as well as the Republic of Armenia or communities.
According to the RA Civil Code, the property right is the right of an entity, recognized and protected by law, by other legal acts, to own, use and manage the property belonging to it at its discretion.
- The right of possession is the legally secured opportunity to actually own the property.
- The right of use is a legally secured opportunity to derive from the property its useful natural properties, as well as to benefit from it. Benefits can come from income, fruit, growth, birth, and other forms.
- The right of disposal is a legally secured opportunity to determine the fate of the property.
What are the grounds for termination of property rights?
According to the RA Civil Code, the right of ownership ceases by the owner alienating his property, renouncing the right of ownership, destroying the property, loss of the right of ownership over the property, in other cases provided by law.
It is not allowed to forcibly take or confiscate the property of the owner, except for the cases when on the grounds provided by law:
- property is confiscated for liabilities,
- the property that cannot belong to the given person by the force of law is alienated,
- property is alienated in the interests of the public,
- cultural values stored in the economy are taken away
- a requisition is made,
- confiscation is taking place,
- the legal entity is reorganized or liquidated by a court decision;
- Property of illegal origin is confiscated.
A citizen or legal entity may waive the right of ownership of the property belonging to it by announcing it in writing or by taking actions that clearly indicate its isolation from the possession, use or disposal of the property, without the intention to retain any right to that property.
However, according to the RA Civil Code, renunciation of property rights is not a ground for termination of the owner's rights and obligations: until another person acquires ownership of the property.